Residential real estate sales in November 2021 were off very slightly, 5.6 per cent, from that month a year ago, says the Kootenay Association of Realtors. However, average residential prices are up 10 per cent from $403,029 to $443,809. Total sales dollar volume in November as $134.9 million, a four per cent rise from November 2020.
KAR President Chuck Bennett says that sales of luxury homes are the driving the average prices up.
“When considering homes that sold for over one million dollars, unit sales in 2021 are already 160 per cent above those reported at the end of 2020,” says Bennett. “That certainly has helped push our average sale prices to the highest they’ve been in many years. That being said, I believe that interest rates forecasted for 2022 will put some downward pressure on sale prices as the year progresses.”
While the luxury home market has grown in 2021, the most popular price bracket for homebuyers remains between $300,000-$400,000 for the second year in a row.
“We’re still in a seller’s market, and even more so if your list price is in that price range,” Bennett said.