Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in well above levels from a year earlier in August 2014.
Home sales numbered 257 units in August 2014, up 24 per cent compared to last August.
Sales of all property types numbered 306 units in August 2014, an increase of 23 per cent from August 2013.
“Demand strengthened further in August, with sales hitting a seven-year high for the month of August after posting a ninth straight double-digit year-over-year increase,” said Cathy Graham, President of the Kootenay Real Estate Board. “Strong demand is drawing down the supply of homes for sale and the market has been tightening, however we’re not yet to the point where we’re going to see any more than modest price increases.”
The average price of homes sold in August 2014 was $280,642. This was an increase of just eight tenths of one per cent from August 2013. For the year-to-date the average price was $279,940, up three tenths of one per cent from the same period last year.
New residential listings numbered 442 units in August, down nine per cent from last August.
Active residential listings on the Board’s MLS® System numbered 3,203 units at the end of August, down five per cent from the end of August 2013.
There were 12.5 months of inventory at the end of August, down from 16.2 months a year earlier but still above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar volume of all home sales totaled $72.1 million in August 2014, rising 25 per cent from year-ago levels. The total value of all properties sold was $79.5 million, up 24 per cent from August 2013.
The Kootenay Real Estate Board is the regional regulatory body for REALTORS® in the East and West Kootenays in southeast BC. There are significant variations within each community in the Kootenays and it is important to call your REALTOR® to get data specific to the area you are interested in.
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