Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in well above levels from a year earlier in May 2014.
Home sales numbered 290 units in May 2014, up 16 per cent compared to last May.
Sales of all property types numbered 334 units in May 2014, an increase of 19 per cent from May 2013.
“Home sales in the Kootenay region posted some very strong numbers for the month of May, the highest of any month in almost seven years,” said Cathy Graham, President of the Kootenay Real Estate Board. “With close to half of 2014 in the books, home sales activity is running well above the same period in the past six years, and almost 30 per cent ahead of the same time last year.”
The average price of homes sold in May 2014 was $275,553. This was an increase of three per cent from May 2013.
New residential listings numbered 718 units in May, rising 10 per cent from last May.
Active residential listings on the Board’s MLS® System numbered 3,091 units at the end of May, down two per cent from the end of May 2013.
There were 10.7 months of inventory at the end of May, down from 12.7 months a year earlier and just below 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 $79.9 million in May 2014, rising 20 per cent from year-ago levels to the best level of any month in nearly six years. The total value of all properties sold was $89.2 million, up 23 per cent from May 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.