Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in well above levels from a year earlier in January 2014.
Home sales numbered 116 units in January 2014, up 42 per cent compared to last January.
“The upward trend in home sales that began last year continued in January 2014, with activity in the region posting its best month of January in six years,” said Cathy Graham, President of the Kootenay Real Estate Board. “The average selling price remains below where it was at this time last year, although averages tend to be volatile at this time of year when volumes are lowest. We’ll see over the next few months whether the considerable tightening of market conditions we’ve seen since last spring brings with it some renewed upward pressure on prices.”
The average price of homes sold in January 2014 was $255,767. This was a decrease of four per cent from January 2013.
New residential listings numbered 332 units in January, down 24 per cent from last January.
Active residential listings on the Board’s MLS® System numbered 2,279 units at the end of January, little changed from the end of January 2013.
There were 19.6 months of inventory at the end of January, down from 27.8 months a year earlier but still a little 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.
Sales of all property types numbered 137 units in January 2014, an increase of 34 per cent from January 2013. The total value of all properties sold was $34.4 million, also up 34 per cent from January 2013.