Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in well above levels from a year earlier in April 2014.
Home sales numbered 205 units in April 2014, up 23 per cent compared to last April.
Sales of all property types numbered 242 units in April 2014, an increase of 26 per cent from April 2013.
“Home sales last month hit a six-year high for the month of April,” said Cathy Graham, President of the Kootenay Real Estate Board. “In fact, activity has been running at multi-year highs since the beginning of the year.”
The average price of homes sold in April 2014 was $268,522. This was a decrease of eight per cent from April 2013. It is important to note, however, that most of that decline actually reflects a surge in the average price last year that was not repeated this year.
New residential listings numbered 707 units in April, rising 24 per cent from last April. This marks the first notable rebound in new supply since it shifted into a lower gear back at the start of 2013.
Active residential listings on the Board’s MLS® System numbered 2,977 units at the end of April, edging up one per cent from the end of April 2013.
There were 14.5 months of inventory at the end of April, down from 17.6 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 $55 million in April 2014, rising 13 per cent from year-ago levels. The total value of all properties sold was $61 million, up 17 per cent from April 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.