Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in well above levels from a year earlier in October 2014.
Home sales numbered 246 units in October 2014, up 19.4 per cent compared to last October.
Sales of all property types numbered 292 units in October 2014, an increase of 27.0 per cent from October 2013.
“October marked the eleventh consecutive double-digit year-over-year increase in home sales activity in the region and the strongest October sales figure since 2007,” said Cathy Graham, President of the Kootenay Real Estate Board. “On a year-to-date basis home sales are also running at the strongest level in seven years. With some 2,223 properties trading hands over the first 10 months of the year this puts 2014 nearly 25 per cent ahead of the same period from 2013.”
The average price of homes sold in October 2014 was $277,278. This was just 1.8 per cent lower compared to October 2013. For the year-to-date the average price was $280,841, up just 0.6 per cent from the same period last year.
New residential listings numbered 353 units in October 2014, down 2.2 per cent from last October.
Active residential listings on the Board’s MLS® System numbered 2,680 units at the end of October, down 1.4 per cent from the end of October 2013. Overall supply has been slowly but steadily trending down since late 2011.
There were 10.9 months of inventory at the end of October, down from 13.2 months a year earlier but still slightly 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 $68.2 million in October 2014, rising 17.3 per cent from year-ago levels. The total value of all properties sold was $75.3 million, up 21.6 per cent from October 2013.