Home sales recorded through the MLS® System of the Kootenay Real Estate Board for March 2014 came in well above levels from a year earlier.
Home sales numbered 160 units in March 2014, up 54 per cent compared to last March.
“Home sales in the region continued trending upward in March, although the magnitude of the gain over last year was due in part to the weak March we had in 2013,” said Cathy Graham, President of the Kootenay Real Estate Board. “The 389 homes that have traded hands so far this year marks the best first quarter sales figure for the region in four years.”
The average price of homes sold in March 2014 was $277,243. This was an increase of five per cent from March 2013.
New residential listings numbered 473 units in March, down five per cent from last March.
Active residential listings on the Board’s MLS® System numbered 2,576 units at the end of March, down six per cent from the end of March 2013.
There were 16.1 months of inventory at the end of March, well below 26.2 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.
Sales of all property types numbered 185 units in March 2014, an increase of 56 per cent from March 2013. The total value of all properties sold was $48.8 million, up 66 per cent from March 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.