Home sales recorded through the MLS® System of the Kootenay Real Estate Board in February 2015 were up significantly from levels from February 2014.
Home sales numbered 135 units in February 2015, up 19.5 per cent on a year-over-year basis. Sales of all property types numbered 167 units in February 2015, an increase of 23.7 per cent from February 2014.
“Homes sales climbed higher in February 2015, hitting a five year high for the month,” said David Blishen, President of the Kootenay Real Estate Board. “Rising sales have been chipping away at supply and bringing the market back towards balance, although demand supply conditions are still not where they would have to be to start pushing up prices. Rather, seasonal ups and downs aside, the average home price in the region has been largely stable in recent years.”
The average price of homes sold in February 2015 was $248,784. This was down nine-tenths of one per cent from February 2014.
New residential listings numbered 407 units in February 2015, down 2.4 per cent from February 2014.
Active residential listings on the Board’s MLS® System numbered 2,394 units at the end of February, down 1.8 per cent from the end of February 2014. Overall supply has been slowly but steadily trending down since late 2011.
There were 17.7 months of inventory at the end of February, down markedly from 21.6 months a year earlier but 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 $33.6 million in February 2015, up 18.4 per cent from year-ago levels. The total value of all properties sold was $36.9 million, an increase of 15.9 per cent from February 2014.
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