Home sales recorded through the MLS® System of the Kootenay Real Estate Board in May 2015 came in below levels from May 2014.
Home sales numbered 254 units in May 2015, down 12.4 per cent on a year-over-year basis. Sales of all property types numbered 284 units in May 2015, a decrease of 15 per cent from May 2014.
“While activity has quieted down in April and May following a very strong February and March, May’s year-over-year decline is a bit of an overstatement of that because last May was also unusually strong,” said David Blishen, President of the Kootenay Real Estate Board. “The bigger picture is that activity is currently running at average levels, somewhere between the highs of the mid-2000s and the lows from the years immediately following the financial crisis.”
On a year-to-date basis home sales totaled 893 units over the first five months of 2015. This is running one per cent ahead of the first five months of 2014, and marks the best start to any year since 2008.
The average price of homes sold in May 2015 was $289,360. This was up five per cent from May 2014. The year-to-date average price was $273,954, up two per cent from the first five months of 2014.
New residential listings numbered 658 units in May 2015, falling 8.4 per cent from May 2014. This was below both the five and ten year averages for this time of year.
Active residential listings on the Board’s MLS® System numbered 3,001 units at the end of May, down 2.9 per cent from the end of May 2014.
There were 11.8 months of inventory at the end of May, up from 10.7 months a year earlier and 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 $73.5 million in May 2015, down eight per cent from year-ago levels. The total value of all properties sold was $80.9 million, a decrease of 7.9 per cent from May 2014.