Residential real estate sales in July remained steady as new inventory hit the market, reports the Association of Interior REALTORS (the Association).
A total of 1,351 residential unit sales were recorded across the Association region in July coming in above June’s 1,330 units and barely misses July 2023’s units sold by a 1.2% decrease.
New residential listings saw an increase of 4.1% compared to July 2023 with 2,843 new listings recorded last month. The total number of active listings saw an uptick of 31.5% of total inventory compared to July 2023 with 10,207 recorded across the Association region.
Kootenay Real Estate
In the Kootenay and Boundary region, unit sales saw a decrease of 5.2% compared to sales activity in July 2023 with 256 sales recorded last month and nearly on par with June’s 253 units sold.
There were 480 new listings recorded in the Kootenay and Boundary region in June marking a 9.1% increase compared to July 2023 and a decrease from June’s 546 new listings.
The overall active listings in the Kootenay region saw a 20.2% increase compared to July 2023 with 1,819 listings overall.
“Typically, in the Kootenay region we tend to see a seasonal dip around this time of year, but this was not the case for July as steady sales and adequate listings helped prop up market activity,” said the Association of Interior REALTORS President Kaytee Sharun.
The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes”, saw percentage increases in the Kootenay region in all housing categories compared to the same month last year, with the highest percentage increase of 5.3% recorded in the condominium category, coming in at $336,200.
The benchmark price for townhomes saw a 3.8% increase in year-over-year comparison coming in at $517,500 and the benchmark price for single-family homes was up 2.5% coming in at $600,400.
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