Residential real estate sales in November saw higher than seasonally anticipated activity in spite of a tapering off towards the end of the month, reports the Association of Interior REALTORS (the Association).
A total of 994 residential unit sales were recorded across the Association region in November, coming in below October’s 1,219 units and up 19.9 per cent compared to November 2023’s units sold.
New residential listings saw a decrease of 2.5 per cent compared to November 2023 with 1,573 new listings recorded last month. The total number of active listings saw an 11 per cent increase of total inventory compared to November 2023 with 7,884 recorded across the Association region.
What’s happening in the Kootenays
The highest percentage increase in active listings across the Association region was in the Kootenay region with a total increase of 18.8 per cent compared to November 2023.
“While real estate market activity typically slows as temperatures drop, the market seems to have held on to some of the recovery seen in the fall with a healthy degree of sales above that of last year November,” said the Association of Interior REALTORS President Kaytee Sharun.
“The welcomed interest rate cuts of recent months may have helped spur a more optimistic outlook throughout the region, which may have contributed to busier than usual activity for this time of year.”
In the Kootenay and Boundary region, unit sales saw an increase of 9.6 per cent compared to sales activity in November 2023 with 194 sales recorded last month yet below October’s 224 units sold.
There were 248 new listings recorded in the Kootenay and Boundary region in November marking a 5.5 per cent increase compared to November 2023 and a decrease from October’s 330 new listings.
The overall active listings in the Kootenay region saw an 18.8 per cent increase compared to November 2023 with 1,380 listings overall.
“The Kootenay and Boundary region real estate market remains one of the more consistent and stable markets in the Association region with November showing strong activity for this time of year,” said Sharun.
“It is not surprising given that it remains one of the more affordable markets in the province that offers a desirable lifestyle for many buyers where they can get more bang for their buck.”
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 10.7 per cent recorded in the single-family category, coming in at $612,800.
The benchmark price for townhomes saw an increase of 3.2 per cent in year-over-year comparison coming in at $490,800 and the benchmark price for condominiums saw a 2.8 per cent increase, coming in at $319,200.
REALTORS® (the Association)
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