The fun continues as we roll into 2017....
Home sales in the Kootenays as recorded through the MLS® System of the Kootenay Real Estate Board came in well above year-ago levels in January 2017. Home sales numbered 141 units in January 2017, jumping 38.2% on a year-over-year basis. Sales of all property types numbered 177 units in January 2017, up 47.5% from January 2016.
According to the Kootenay Real Estate Board: “The strong sales momentum we saw throughout the final quarter of 2016 has carried over into 2017, with January sales coming in way ahead of the same month last year, On the supply side, there has been a noticeable decline in new listings in recent months. Combined with stronger sales, this has led to acceleration in the rate at which overall supply is falling, a firmer market, and additional upward pressure on prices.”
The average price of homes sold in the Kootenays in January 2017 was $285,127, up 14.3% from January 2016. New residential listings numbered 245 units in January 2017, falling 17.8% from January 2016. This was the lowest level of new supply for January in more than 20 years. Active residential listings on the Board’s MLS® System numbered 1,747 units at the end of January, falling 19.4% from the end of January 2016. The dollar volume of all home sales totaled $40.2 million in January 2017, rising 58% from year-ago levels. This was an all time record for the month of January and the first time for January sales to surpass $40 million.
All this leads to a tightening market here in the Kootenays as we roll into 2017. I certainly expect to see more inventory coming on line in the next few months, however, there is significant pent up buyer demand at present and it remains to be seen if supply will meet the demand this spring.
Here is a snapshot of our local market activity for January 2017 for Nelson City detached homes and Nelson Rural detached homes. For comparison, I have included the numbers from January 2016. Realistically the sample size here is too small to make any meaningful conclusions. The most important aspects are the number of sales and the number of new listings. This is a very dynamic local market this year and there's a lot more to know beyond these very simple metrics, so please contact me to find out more about these trends and how this may be affecting your property value and/or your purchasing options. Good time to buy and/or sell? No simple answer to that - each situation is unique and also very dependent on the price point and market area - so call me and we'll discuss your particular situation and needs.