The Kootenays saw 241 homes change hands last month, according to statistics from the Association of Interior Realtors, down 14.8 per cent from February 2021.
The average price increased by 11.5 per cent from $430,270 during the same time last year to $479,772 last month. However, that was down from $494,600 in January.
“In the last few months, in our market where average prices have historically remained consistent in their trajectory, we have witnessed some price volatility,” association director Bruce Seitz said in a news release.
“While inventory still hovers around record lows, a seasonal increase in unit sales, and a decrease in average prices for the second month in a row is indicative of our region’s high affordability quotient,” Seitz says, adding that “unlike other regions in the province, average home prices in the Kootenays haven’t skyrocketed.”
There were 339 new listings recorded by the Kootenay multiple listing service in February and 657 active listings overall in the region.
Year-to-date, 425 listings have sold in the Kootenays, 15.6 per cent lower than during the same months last year and average prices have increased by 14.7 per cent from $425,612 in the first two months of 2021 to $488,547 in the first two months of 2022.