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Kootenay real estate sales up 0.6% in May

Residential real estate sales in the Kootenays were up slightly last month compared to the same time last year.

According to the Association of Interior Realtors, 324 properties changed hands last month, an increase of 0.6 per cent over May 2022. It was also a jump from the 201 units sold in April of this year.

Active listings were up 20.8 per cent over last year, with 1,296 overall.

“The spring market in the Kootenay region, much like in other markets, took a bit longer to get there than usual but seems to be revving up and heading in the right direction,” said president Chelsea Mann, adding that “the region is one of the more affordable markets in B.C., so it comes as no surprise that it is an area with more consistent market activity, which is reflected in volume of monthly unit sales almost matching last year May’s activity.”

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The benchmark price in the Kootenays, which realtors say is a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes,” saw a 1.6 per cent increase in the townhome category, coming in at $471,400. The benchmark price for single-family homes and condominiums saw decreases of 2.2 per cent and 1.8 per cent respectively in year-over-year comparison.

“When looking at housing prices, especially with regards to BC Assessment values, it is important to note there may be a disconnect in perception when it comes to property assessed value versus actual market value,” Mann said.

“The BC Assessment value will not always correlate with the actual market value as those property assessed values were calculated last year, which does not necessary reflect what is currently happening in the real estate market.”

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