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Kootenay real estate lull normal, realtors association says

Last month saw a decrease in real estate sales in the Kootenay-Boundary, but a realtors group says that’s not unusual for this time of year.

The Association of Interior Realtors says 303 units sold in June, down from 324 in May, and down 7.9 per cent from the same month of 2022.

There were 569 new listings in the region, down 3.4 per cent from the same month of 2022, but slightly above the 559 new listings in May of this year.

Overall active listings in the region stood at 1,453 in June, up 16.7 per cent from a year earlier.

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“Typically, the Kootenay region sees a spike in activity in May, which is usually followed by a slight lull, and that is where we are now,” said president Chelsea Mann.

She added “this is consistent with pre-pandemic seasonal trends for the area and suggests the region could be closer to recovery than other real estate markets in the province.”

The benchmark price, 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 an increase in the townhome category compared to June 2022, coming in at $504,900, which marked a 6.5 per cent increase.

However, the benchmark price for single-family homes and condominiums saw decreases of 0.9 per cent and 0.1 per cent in year-over-year comparisons.

“Competitively priced homes and those in the mid-range price points are moving at a more even pace than those that are priced at the higher end,” Mann said. “The costs of carrying mortgages could impact sales activity as interest rate sensitive buyers can no longer afford what they could have a year or so ago.”

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