Residential real estate sales in the Kootenay-Boundary dropped last month, along with average prices and new listings.
The Association of Interior Realtors says November saw 171 sales recorded, a 13.6 per cent decrease compared to the same time last year. It was also below October’s total of 203 units sold.
There were 239 new listings last month, a 7.4 per cent decrease compared to the same month of 2022 as well as a decrease from October’s 292 new listings.
However, the overall active listings in the Kootenay region increased 8.7 per cent increase compared to November 2022 with 1,162 listings overall.
“Sales activity within the Kootenay-Boundary still remains slightly below the average even for the normal seasonal trend,” says president Chelsea Mann. “The increase in active listings will be a welcomed sight for buyers as it potentially provides more options, especially for interest-sensitive buyers.”
Cranbrook realtor Bruce Seitz, who is on the association board, says unit sales have followed the same pattern for the last six months.
“It’s not unusual for market activity to soften as we head into the December holidays,” he says. “And buyers and sellers are still feeling frustrated and constrained by higher mortgage rates, so it was a mix of the two factors.”
The average price last month fell 3.1 per cent to $469,000. Prices this year peaked in June at $550,000 before falling below the 2022 average in the second half of the year. However, they have remained above $450,000 throughout 2023.
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 percentage increases in the townhome and condominium housing categories compared to November 2022.
The benchmark price for single-family homes saw a decrease of 2.7 per cent in year-over-year comparisons coming in at $523,400.