Kootenay Real Estate Market Still Red Hot
A member of the Kootenay Association of Realtors expects the hot summer market to continue into the fall.
Chuck Bennett said demand remains high.
“ We will get an email (from clients) saying can we see this house? And by the time we have reached out to the (listing) realtor, it’s already had an offer and a backup offer, so buyers are having to react really quickly, to get into quality houses,” said Bennett who pointed out this is happening in large and small communities throughout the West Kootenay.
“We’re getting a lot of call from people saying I’m going to try maybe moving into the outlying areas like Salmo. It’s just as busy and just as challenging for buyers in all of the West Kootenay communities.”
Bennett said demand has been exceeding supply since the market started to rebound following extremely slow months in March and April brought on by the beginning of the COVID-19 pandemic.
The association spokesperson said the pandemic related pause is one reason summertime records are being set.
“Basically nothing was happening and we saw a delay, so that made it busier,” said Bennett who believes normal market factors also came into play.
“I also think that market activity is also just busier than it would have been anyway.”
The Kootenay Association of Realtors reported a record 411 residential homes sold in July, an increase of 19.4% from July of 2019.
The association also said the average price of $389,684 was up 10.3% from the previous July and total dollar volume of $160.1-million was 31.8% higher.