Nelson & Area Sales Summary to October 31, 2016

The good times continue...Home sales recorded through the MLS® System of the Kootenay Real Estate Board came in roughly on par with year-ago levels for October 2016. 259 homes sold in October 2016, edging down 0.4% (one sale) on a year-over-year basis. Sales of all property types numbered 309 units in October 2016, up 8.4% from October 2015. On a year-to-date basis, home sales were up 15.5% compared to the first 10 months of 2015. Based on that, 2016 still remains on pace to be the best year for sales since 2007.

According to the Kootenay Real Estate Board: “Home sales held steady at strong levels in October, coming in above both the five and 10-year averages for the month, With just two months left to go this year, it’s looking like 2016 will be the best year for housing demand in the Kootenay region in almost a decade.”

The average price of homes sold in the Kootenays in October 2016 was $290,183, up 8.5% from October 2015. The less volatile year-to-date average price was $281,047, edging up 1.5% from the first 10 months of last year.

New residential listings numbered 248 units in October 2016, down 24.4% y-o-y and marks the lowest number of October listings since 1993. Active residential listings on the Board’s MLS® System numbered 2,156 units at the end of October, falling 11.7% from the end of October 2015.

The dollar volume of all home sales totaled $75.2 million in October 2016, rising 8.1 per cent from year-ago levels. This was a record for the month of October.

The total value of all property types sold was $84.4 million, an increase of 15.6 per cent over October 2015.