This is a year that has truly “snuck up” on me. It didn’t start out particularly busy (most years don’t), but there has been activity in every month. Then, in May, it was like someone turned a switch and things really began to take off. It certainly seems that certain pockets of the market are much busier than others — for example, it is my opinion that the first time home-buyers, those who would be shopping in the $300,000 range in Nelson, are not taking advantage of the offerings we have. Perhaps it is economic or employment instability, but they just are not there. On the other hand, there have been 6 – $500,000 + homes sold in Nelson in the first half of this year than there were in all of 2013 (5 total – 2 sales in the months of January – June).
Here is my graph of statistics for the last 4 years, comparing the first half of sales statistics. These are sales that come through the Kootenay Real Estate Board. Please click on the image so that it will become large enough to read.
It is still a buyer’s market in the West Kootenay. However, with favourable interest rates and increasing sales numbers, that tide may be turning. It has been a long valley, and I don’t have a crystal ball, but I remain optimistic for the future of real estate in this area.
I have just had a quick look at the figures for the entire Kootenay Board. The area runs from the Alberta border, north as far as Golden, includes Nakusp (but not Revelstoke) and as far west as Rock Creek. The number of sales for single family homes, manufactured homes, lots and condo/townhouses have all increased for this year, and prices appear to be up slightly in all areas except for land sales, which are a little lower than last year’s average sale price.
If more detailed statistics are needed, please give me a call or ask in a comment to this post.