A PLACE TO CALL HOME: According to the Kootenay Real Estate Board, third quarter statistics indicate the Kootenays are an attractive place for real estate buyers and sellers. —photo courtesy Jason Wheeldon

Third quarter MLS® real estate transaction statistics echo previous reports of firsts with MLS® dollar volume of sales leading the way. Last year's total figure for the dollar volume of all MLS® unit sales to the end of 2006 was over $842 million—a record year. To the end of September year-to-date, the dollar volume of all MLS® sales recorded by the Kootenay Real Estate Board soared to over $924 million—a new record high!

The dollar volume of MLS® sales to the end of September 2007 shows an increase of 79 per cent in comparison to the same period last year. MLS® unit sales year-to-date to the end of September 2007 are showing strong in comparison to last year for the same period, with 2007 showing a 38 per cent increase in MLS® units reported sold.

The price of the average residential detached house sold on the Multiple Listing Service® (MLS®) year-to-date to the end September 2007 rose by 29 per cent to $251,986 compared to the amount of $194,715 reported over the same period in 2006 as consumers of real estate continue to show their confidence in Kootenay real estate markets. Kootenay Real Estate Board MLS® statistics year-to-date to the end of September 2007 show residential detached housing listings declining by eight per cent over the same period, in 2006 with MLS® unit sales for detached residential housing showing a healthy increase of 16 per cent over the same reporting period last year.

Overall, MLS® listings year-to-date to the end of September 2007 increased seven per cent over listings during the same period in 2006, but overall MLS® unit sales remain very active with a large increase of 38 per cent over amounts reported for the same period in 2006.

Land statistics continue to remain strong with year-to-date statistics to the end of September 2007 showing MLS® land sales popular with a 31 per cent increase in number of MLS® units sold and a six per cent increase in numbers of MLS® land listings offered over the same period in 2006.

Increases in the MLS® dollar volume of land sales continue to impress with a 51 per cent increase in dollar volume over the first three quarters for the year-to-date ending September 2007.

When asked to comment on the end of third quarter MLS® statistics, 2007 Kootenay Real Estate Board president Sharron Billey had this to say: “Nobody can say that watching real estate in the Kootenays is a dull pastime. The projections for our Kootenay real estate markets were for small increases in unit sales with a more balanced market. What we have seen is some markets achieving balance, and others experiencing anything but. The key message in all of this is real estate markets in the Kootenays remain an attractive place for buyers and sellers of real estate.”

When asked what the balance of the year will hold for real estate watchers in the Kootenays, Billey commented: “The Kootenay Real Estate Board has broken records this year in MLS® Dollar Volume, and with MLS® unit sales figures at 38 per cent ahead of last year due to the number of Kootenay markets excelling, the anecdotal accounts of market productivity are starting to indicate that we are in for a small pause while the markets catch their breath. As we close out the year 2007, the Kootenays may start to move towards that balanced market the experts are predicting.”

Major Kootenay markets showing increases in MLS® unit sales to the end of September 2007 in comparison to 2006 are: Castlegar—up four per cent, Cranbrook—up 39 per cent, Elkford—up 66 per cent, Fernie—up 45 per cent,
Golden—up 82 per cent, Grand Forks—up 9 per cent, Invermere—up 33 per cent, Kimberley—up 65 per cent, Nakusp—up 140 per cent, Nelson—up 49 per cent, Radium—up 82 per cent, Rossland—up 133 per cent, Sparwood—up 40 per cent, and Trail—up 2 per cent.