Nelson, BC January 21, 2008 – MLS® Dollar Volume of all sales processed through the Kootenay Real Estate Board broke through the billion-dollar barrier for the first time ever exceeding $1.13 Billion Dollars in 2007. The $1.13 Billion figure from 2007 represents a 34% increase over the total value of all MLS® Sales in 2006 of $842 Million dollars.
Kootenay Real Estate Board President Andrew Smith says: “REALTORS® in the Kootenay’s expected that the dollar volume would reach these levels due to the market increases of the last few years, but I’m sure more than a few of our real estate professionals are surprised at the speed of which we hit this new benchmark.”
MLS® Unit Sales finished 2007 showing a moderate increase in comparison to total MLS® Unit Sales in 2006, up 6% comparing year to year.
The price of the average residential detached house sold on the Multiple Listing Service® (MLS®) in 2007 rose by 21% to $291,532 compared to the amount of $240,959 reported in 2006 further indicating consumer confidence in Kootenay Real Estate markets.
Kootenay Real Estate Board MLS® statistics for 2007 show residential detached housing listings down 6% over 2006 with MLS® unit sales for detached residential housing showing a similar small decline of 5% over amounts reported last year.
Overall, the number of MLS® listings in 2007 increased 9% over 2006, with overall MLS® unit sales remaining positive with a moderate of 6% increase in MLS® Unit Sales reported in 2006.
MLS® Land Sales remain strong with 2007 continuing to show MLS® Land sales popular with a 26% increase in number of MLS® Units sold and an 11% increase in numbers of MLS® Land Listings offered over 2006.
The MLS® Dollar Volume of Land sales remained impressive with a 46% increase in MLS® Dollar Volume of Land Sales over amounts reported in 2006.
When asked to comment on what residents of the Kootenays should expect for their real estate markets in 2008 President Andrew Smith had this to say:
“All indications are that our real estate markets should be heading towards more balance in 2008. Recent past markets have favoured sellers. Industry experts indicate that the markets will level to favour neither the buyer or the seller.”
Smith also adds: “REALTORS® in the Kootenays are experienced in representing buyers and sellers in real estate transactions and know how to adjust to changing market conditions to benefit their clients. For expert advice on local real estate market conditions, consumers should call a REALTOR®.”
Major Kootenay markets showing increases in MLS® unit sales in 2007 in comparison to 2006 are: Cranbrook – up 19%, Elkford – up 12%, Greenwood – up 9%, Golden – up 44%, Invermere – up 3%, Kaslo – up 16%, Kimberley – up 1%, Nakusp – up 78%, Nelson – up 30%, Radium – up 27%, Rossland – up 72%, Sparwood – up 11%, and Warfield – up 36%.
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