The Kootenay Real Estate Board has released their mid-year 2008 report with news that this year resembles a "buyer’s market".
Kootenay Real Estate Board President Andrew Smith says in the release that active listings on the MLS increased 71 per cent from the end of June 2007. While he makes mention of it being a "buyers market", he says the total average price per unit increased 16 per cent and although some markets are seeing a decline in average price, values are holding steady and in some cases "increasing in spite of high inventory levels and a decline in MLS (Multiple Listing Service) unit sales."
Ian Mason, Executive Officer for the Board, says the prices of homes have not gone down, however there has been a 27% increase in listings compared to this time last year. He added that although there seems to be more homes available for buyers there hasn't been to much change in the prices, however it does give buyers the opportunity to research properties they are interested in rather then making a quick decision and hoping it's the right one. Mason stated the average amount of time a house stays on the market has increased from 21 days last year to 36 days this year, a significant increase in his view
The Kootenay Real Estate Board covers the southeast corner of B.C. from Rock Creek in the west, east to the Alberta border, north to Golden and bordered on the south by the 49th parallel. Within this area, to date this year, the number of units sold has decreased by 819 from 2,383 to 1,564, while the average cost of housing has risen $37,854 from $242,888 to $280,742.
