Sales of single-family dwellings in Cranbrook rose to 243 in 2014, a 25 per cent increase from one of the lowest volume years in 2013, according to Jason Wheeldon, a local realtor.
However, based over a 10 year span, 2014 MLS sales were 6 per cent below average.
“Real estate prices are always a function of supply and demand,” said Wheeldon. “While demand is near it’s 10-year average, the supply side within the local markets remain in check.
“In 2015, we would expect to see approximately the same level of demand and stabilized inventory levels.”
B.C. Assessment has begun to mail assessment notices, with most properties in the region seeing modest increases in value depending on location. However, while B.C. Assessment conclusions are supported by MLS records, some measuring techniques are different.
As far as local inventory levels are concerned, 386 single-family dwellings were listed in 2014, 243 of which were absorbed. New housing inventory coming into the market has been lower over the past two years—a stark contrast to over 430 homes that were built in 2010.
“In the beginning of 2014, we had the same amount of active listings as we did in January 2013,” said Wheeldon. “We closed off the year with a 9.3 per cent less inventory in the local markets.”
Looking ahead to the next 12 months, Wheeldon anticipates to see approximately the same level of demand and stabilized inventory levels.
“There are some cautionary winds ahead with the recent plunge in oil prices and its effects on the local market,” Wheeldon noted.
The average sales price of a single-family dwelling in 2014 in Cranbrook was $286,214, a 2.3 per cent increase from 2013. According to CREA, the national average is $413,649, a figure inflated by sales activity in Vancouver and Toronto.
Removing those two markets puts the average price at $331, 743.
Excluding Vancouver and Toronto, Cranbrook home value is 14 per cent lower than the national average.
Disclaimer: These statistical representations are based in whole or in part on data generated by the Kootenay Real Estate Board which assumes no responsibility for its accuracy.