It is October and Halloween and Thanksgiving are just around the corner, but the reason I am really excited is because the new quarterly real estate report is out! J Ok, it also means winter is on its way! Some Sellers think that this time of year can be a bad time to sell their property for fear of getting less for their property. In reality based on historical sales figures and personal experience there is no season that is particular bad for selling your property. For Buyers, some of the best interest rates can usually be had during the winter months as banks tend to have a bit of surplus of funds that they are willing to lend out at better interest rates.
September was another good month in real estate for the Kamloops area. Compared with last year during the same time there was 34 more sales this September and just as good 38 less listings. This continues our solid year of real estate sales that has seen a 7.6% increase in sales and a 4% decrease in listings compared with last year’s real estate numbers. The increase in the number of sales that we have seen this year may have something to do with the record low fixed interest rates. With interest rates this year dropping below 3% for a 5 year fixed term for the first time in many years. A reduction in the number of listings might have to do with a number of things including a stronger local economy. These numbers are encouraging and suggest that the local real estate market as whole is quite stable.
MLS Activity Report
This report gives you a good overview of real estate sales. These numbers are gathered from all subareas of Kamloops. The subareas included are detailed in the next report.
In September we saw 34 more sales this year compared to last year. Where were these sales happening? The $320-359,999 price range and the $440-479999 range saw the largest increase in sales compared with last year. Looking at the two other reports detailed below we should be able to find out where these increases where seen in both where and what type of property was bought. With the bump in sales of these price ranges it is not hard to see why the median price of just Kamloops residences excluding condos and mobiles went up to $345,000 from $332,000 the previous year.
Residential Sales by Subarea
This report details the number of sales in the different areas and gives you the breakdown of sales in different price ranges.
So what area improved the most this month compared to last year? Taking a quick glance at the numbers for different areas you will notice that there was an increase in activity in the areas of town where you usually find “value type” acreages or more rural properties: Cherry Creek/Savona, Heffley. In town a jump in sales was seen in Westsyde and to a lesser extent in Brock through virtually all price ranges.
This month was the release of the quarterly figures and there were a few areas of town that have had some substantial increases. The areas that have shown moderate increases have been Brock, Dufferin/ Southgate, and South Kamloops. Sun Peaks, which increased its sales by 72% from last year and Westsyde, which increased its sales by 71%, led the way. It is a great sign to see sales in Sun Peaks increase as Sun Peaks tends to be a primarily a secondary/vacation market which usually means it is the last place to see improvements during economic down turns.
Comparison by Property:
This report details the different types of sales that happened over the month.
What type of property saw the largest increase in sales over last year? When we take a quick glance at these reports we see that for September houses and acreages saw the largest increase in number of sales followed by apartments sales.
Feel free to take a closer look at the numbers below by clicking on the links and if you have any questions please feel free to contact me.
Last September’s Number
This September’s Numbers