Kamloops Real Estate Update for October 2013

It is November and snow is slowly coming down the hill! For those of you that like to ski Sun Peaks resort is scheduled to open on the 23rd. Matt Mays is in town on the 10th for a concert at the Blue Grotto. If you like country music Chad Brownlee, Jason Blaine, and Deric Ruttan are at the Sagebrush Theatre on November 13th and if classical music is more your style the Kamloops Symphony presents Spanish Airs is at the same venue starting on November 16th.

Quick Summary:

If you would like just a quick overview with few details this paragraph is for you!

October was another good month with a 15% increase in number of sales over last years figure during the same month.   There was also a 23% decrease in the number of new listings during the month compared with last year’s figures over the same time period. The increase in sales came from homes in the $400-440k range (a 75% increase) as well as the properties from $240-320k range (also a 75% increase). The biggest decrease in sales fell in the properties priced between $280-320k with a 55% decrease. These % numbers are large because of the small sample size. When you look at the year-to-date figures there as been just been an 8% increase in number of sales, which means the market is fairly stable at the moment.

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 October we saw the Kamloops and District median price drop to $319,500, which is less than last October’s Median price of $326,500. This is indication that while sales are up this year most of the new sales are in properties that are priced lower. This doesn’t mean that the price of anyone’s particular home has dropped. When sales go up and listings go down it is actually a sign that prices tend to start going up. Looking at the total value of properties sold year-to-date we see that there is an 8% increase (representing $54,241,800) which closely follows the number of sales increase figure of 8%. This is an indication that the market pricing is stable.

 

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 Campbell creek, North Kamloops, South Kamloops, and Sun Peaks. For the Campbell creek area we saw spike of 5 additional sales that were spread across the price ranges fairly evenly while in North Kamloops and South Kamloops the majority of the additional sales came below 360k for North Kamloops and $400k for South Kamloops. For Sun Peaks there was a huge increase in sales of properties priced below $320,000. It is nice to see this largely secondary home market come to life a bit.

Comparison by Property:

This report details the different types of sales that happened over the month.

When we take a look at these numbers we see that the biggest areas of improvement from this year compared with last year were Houses with acreage in residential single-family dwellings, apartment condos, and full duplex/triplex/fourplex. The last category has been particularly hot this year due to few properties being available to buy and a lot of demand being present currently.

 

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 October’s Numbers

This September’s Numbers

MLS Activity Report

MLS Activity Report

Residential Sales by Subarea

Residential Sales by Subarea

Comparison by Property

Comparison by Property

Most recent Quarterly Subarea

Most recent Quarterly Subarea

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Andrew Thompson

Andrew Thompson

CENTURY 21 Desert Hills Realty (2010) Ltd.
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