The Kamloops real estate market has shown no sign of slowing much since the downturn in oil prices. Real estate prices are relative, both from a property to property basis and from a year to year basis. When a house similar to yours sells for a certain price it makes sense that if you were to put your house up for sale your home will sell it would fetch a similar price. It is also true that when there are lots of sales prices tend to go up rather than down and vice versa. For example, in 2010 the market in Kamloops dipped a bit. There were about 160 less sales in the area than the year before while the number of listings remained fairly constant and so this caused a bit of price correction down for the entire market.
Skip ahead to this summer and up until April the number of sales in the Kamloops area were tracking above a 100 more sales than last year with the month of April being a particularly good month (~+30 sales over last year during the same period). The strongest segment of the market has been single family houses/ houses with suites while the weakest segment of the market has been the condo market. May was not as hot as April as the sales leveled out approximately equaling the numbers from last year. From a listing perspective, the number of listings have also increased a bit from last year meaning that the overall market is more of a stable market.
Now this is just a quick report meant to give a casual consumer a glimpse at the market. If you would like further information or would like to consider buying or selling real estate in Kamloops feel free to contact me at your convenience.
Andrew Thompson, Kamloops real estate agent