Andrew Thompson’s Kamloops Market Update
Happy Holidays everyone! As Christmas and New Years approach it is usually time where everyone spends more time with our loved ones and enjoys some great food at the same time. I hope you enjoy this time of year!
If you would like just a quick overview with few details this paragraph is for you!
The good months keep coming with November numbers about ~16% up compared with last years numbers for November. As well, the number of new listings in November are down about 20% compared with last year’s numbers, which usually means it’s a more favorable time for sellers. The median price of Kamloops homes climbed $28,000 to $338,000 in large part because this November we saw a more even spread of sales over the price ranges of $360,000.
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 November of this year we saw 14 more sales in properties priced above $360,000 compared with the same period of time last year. Who are buying these properties? It is hard to say but generally, speaking homes priced above $360,000 are not bought by young first time homebuyers. The increased number of sales may be causing a domino effect into these price ranges as Kamloops and other areas of Canada have seen a general improvement in numbers of sales this year compared with last year.
Overall year-to-date sales are up about ~9% and the number of listings year-to-date are down ~7%. I was talking with the sales manager of a cabinet making company in town this past week and he told me business has been unexpectedly good this year. This increase of sales has been a boon to new construction.
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? This November Sahali really saw an improvement with the number of sales more than doubling this year compared to last year. All of these sales came in the price range of $440,000 or less and a good number below $320k. Buyers in this price range are generally successful couples (~440k) to first time homebuyers and parents/investors (<$320k) that are looking to buy a property close to the university.
Comparison by Property:
This report details the different types of sales that happened over the month.
When we look at the sales by type figures for the month of November I noticed that we had a jump in sales of house and acreages. With house and acreage, the price point that seems to be getting most of the action has been around the $400k range. Another type of property that saw a large improvement in sales was townhouses and duplexes/triplex/fourplex. In fact multifamily units in Kamloops continue to be a red-hot market. Just a few days ago another record sale happened on a downtown apartment complex of 7 units that sold for a jaw dropping $1.35 million or ~4% CAP rate. Normally these types of apartment complexes sell around a 6% CAP or higher, for example around $900,000. This fantastic news, it says a lot about the confidence in the local economy.
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 November’s Numbers
This November’s Numbers