Andrew Thompson’s Kamloops Market Update
It is May, and that means that summer is just around the corner! This is also typically the time that real estate activity picks as well. April’s real estate numbers are in and here are those numbers with analysis. I compare this month’s numbers to last year’s numbers to give you a general idea of what is currently happening in the general market as well as specific segments of the market.
If you would like just a quick overview with few details this paragraph is for you!
Residential sales dipped again in April compared with last year’s numbers over the same time period; there was a 10% decrease. The number of properties listed have decreased by 3% as well over that same period. This marks a trend that we have seen for the past couple of months. So I would say the market is still fairly stable but when the number of sales decrease and the number of listings increase that is usually an indication that the market is softening a bit. The decrease in sales translates into about a decrease of $27,874,793 last month on residential sales of $210,910,443 last year compared with $183,035,650 this year over the month of April, a 15% decrease. There will be a further break down in the paragraphs below.
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 residential sales we are seeing a decrease in the number of sales that is starting to not match the decrease of number of listings. This usually indicates that the market is softening a bit. I wouldn’t say the market is in need of an overall corrective market where we see prices drop across the board because I have seen properties, particularly single family houses, sell this year for more or the same price as they were listed last year. The single-family segment of the market is currently the strongest segment of the market and this is why the median price of Kamloops homes jumped to $371,000 compared with the same median price last year of $354,000.
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.
Sahali lead the way in April with the most amounts of property sold in Kamloops. The sales ranged from about $181k for three level townhouses to 430k single-family homes. The sales that did occur this month were mostly quick sales with some multiple offer situations causing some of the sellers to get asking price to above asking price especially for single-family homes below 400k in this area. Aberdeen, South Kamloops, Brock, and Westsyde were not far behind Sahali in number of sales. For Aberdeen that is great news as consumer fears of a potential AJAX mine don’t appear to be having an effect on sales numbers.
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 April and compare them with last year’s numbers we see few notable trends.
First trend is residential single family homes appear to be the strongest segment of the market. This evident by the fact that sales numbers and listings numbers are holding steady. The second trend is that the number of sales for homes with acreage is going down and the number of listings in the same category is going up. This would be the weakest segment of the market right now. The third trend is the condo market numbers of sales are down but the number of new listings is holding steady. A good month in May can change these trends, as it is a bit soft particularly in the acreage and condos sector of the market.
Feel free to take a closer look at raw data below by clicking on the links and if you have any questions please feel free to contact me.
Last April’s Numbers
This April’s Numbers
If you are thinking about buying or selling real estate in the Kamloops area and you would like to be informed about the current market conditions and what properties meet your needs feel free to contact me: email:email@example.com