Andrew Thompson’s Kamloops Market Update for December 2013

Happy New Year everyone! I hope everyone had a fantastic holiday season!

Quick Summary:

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

December was a good month because there was a 53% increase, (wow!), in total number of sales compared with last year. Last years numbers weren’t great and this years numbers were above average to combine for such a dramatic increase. The increase in sales occurred in virtually every price segment of the market including the higher priced homes in the$400,000 plus range. This has to reassure builders as most new homes these days are in this price range or above. For the entire year we saw a 10% increase in sales and a 7% decrease in number of listings. Overall, these numbers are typical of a strong/stable market with areas of the market that could be considered slightly a Seller’s market. It is going to be interesting going forward to see whether or not the interest rates will continue to stay low or start to go up. Bond markets have been doing well and that usually puts pressure on mortgage rates to go upwards, but only time will tell.

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 December of this year we saw over $41 million dollars of real estate change hands, and this represents a 66% increase, (double wow!) over last year’s numbers in the same time period! That means that people were buying more expensive homes this year compared with last year. Interestingly, the median price of homes didn’t change much compared with last years numbers and this illustrates just how even the increase in sales were across all price ranges.

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.

What area sold the most homes in Kamloops in December? Brock sold the most homes with the bulk of those homes selling in the $120k-320k range. Westsyde was a close second with sales spread further apart in the $160k-440k range.

New Quarterly year-end report

Not surprisingly, this report shows that Brock led again with the bulk of sales coming below $400,000, with a good chunk of sales in the $200k-320k range. South Kamloops came second with a good chunk of sales in the 240-440k range. Sahali came 3rd with a good chunk of sales in the $160k (condo/townhouses)-360k range. Honorable mention goes to Westsyde taking a close 4th behind Sahali with a nice spread of popularity of homes priced between $120k (typically trailers)- $440k (typically, new single family homes).

Comparison by Property:

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

In December we saw an increases in residential waterfront of 374%! But don’t get too excited – this was due to poor sales last December compared with above average sales this month – there was a total of 5 sales this month with an average sale price of $366,000 (it is hard to find a waterfront property less than $400k in Kamloops so it would suggest a few of these sales were in the surrounding area, like Bariere and Clearwater) compared with last year of 2 sales and an average of $193,000 (only surrounding area).

We also saw increases in Residential, House with acreage, townhouses, apartments, and half, full duplex/triplex/fourplex. In other words, it was a good month! What are the averages like for these types of properties?

Residential: $365,159; House and Acerage: $529,166; Townhouse: $249450; Apartment: $176440; Half, full duplex/triplex/fourplex: $274,093

 

Feel free to take a closer look at the raw data below by clicking on the links and if you have any questions please feel free to contact me. *Please note the December 2012 subarea numbers seem to be quite off – human error.

 

Last December’s Numbers

This December’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

 

 If you are looking to get in or out of the market please feel free to contact me.  You can find more reports and great information on my website www.kamloopsrealestatesearch.com. 

Helping people buy and sell Kamloops real estate is what I love to do.

 

 

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