Andrew Thompson’s Kamloops Market Update
It is that dreaded time of the year again…tax season! This is usually a busy time for me for this reason and I apologize for getting this report out later than usual.
If you would like just a quick overview with few details this paragraph is for you!
Residential sales dipped a bit in February compared with last year’s numbers over the same time period; there was a 12% decrease. However at the same time there has also been about a 10% decrease in the number of new listings during the month of February so overall I would say the market is still fairly stable/strong. The decrease in sales this month compared with last years numbers mostly originated from the +$360k price ranges.
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.
While the number of sales this month were down about 12% compared with the same period last year the market overall looks to still be fairly strong/stable. In part because of the decrease in the number of listings in February compared with last year and the fact that the median price of homes in Kamloops only held strong at $359,000 compared with last years median price of $356,000.
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.
Aberdeen and Westsyde led the way with the most sales in February. In Aberdeen the sales were spread out between $160k and $600k. While in Westsyde the sales were $40k and $480k. In February, Sahali and Brock took the biggest decreases when compared with last year’s number of sales over the same period. In a strong/stable market the numbers of listings tend to decrease giving buyers fewer options. This can sometimes delay first time homebuyers from getting into the market.
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 February and compare them with last year’s numbers we see that residential waterfront and houses on acreages improved the most, there were more sales and less listings this year compared with last year.
The rest of the segments of the residential market (condos, townhouses, mobiles, etc) remained relatively close to the figures from last year.
The biggest decrease in sales was in non-residential sales, however this decrease may be deceiving. The total non-residential sales were down considerably (>50%) even though the numbers of sales were down only slightly. In non-residential (commercial properties, businesses etc) sales a few sales could mean millions of dollars. Overall these numbers are still an indication that this market is strong/stable.
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 February’s Numbers
This February’s Numbers
If you are considering buying or selling real estate in the Kamloops area, get informed! Having the right information gives you the power to be sucessful. Feel free to contact me.