Andrew Thompson’s Kamloops Market Update for March 2014

 

The weather seems to be warming up and the real estate market has certainly picked up a bit as well. I hope everyone has a great Easter long weekend!

 

Quick Summary:

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

Residential sales dipped again in March compared with last year’s numbers over the same time period; there was an 11% decrease. However at the same time there was also about a 6 % decrease in the number of new listings during the month of March. 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 $80-120k range and $320-360k these price ranges are generally popular among first time home buyers and downsizers going to a mobile, for example. With these types of buyers if it is perceived that selection isn’t good a buyer will generally hold off on a purchase. Interest rates continue to be at almost record low levels.

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 11% 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 March compared with last year. The lack of selection in predominantly a first time home buyer segment of the market ($320-360k) had a dramatic effect on the median price of homes in Kamloops for the month of March compared with last year’s number, $325k (2014 and $339k (2013). I wouldn’t say this decrease median price is indicative of a weaker market but rather one lacking a selection.

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.

Brock, Sahali, Aberdeen and Westsyde led the way with the most sales in March. It is good to see that sales in Aberdeen haven’t slowed that much with talk of a potential Ajax mine going in to an area with minutes of parts of Upper Aberdeen. In Brock sales were spread out between 40k to 400k. In Sahali sales were spread out between $160k and $400k. While in Westsyde the sales were $200k and $520k and Aberdeen sales ranged from $200k and $600k+.

There is a new quarterly report out this month. Feel free to take a look at this report in the table below.

 

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 March and compare them with last year’s numbers we see that pretty much all the types of properties saw a decrease in sales compared with last during the same period.

Looking at the total active listings for the type of properties tells an interesting story. For example, while the townhouses and condos sales are down compared with last year the total number of active listings were also down a significant amount, ~50%, or 200 listings. While regular residential active listings were down a little bit compared with last year, houses and acreage listings are up compared with last year.   With the number of sales down in houses and acreages and listings up in this type of property this usually means that this segment of the market is a bit soft. Houses and acreages is a challenging sector of the market because of the wide variety of product that is out there and the fact that most buyers would like to get in the market but don’t absolutely need too. Compounding the problem, Lots for acreages around Kamloops are hard to come by and they are currently priced at a high premium, to the point that this market is at bit of stand still.

 

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 March’s Numbers

This March’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 considering buying or selling in the Kamloops area feel free to contact me for a no obligation consultation about your particular real estate needs.  office: 2503773030 email: andrew.thompson@century21.ca

Your confidentiality is a top priority.

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