Kamloops and District home sales down from last November, but still above-average for the month
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The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association totaled 211 units in November 2018. This was down 5% (11 sales) from November 2017 but was still above both the five and 10-year averages for the month.
On a year-to-date basis, home sales totalled 2,861 units over the first 11 months of the year. This was down 9.5% from the same period in 2017.
“Home sales popped back up to above-average levels in November,” said Doren Quinton, President of the Kamloops and District Real Estate Association. “Given how tight the market has been this year, the average home price in the region is on track for the largest year-over-year gain in a decade.”
The average price of homes sold in November 2018 was $405,411, rising 11.4% from November 2017.
The more comprehensive year-to-date average price was $390,562, up 7.4% from the first 11 months of 2017.
The dollar value of all home sales in November 2018 was $85.5 million, up 5.9% from the same month in 2017 and a new record for that month.
There were 258 new residential listings in November 2018. This was down just 1.5% (four listings) on a year-over-year basis.
Active residential listings numbered 960 units at the end of November. This was up 4% from the end of November 2017 but was still quite low compared to other years.
Months of inventory numbered 4.5 at the end of November 2018, up slightly from the 4.2 months recorded at the end of November 2017 but well below the long-run average of 8.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.