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Kamloops Home Sales Dip Back to Near-Average Levels

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Kamloops Home Sales Dip Back to Near-Average Levels
3 min. read

Last year was a banner year for the Kamloops real estate market in the fall. This October, things have fallen back to earth somewhat; but from a long-term perspective, Kamloops is still going strong. Sales are still above the long-term average for the city, they’ve just declined from the 10-year high that was seen last year.

The Kamloops market saw 233 sales made during the month of October. While a 21.3% year-over-year decline from 2017 might seem like a very steep drop-off, in reality this mostly just represents a return to normal after the unusual surge of last year. This puts sales for the month still slightly higher than the ten-year average for the British Columbia city. Long-term sales figures are also trending back down to closer to long-term average values. From January 1st through to the end of October, 2,650 homes sold in the city. At a year-over-year decline of 9.8%, this demonstrates that the sales decline seen in October is part of a larger trend towards normality after the soaring highs of last year.

Listings Up by a Small Margin

New listings in the city of Kamloops climbed ever-so-slightly for the month of October.  343 homes were put up for sale during the month. This was 1.2% higher than the number of homes listed during October last year. The active number of total listings was actually down, however. With only 1,056 homes for sale at the end of the month, listings for October hit an eleven-year low. This was 0.7% lower compared to the number of listings seen at the end of October last year.

The amount of inventory remaining on a monthly basis increased quite a bit this year due to the decline in sales in Kamloops. The city was assessed as having 4.5 months of inventory remaining, which is almost an entire month more than was available at the same time last year. This is still three months less than the long-term average for the city.

Prices Jumping Up Even with Sales Moving Down

Even though sales in the Kamloops real estate market are on the decline, prices are still climbing robustly in the city. The average price of homes sold in October was $406,912. Through the first 10 months of the year, the average price of a home was $389,380. These prices mark year-over-year gains of 16.3% and 7.1% respectively.

Overall, the Kamloops market is experiencing some volatility at the moment. With inventory as low as it is, and with prices and sales moving in markedly opposite directions, it’s still tough to say exactly what direction the market will move in. However, price gains over the long-term have been steady in Kamloops for several years now, and it wouldn’t be surprising to observe more in the near future.

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