This January saw the overall sales figures in the Kamloops real estate market reach levels that haven’t been seen in 8 years. The city remains a desirable place to live, and several of the trends in the local real estate market are showing the effects of this desirability. Prices, available inventory and sales activity have all been impacted by the high demand for Kamloops homes as 2017 gets off to a hot start in the city.
First of all, the 133 homes that were sold in Kamloops this January were the most sold during the month in the last nine years. The market activity for January has been growing steadily since the recession hit, with January of 2017 seeing 3.1% more homes sold than in the same month in 2016.
Prices Sneaking Upwards in 2017
While buyers shouldn’t suffer from any massive sticker shock when shopping for a home this year, there has been a slight increase in the average cost of a home in the Kamloops area. $323,165 was the average price of a home sold in the city this year, a 1.7% increase from 2016. The lion’s share of the market was dominated by single-family homes which accounted for over $30 million in sales during the month, while the total units sold from multi-family properties accounted for a little over $11.5 million in sales.
Supply Tightening as Overall Listings and New Listings Dwindle
Recent trends in the Kamloops real estate market show that interested buyers are typically encountering fewer options when it comes to selecting their new home. Overall available listings have plummeted on a year-over-year basis. The total of 1,078 homes available for sale at the end of January is 24.5% fewer than were on the market at that time last year. When availability shrinks by nearly a quarter, it is a sure sign of a market that is going to get more competitive until that trend reverses itself. New listings were also on the decline as people are choosing to hold on to property in Kamloops. 19% fewer homes were posted for sale in January of 2017 compared to 2016.
Overall, it is the trend in listings that is going to require the most watching in Kamloops moving forward. If the tightening of supply continues along with rising sales, prices may start to increase faster than currently observed. On the other hand, January is far too early to draw conclusions about the year-to-come, and the patterns revealed in February and March should give more insight into what pricing and availability is going to be like in Kamloops in the future.
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