It would have taken just one more sale to push July of 2016 into record breaking territory in the Kamloops real estate market. And while the city fell short of that record, by essentially every measure of the market it can be said that July of this year was still an extremely successful month. The best July on record took place in 2007; however, this year’s July sales figures easily surpassed all years in between 2007 and 2016. The 329 homes that sold during the month of July meant that 13.1% more homes sold this year in that month than in July of 2015.
Prices are Up in the Kamloops Area
Whether you look at the average price statistics solely in the month of July, or if you take the longer view and look at the average sale price over the year to date, it becomes clear that a notable upward price trend is taking place in the Kamloops region. When the month is looked at in isolation, there is a year-over-year price increase of 4.4%. In July of 2016, the average sale price of a home in Kamloops was $339,735.
And you also see a very similar trend when comparing the home prices over the year to date throughout the first seven months of the year. The increase in the average home price from the start of 2016 to the end of July was 4.2% higher than in 2015 through the same time period, providing good evidence for an overall upward price movement, which can sometimes be difficult to ascertain with certainty when only comparing average prices of a single month of two consecutive years.
New Listings Holding Steady, but Overall Inventory on the Decline
During the month of July, there were 495 new homes listed for sale in Kamloops and the surrounding area. This was consistent with the number of new homes that were listed at the same time last year. However, the increase in sales figures has caused this to result in decreased levels of overall inventory.
By the end of July, there were 1,816 total homes left for sale on the local market. This was 15% less than were available at this time in 2015. This represents 5.5 months of total inventory for the year, meaning that if sales proceeded at the predicted rate and no new homes were listed, the supply would run out in that many months. At the same time last year, the inventory was 7.3 months instead.
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