It was a banner year for home sales in the Kamloops real estate market this July, as new records were set for sales activity in the British Columbia city. 2017 is closing in on being one of the strongest years the city has seen, with the summer certainly exceeding almost all expectations. Sales and prices are up while listings are dropping a little, providing all the hallmarks of a very active and sought-after housing market.
Overall, there were 336 homes sold in Kamloops and the surrounding area last month. This broke the previous record for July, set in 2016, by 2.1%. The year-to-date sales, while not record breaking, are still strong, having climbed 4.1% compared to last year.
Listings Not Able to Keep Pace with Sales
The accelerated sales currently happening in the Kamloops area are certainly outrunning the pace at which new listings are being added to the local MLS listings. In the month of July, only 443 new properties came up for sale in Kamloops. And while this was only 10.5% fewer than were listed last year at the same time, it is part of a larger trend of decreasing listings in the area. The total amount of available inventory was only 1,294 homes at the end of the month. This is 28.7% lower on a year-over-year basis, demonstrating that the trend is pushing towards a tight inventory and a seller’s market in Kamloops.
Prices Climbing as Competition for Available Homes Heats Up
When the options for a new home start to become restricted, prices naturally get driven upwards, which is what is currently taking place in Kamloops and the surrounding area. Both the average price for the month of July and the year-to-date average have climbed compared to 2016. The July average of $367,303 was 8.1% higher than last year, while the year-to-date average through to the end of the seventh month of the year was $363,380, 7.4% higher than in 2016.
Kamloops is benefitting from a long-term trend that has made the market one of the strongest in Canada. Although prices in Kamloops are unlikely to push as high as what is being seen in some of the larger centers in the country, the ongoing strength in the market seems to predict that long-term growth is still in the cards for the foreseeable future. Sales activity has been climbing more or less steadily since 2011 in the area, and shows no signs of stopping anytime soon.
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