November was another record-setting month for our region hitting an all time high of sales compared to previous years.
As we approach the new year, the projection is that the Kamloops market will continue to thrive on high demand in 2021. “In the wake of a second Covid wave and as we approach the holidays, we will expectedly be recording fewer sales over the next month, but factors such as low interest rates, high demand for single-family homes, and a rising average price will hopefully aid the slow path to a full market recovery in 2021. Thanks to the resilience shown by Kamloops Realtors® and other real estate stakeholders, we are prepared to work through any phase that may hinder real estate operations next year.” added Runge
The market will continue to be affected by low supply into the new year as the remarkable demand has brought down the cumulative inventory levels to all time lows throughout all of 2020. According to Runge “Due to the continued lack of inventory, the average prices have risen by double digits throughout BC. I think that in the new year, people wanting to sell their homes will feel more at ease to do so as we’re seeing more of a light at the end of the tunnel with all the uncertainties that we faced in 2020 starting to ease. This should help our inventory levels bounce back and while still likely being a Seller’s market for quite some time as the demand is still pent up, we should see the market trending towards being more balanced by the end of 2021.”
Neighbourhoods with the most sales in November (# of sales):
- Brocklehurst (32)
- Sahali (24)
- South Kamloops (18)
- Sun Peaks (17)
- Aberdeen (16)
| NOV 2019 | NOV 2020 | Year to Date | |
|---|---|---|---|
| NEW LISTINGS | 227 | 224 | 3242 |
| TOTAL SALES | 170 | 209 | 2204 |
| AVG. RESIDENTIAL SALE PRICE | $443,356 | $527,161 | $481,677 |
| AVG. DAYS ON MARKET | 66 | 73 | 59 |
| ACTIVE LISTINGS | 705 | 929 |
– |
| YTD | 2019 | 2020 |
|---|---|---|
| NEW LISTINGS | 3117 | 3242 |
| TOTAL SALES | 2187 | 2204 |
| AVG. RESIDENTIAL SALE PRICE | $446,304 | $481,677 |
| DAYS ON MARKET | 48 | 59 |
* Stats are for Kamloops area only, all types of housing as of Dec 4/20 *
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