Kamloops Real Estate Market Update: August 2024
As we transition into fall, the Kamloops housing market continues to show unique trends. Each housing category is experiencing fewer sales, which is evident by the growing number of “For Sale” signs around neighborhoods, with fewer of those signs flipping to “SOLD.” This trend isn’t due to a complete standstill—properties are moving, but a mix of increased inventory and lower-than-usual sales numbers for August has created a more cautious atmosphere.
By the end of August 2024, the total housing inventory had grown significantly, rising by 40.22% to 1,750 homes available on the market. This increase in supply, combined with softer demand, has placed a gentle downward pressure on prices. The average home price dipped to $598,291, a slight decrease from $603,726 in August 2023.
Homes also lingered a bit longer on the market, with the average time to sell rising to 65 days—an increase of 10 days, or 19.48%, compared to last August’s 54-day average.
Looking ahead, anticipated interest rate drops may stimulate activity in the fall, which could create some unexpected movement despite the cooler weather. For now, both buyers and sellers may find a unique opportunity to navigate the Kamloops market as it adjusts to this period of elevated inventory and moderate price shifts.
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