INDY’S COMMENTS
With schools back in session and blue skies overhead it’s that time of year where we are reminded that fall is quick approaching and another year is 2/3 of the way complete. These first 8 months of the year were quick paced and the market was aggressive for the first two quarters. This last quarter here we did begin to see a slight increase in sale to listing ratio providing a sign of a more balanced market on the horizon. August was more in line with a typical seasonal pattern with signs of a carry over into September. We can anticipate continued strong movement for Seller’s however there will be some reprieve for Buyer’s in that thing wont be quite an intense as later half 2020 and beginning of 2021.
KAMLOOPS AND DISTRICT NEWS
The Kamloops real estate market behaviour is following its annual trend where sales are slower during summer months and pick again during the fall season. According to KADREA President, Chelsea Mann, “Although sales last month were lower than expected, my prediction for 2021 is going to remain positive for the rest of the year. As I have been mentioning before, we’re having a strong year and we’re on track to break our annual sales records. I agree that the demand for residential properties in Kamloops and district has been balancing since the start of the second quarter but the demand for Single-family homes continues to be high with some sellers in the region still experiencing multiple offer scenarios. One will notice that we’ve had a 20% drop in sales as compared to Aug 2020 but let’s not forget that the hot market erupted during the same time last year. Currently, we’re having our monthly sales performance follow a seasonal pattern, and that’s a sign of a healthy market.”
With 875 active listings currently, about 350 new listings on an average per month, and around 300 sales per month; it will take some time for the Kamloops real estate market to reach a healthy state of supply. Chelsea adds, “A selling decision often becomes a difficult decision to make in a high-demand and low supply market. While a seller may feel that this is a good time to take profits from their home equity, finding a replacement can be difficult. Sellers who can get good value for their current home, may find it difficult to find a new home in an inventory-starved market like this one. This coupled with the aftermath of the fires, changing regulations, and an unforeseen upcoming election, may have had a discouraging impact on prospective sellers in the region. All of this will change positively, as we approach fall.”
Neighbourhoods with the most sales in August (# of sales):
- Sahali (30)
- Aberdeen (25)
- Westsyde (23)
- South Kamloops (22)
- North Kamloops (22)
| AUG 20 | AUG 21 | Year to Date | |
|---|---|---|---|
| NEW LISTINGS | 339 | 311 | 2703 |
| TOTAL SALES | 277 | 243 | 2212 |
| AVG. RESIDENTIAL SALE PRICE | $469,367 | $586,629 | $558,846 |
| AVG. DAYS ON MARKET | 58 | 44 | 44 |
| ACTIVE LISTINGS | 749 | 641 |
– |
| YTD | 2020 | 2021 |
|---|---|---|
| NEW LISTINGS | 2136 | 2703 |
| TOTAL SALES | 1441 | 2212 |
| AVG. RESIDENTIAL SALE PRICE | $468,689 | $558846 |
| DAYS ON MARKET | 56 | 44 |
*Table Stats are for Kamloops area only, all types of housing as of Sept 7/21 – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *
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