Do you feel like you are seeing fewer sold signs and more real estate posts installed in your neighbourhood? You’re not wrong.
Decreasing buyer demand and increased time on market is having a direct reflection in increased housing inventory. The total housing inventory at the end of July 2024 rose 43% across the housing types available for sale.
Over the last 6 months the Kamloops area has had an average of 154 sales per month which is about 12% less than the same 6 months of 2023.
The average number of days that homes spent on the
market before selling increased in all housing categories; single family 15.2%, townhouse 20.9% and apartment 8.5%.
Bank of Canada reduced interest rates .25 on June 5th and while it will give a bit more breathing room to those on variable interest rate mortgages it is not going to have an impact on the fall market.
If you have to sell due to life circumtances, it’s still possible. Pricing right and having a market stratgegy that aligns with current trends just becomes more important. Sorting through the active listings to identify the properties priced accurately and comparing to sale data is a necessity.
Do you have questions about the market and want to know what it means for you – let me know. We can set up a time to talk even if you are not thinking of selling. With over 15 years of experience in the Kamloops market I have seen the up/down changes and don’t mind sharing my experiences.
Cheers! Indy 778-220-4639
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