Kamloops sees decrease in home sales, increase in prices

KAMLOOPS – The Kamloops housing market shows a steady increase in prices and the slowing of sales, according to data released by the Kamloops and District Real Estate Association.

The number of home sales in August were identical the month before, with 294 homes being purchased. Although the August numbers perfectly mirror sales in July, it is a 9.3 per cent decrease in home sales from August of last year although still within the five year average for the month.

The number of new homes hitting the market increased by four per cent, with 443 new homes for sale compared to last August’s sales of 426.

Year to date new listings remained nearly the same, with 3,385 this year compared to 3,380 last year. There were 1,331 units that remained up for sale by the end of the month, which is a 12.1 per cent increase from August of last year.

Most of the houses sold were in Sahali, Brocklehurst and Westsyde, with 32, 31 and 23 home sales, respectively. Most of the sales were between $400,000 to $500,000, with 64 homes selling within that price range. Fifty-seven of the homes purchased were between $300,00 and $400,00, while 45 of the home sales fell between the $500,00 and $600,000 range. There were five homes sold in the $1,000,000 plus category.

There were 34 non-residential sales, which includes farms, lots, acreages, businesses and multi-family dwellings.

A new record was set for the median residential home prices in Kamloops this August.

The median price for homes in Kamloops was $510,000, a nine per cent increase from last year's median price of $467,500 for the same month.

The Kamloops and District Real Estate Association says the increase in median house prices could be attributed to the fact that more houses were sold in the $600,000 to $700,000 range.

Despite the record-breaking median price, the average price of homes was $421,039. This is an increase of 10 per cent from last year’s average house price, which was $381,525.

The Real Estate Association states that the increase in median and average price is due to the increase in single-family home sales, with 196 sold compared to 189 sold last year, and due to less multi-family residential units being purchased. Last year, 105 multi-family units were purchased but only 79 for the same month this year.

Townhouses and single-family houses have seen price increases over the last year. Single-family unit prices have increased by five per cent, with the average sale price $481,345 compared to $460,225 of August 2018. The average townhouse price is now $351,573 compared to last year’s $317,746, an increase of 11 per cent.

According to the Real Estate Association, an increasing need for townhouses has created a tight inventory in that category. Months of inventory refers to how many months it would take to sell the current properties listed based on recent selling data. Townhomes are one of the tightest regarding months of inventory, with only 2.2 months of inventory. There are 5.9 months of inventory for apartments, and 4.7 months of inventory for single-family dwellings.

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