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October 2021 Market Statistics

KAMLOOPS AND DISTRICT NEWS

At the start of 2021’s final quarter, it was predicted that our market will follow it’s seasonal course and that sales numbers will pick up in the fall months. However, October 2021 didn’t see much growth as compared to the sales numbers in the last quarter. According to KADREA President, Chelsea Mann, “I have to admit that we can’t stay at record-levels all the time. Having sold 294 units last month and 296 units sold the month before, our sales performance appears to be quite balanced. The real estate market across BC is quite evidently facing the same  situation that Kamloops is. In the simplest terms, high consumer demand continues to drive sales but it’s the supply that’s holding the entire market back. This leads to constant upward pressure on average prices and may begin directing buyers away to more affordable areas in the province. We must also not ignore the fact that it will be a while before we fully recover from the supply shock we suffered during the early 2021 hot-market. This is a time when the consumer needs support from those who understand real estate market behaviour and scenarios, and there’s none better than a REALTOR® to help both buyers and sellers in these uncertain times.”

Average home prices in Kamloops have been increasing for the last 12 months without a single month showing a downtrend. “Kamloops & district has been in a seller’s market for much longer than that. But since supply has been a major problem for us in the last few months, we’ve witnessed that even interested sellers are holding off from listing their properties. Buyer and seller behaviour in the region is still being dictated by the post-pandemic effects but is expected to be influenced by increasing mortgage rates in the months to come. However, no pull backs are expected, and multiple offer scenarios will continue”, added Chelsea.

Neighbourhoods with the most sales in  October (# of sales): 

  1. Sahali |(28)
  2. Aberdeen (24)
  3. South Kamloops (22)
  4. Brocklehurst  (22)
  5.  Juniper Ridge (20)
  OCT 20 OCT 21 Year to Date
NEW LISTINGS 243 265 3291
TOTAL SALES 280 246 2709
AVG. RESIDENTIAL SALE PRICE $483,934 $637,120 $568,233
AVG. DAYS ON MARKET 55 32 42
ACTIVE LISTINGS 626 659  

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YTD 2020 2021
NEW LISTINGS 2687 3291
TOTAL SALES 1995 2709
AVG. RESIDENTIAL SALE PRICE $477,122 $568,233
DAYS ON MARKET 57 42

 

*Table Stats are for Kamloops area only, all types of housing as of Nov 15/21  – 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 *

September 2021 Market Statistics

INDY’S COMMENTS 

September was quick to arrive and end with getting back into the school routine and the fast approach of fall weather. The leaves this year seemed to turn orange and drop quicker then ever. Leaves are not the only thing that have been dropping however with unit sales continuing to drop for the sixth consecutive month. Sales peaked in March 2021 and have been dropping every since, while gradual it has been a trend none the less. Inventory was following the same trajectory with a slight uptick these past three months, unfortunately very marginally and not enough to feel a correction on prices.  Average sale price continues to climb this year and at this point in the year I do not see any changes happening this winter which is good news for Sellers. 

KAMLOOPS AND DISTRICT NEWS

We’ve entered the final quarter of 2021 and the Kamloops real estate market appears to be all set to close the annual sales performance on a high note. According to KADREA President, Chelsea Mann, “This is quite true, considering the demand that we’re continuing to see. However, we must be aware that the extreme hot market that resulted due to the pent-up demand during the pandemic, appears to be over. We have seen sales numbers drop a little since they peaked in April 2021, but I’m glad that there has not been any abrupt fluctuation in our performance. We have seen an influx of out-of-district buyers in addition to the local buyers throughout the pandemic and although the number of sales has come down, we are still experiencing multiple offers scenarios due to the extreme lack in inventory. I’m confident that demand for properties will continue to remain high in the coming months as well and although our unit sales numbers have traversed horizontally on our performance charts in the last 3 months, our performance for the first three quarters of the year create the perfect scenario for us to close the year on a high.”

For the buyers, upward pressure on Average Prices because of falling inventory in the last year seems to be the major problem that Realtors® will have to address. “Upward pressure on Average Prices in real estate is a real predicament because as affordability continues to erode for Buyers because of the lack of supply, some Sellers are holding off from listing. Although they stand to benefit financially on the sale, they will be faced with difficulty in finding their next home once they become the Buyer. We can’t deny that Covid-19 may still be restricting sellers from listing their homes at the moment as well, but hopefully this is something that will address itself in due time. This problem of extreme lack of inventory is a puzzle that will stay with us for a while”, added Chelsea.

The number of new listings hitting the market has stagnated over the last 3 months. Chelsea adds, “As I’ve mentioned before, inventory will continue to be an issue in the region for at least the next year. That by itself, is a healthy reason for homeowners to make the best of this opportunity and get good value for the purchase they made years ago. Once the environment around real estate transactions changes and the inventory crunch balances out, the same demand that we see today may not be able to fetch the same value for sellers when it happens.

Neighbourhoods with the most sales in  September (# of sales): 

  1. Brocklehurst (41)
  2. Sahali (25)
  3. Sun Peaks (24)
  4. Aberdeen  (22)
  5.  South Kamloops (21)
  SEPT 20 SEPT 21 Year to Date
NEW LISTINGS 308 324 3026
TOTAL SALES 274 245 2460
AVG. RESIDENTIAL SALE PRICE $514,509 $584,821   $561,598
AVG. DAYS ON MARKET 63 37 43
ACTIVE LISTINGS 722 675  

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YTD 2020 2021
NEW LISTINGS 2444 3026
TOTAL SALES 1715 2460
AVG. RESIDENTIAL SALE PRICE $476,010 $561,598
DAYS ON MARKET 57 43

 

*Table Stats are for Kamloops area only, all types of housing as of Oct 12/21  – 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 *

August 2021 Market Statistics

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): 

  1. Sahali (30)
  2. Aberdeen (25)
  3. Westsyde (23)
  4. South Kamloops (22)
  5.  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  

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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 *

July 2021 Market Statistics

INDY’S COMMENTS 

July continued to be a steady month with a slight dip of sales compared to the 2020 year.   The hot button topic of sale prices continues to be the topic to Buyers and Sellers. The average price hasn’t come down and we are still seeing a consistent up trend.  So despite there being fewer sales this past month, the continued pent up demand from lack of inventory has not caused any relief. 

KAMLOOPS AND DISTRICT NEWS

While summer is expected to be a good time for sales, market reports show a drop in residential sales for the second month in a row in Kamloops real estate. According to KADREA President, Chelsea Mann, “We had a great first 6 six months in terms of real estate sales and Kamloops is one of the few areas in BC that’s sustained it’s market performance through summer. One will notice a negative difference if we compare our last month’s performance to the same month last year, but we’re still performing above average for the season. This is because the hot market erupted during the same time last year and was fueled by pent-up demand after the coronavirus lockdown. I believe that moderate sales during this time is a healthy sign for the market to pick up again, which it usually does, during fall.”

Active inventory count in Kamloops has fallen since June 2021. Chelsea Adds, “Like I’ve mentioned before, supply is a long-term problem that needs to be addressed. Our active inventory numbers have plateaued significantly due to factors that may not be under our control. The effects of the wildfires in the province can be a reason why people would be holding off making a selling decision at this time of the year. As inventory has never been lower, sellers may also be finding it difficult to move to a new home if they wish to continue living in Kamloops. It is a cyclical issue that will be broken once sellers in Kamloops decide to get good value for their properties; as the province continues it’s path to strong economic recovery for the rest of 2021.”

Neighbourhoods with the most sales in  July (# of sales): 

  1. Sahali (43)
  2. Brocklehurst (32)
  3. South Kamloops (24)
  4. Aberdeen (19)
  5.  North Kamloops (17)
  July 20 July 21 Year to Date
NEW LISTINGS 333 281 2392
TOTAL SALES 256 243 1958
AVG. RESIDENTIAL SALE PRICE $493,102  $564,551   $553,617
AVG. DAYS ON MARKET 61 37 44
ACTIVE LISTINGS 746 624  

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YTD 2020 2021
NEW LISTINGS 1797 2392
TOTAL SALES 1164 1958
AVG. RESIDENTIAL SALE PRICE $468,528 $553,617 
DAYS ON MARKET 55 44

 

*Table Stats are for Kamloops area only, all types of housing as of Aug 6/21  – 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 *

June 2021 Market Statistics

INDY’S COMMENTS 

June was a busy month; for families and individuals. With school wrapping up for the year and the relaxing of restrictions, there was certainly a pick up of traffic in the mornings getting to the office and heading out of town on the weekends.  Home sales continued to increase for another month and the number of new listings still cannot keep up with the demand. The average sale price has continued to gradually increase and is nearly $100,000 more than this time last year. 

For young families, first time home buyers, single purchasers the price point is increasing pressure in the homes that are available for sale under the $500,000 range. Watching that category over the coming months will offer the most insight into what the next years could bring without further development to ease that demand.

KAMLOOPS AND DISTRICT NEWS

Kamloops real estate market continues to simmer down in summer as unit sales show only a 10% rise as compared to June
2020, which may be a sign of complete normalcy in the market. “June sales figures are lower than we expected but the hot
market was bound to calm down at some point. Summer months usually see a drop and then the market picks up again in the fall. I look at our market performance with comfort and believe that it is more of a sign of stability and recovery since the pandemic. The province re-opening this month is another positive sign and the month of July will determine the pace at which the market will grow for the rest of 2021. June 2021 is still one of our better months sales-wise in the last decade and I am confident that without any major fluctuations, the market will follow it’s seasonal trend”, said KADREA President, Chelsea Mann.

Supply remains an area of concern. Chelsea Adds, “The supply issue is a long-term story but for the first time in the last 6 months, we’ve managed to add 15% more listings than we’ve sold. Since January 2021, there were times when we sold as many as we added, which meant that the inventory graph remained flat. At this rate, with 851 active listings now, reaching our target supply will take time. We know that the market will continue to be a seller’s market for the rest of the year and maybe even for all of 2022.”

News across the province predicts a record-setting real estate market in 2021 and average prices will keep rising. “Yes, our sales are still very strong and multiple-offer scenarios continue to encourage sellers to extract the best value for their property. As we enter Step 3 of BC’s re-opening, the market will pick up again and as predicted by the experts; I do foresee a record-setting year ahead. At this pace we should cross 4000 sales in Kamloops & district, which will be our all-time sales record. While inventory continues to grow, the upward pressure on average prices is unlikely to subside. Our path ahead will be like other markets in the province”, added Mann.

Neighbourhoods with the most sales in  June (# of sales): 

  1. Sahali (43)
  2. Brocklehurst (27)
  3. South Kamloops (26)
  4. Westsyde (25)
  5. Aberdeen (23) 
  June 20 June 21 Year to Date
NEW LISTINGS 320 384 2109
TOTAL SALES 223 268 1707
AVG. RESIDENTIAL SALE PRICE $511,962  $583,874  $551,778
AVG. DAYS ON MARKET 60 36 45
ACTIVE LISTINGS 739 645  

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YTD 2020 2021
NEW LISTINGS 1464 2109
TOTAL SALES 908 1707
AVG. RESIDENTIAL SALE PRICE $461,600 $0 551,778 
DAYS ON MARKET 55 45

 

*Table Stats are for Kamloops area only, all types of housing as of July 8/21  – 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 *

May 2021 Market Statistics

INDY’S COMMENTS 

As we’re all feeling a bit lighter these days with end of restrictions nearly in sight, we can cautiously say the same for our market. While activity continues to remain strong and will do so for some time, the increase in new listings is relieving some pressure on our market locally. For many home purchasers, the quick pace of the market this past year coupled with increasing housing prices has made many people re-evaluate their plans, especially first time home buyers who are more budget conscious. The good moving forward is interest rates remain low and will continue to do so for some time and with supply slowly increasing that will stabilize demand as we near the end of the year.  For Home Seller’s it continues to be a good time for moving; whether up or down but still remains a careful balance of needing to list before being able to commit to a purchase. 

KAMLOOPS AND DISTRICT NEWS

The Kamloops Real Estate market is showing signs of a slight relaxation, as the sales numbers level out, but not to the same degree of slowdown that most of the other regions in BC have seen after their sales peaked in April 2021. “As we haven’t entered the post-pandemic market, I wouldn’t say that the market has necessarily peaked in Kamloops for 2021 yet. Our sales figures in May have indeed fallen by a few units as compared to April, but this is a regular annual trend. I look at it more like an indicator that the market is balancing itself towards stability. If you notice, our May 2021 sales figures are still very strong and Kamloops Realtors® have been out-performing themselves month-on-month. I am looking forward to the next couple of months, as we usually see a spike in sales during summer”, said KADREA President, Chelsea Mann.

Kamloops is about 1000 listings adrift of the average number of active listings the region normally has. Chelsea adds, “It is true that our Active Listing count is still below the balanced-market levels. While we keep adding new listings at a faster rate, it will take some time for the market to achieve the desired supply and demand equivalence. As sellers continue to experience multiple-offer scenarios in Kamloops, we’ll continue to see more people wanting to list properties. But when the market is hot, these properties sell fast as well. Numbers suggest that we’ve been adding at least 100 listings more than we’re selling every month. At this rate and unless this number improves exponentially, Kamloops will remain in a Seller’s market for the rest of 2021.”

It’s been over a year since we first experienced the aftermath of lockdowns in the province. As BC prepares to re-open, there could be unexpected market behaviour in the days to come. “One thing is for sure, there is going to be an uptick in Real Estate activity over summer. As lockdown restrictions are already being lifted across the province, one can’t deny that business activity is only going to grow and Real Estate like any other market, will respond likewise. I’m proud of all the Realtors® in the region who have supported each other through the difficult times and have put the interests of consumers first through the pandemic. We’ll continue to do this in the days to come” added Mann.

Neighbourhoods with the most sales in  May (# of sales): 

  1. Sahali (60)
  2. Brocklehurst (44)
  3. South Kamloops (30)
  4. North Kamloops (29)
  5.  Westsyde (25)
  May 20 May 21 Year to Date
NEW LISTINGS 236 411 1725
TOTAL SALES 117 325 1438
AVG. RESIDENTIAL SALE PRICE $467,493  $561,426 $545,728
AVG. DAYS ON MARKET 59 31 46
ACTIVE LISTINGS 694 554  

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YTD 2020 2021
NEW LISTINGS 1144 1725
TOTAL SALES 695 1438
AVG. RESIDENTIAL SALE PRICE $445,204 $545,728
DAYS ON MARKET 53 46

 

*Table Stats are for Kamloops area only, all types of housing as of June 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 *