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):
- Sahali (43)
- Brocklehurst (27)
- South Kamloops (26)
- Westsyde (25)
- Aberdeen (23)
|June 20||June 21||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$511,962||$583,874||$551,778|
|AVG. DAYS ON MARKET||60||36||45|
|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 *