December 2024 Real Estate Market Update
As we wrap up 2024 and start fresh in 2025, the Kamloops market has shown some notable shifts compared to the previous year. Here’s a snapshot of how December shaped up:
Inventory Levels Rise The housing inventory saw a substantial increase, with 786 existing homes available for sale at the end of December – a 60.74% jump from December 2023. Over the past 12 months, the area has averaged 162 closed sales per month, this shows a slow gradual move towards a balanced market where we have been watching a buyer market for the past year.
Average Sale Price Trends Upward Buyers and sellers alike saw upward momentum in home prices this month. The average sale price in December 2024 climbed to $616,341, representing a 1.44% increase compared to December 2023. Not to be confused with the individual housing categories shown in the graphic – those are a general overview not combining all types of real estate. While modest, this growth signals continued confidence in the market.
Homes Taking Longer to Sell The Days on Market for homes extended significantly. Properties spent an average of 80.68 days on the market before selling, a 31.25% increase from December 2023. .
Strong Sales Performance Despite longer market times, December closed on a positive note. The number of sold listings increased by 25.93%, with 102 homes sold this month compared to 81 in December 2023.
However, the number of new listings in December 2024 declined by 10.69%, with 142 new homes entering the market compared to 159 in December 2023. This slight drop in new inventory, paired with the rise in sales, may contribute to increasing pressure on inventory levels in the months ahead.
Looking Ahead With average prices only doing slight shifts and growing inventory, the local real estate market is entering a dynamic phase. While sellers may benefit from higher prices, buyers can expect more options as inventory grows. However, extended time on makret suggest the importance of strategic pricing and presentation for sellers to achieve timely sales.
Stay tuned for next month’s update as we dive into 2025’s market trends!
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