Kamloops Real Estate Market Update
Inventory Increases
The total housing inventory at the end of November 2024 rose significantly, climbing 141.21%. Over the past 12 months, the entire Kamloops region area has averaged 160 closed sales per month. This marks a continued trend of growing inventory levels, which could signal shifting market dynamics.
Average Price
The preliminary trends decreased pressure on prices in November 2024. The average sale price fell averaging at $641,798, compared to November 2023’s average of $647,279. While not a dramatic drop, this decrease reflects some softening in the market which is reflective of the increased invenotry.
Days on Market
Homes are taking noticeably longer to sell. The average days on market increased by 21.97 days, or 44.80%, compared to the same month last year. Homes spent an average of 71.01 days on the market in November 2024 versus 49.04 days in November 2023, signaling a slower pace of sales activity.
Sales Success for November 2024 Shows Mixed Results
Although prices fell and days on market increased, sales volume showed resilience. New listings increased to 241 with 135 sales posted. This weaker ratio, coupled with rising inventory levels, suggests mounting pressure on the market.
Coming Up
The Bank of Canada’s rate announcement on December 11th will hopefully bring another slight rate decrease relieivng some pressure from those looking to get into the market and home owner’s on a variable payment or looking at a renewal in the coming months.
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