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):
- Sahali (60)
- Brocklehurst (44)
- South Kamloops (30)
- North Kamloops (29)
- Westsyde (25)
|May 20||May 21||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$467,493||$561,426||$545,728|
|AVG. DAYS ON MARKET||59||31||46|
|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 *