Kamloops Real Estate Update for May 2016

 

 

Here is an update on the May real estate numbers for the Kamloops area. This update is meant to give you a general sense of the market. We are continuing to see an active market, with a trend of more sales but we are starting to see the number of listings increase. To get the whole picture let’s take a look at the raw data gathered by local real estate agents, like myself, and published by our real estate board. One of the best ways analysis the market is to measure home buyer demand against home seller’s supply to come up with a rule-of-thumb measurement. Generally downward pressure on prices in Kamloops occurs when this measurement dips below 9% and upwards pressure on prices occurs when this number gets to 15%. You will notice from this graph provided by the BC real estate association that during 2005 to 2007 when prices were going up substantially year after year this rule of thumb measurement was well above 15%. So let’s look at last months numbers. Overall the market in Kamloops inched further into a seller market to 21% from about 19% for April. The market has been steadily improving from the start of the year. The improved numbers that we saw compared from last month seems to have predominately come from segments of the market other than single family which is a good news for those other segments of the market. Taking a closer look at the different segments of the market gives us a better understanding of which are stronger than others. This can give us an idea of why one property might stay on the market longer than an other property. We can even look at which areas of town were hottest last month….First, lets look at the different types of properties: Single family detached homes represents the biggest segment of the market and it is one of the strongest too, giving us a figure of 25% last month. Representing a smaller sample size: Townhouses are at 21%. Then there are condos at 15% and finally there are full duplex/triplex properties that remained very strong at 22%. Now lets look at activity in different areas of town.  We get these figures from the single family sales and the approximate number of listings in a given area. Here is a break down of the different areas of Kamloops. Sahali jumped to 79%, Aberdeen improved to 69% and Juniper Heights did really well at 59%. South Kamloops came down to 26% in part probably because of an increase in Sahali listings/sales. One of the hottest segments of the market is older type single family homes and homes with a suite that are priced less than $440k. The areas with the highest numbers have more of these types of homes. The good news from a buyer’s perspective is there are lots of these types of properties out there so the chances are decent that eventually something will pop up. With this amount of activity in that strong sector of the market it could be a good time to downsize into a condo or upsize into a higher priced home because both of those segments are a little softer. Thanks for watching if you are thinking of buying or selling give me a call when you are ready to make your move.

 

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