The Kamloops Real Estate Board residential sales statistics for November 2016 have been released, showing an increase in residential sales value of 12.3% compared to November of 2015. The number of single family residential properties sold was identical to last year’s at 135 units sold; however, fewer homes were listed and the number of active listings was lower as well.
Though active listing numbers were comparatively lower than those of 2015, the results do follow the trend that we see annually as we move from the busy summer months into the cold Kamloops winter, and the decrease is proportional to the level of activity that we have seen throughout 2016.
The Kamloops Median Residential Price for single family homes landed at $417,300, above October’s $405,000 and rising $24,300 or 6.2% from the November 2015 statistic – $393,000. While these numbers are still fairly comparable, we feel that the market conditions are stable and inventory will remain through the holidays and the early part of the New Year. Expect an active 1st quarter, as promises of a stabilizing economy and interest rates will set us up for another warm and busy spring and summer.
One of the most active areas in November 2016 was Brocklehurst, which had 26 sales compared to only 11 in November 2015. Barnhartvale, Sahali, and Batchelor Heights were all among the areas that saw an increase in single family residential sales compared to 2015, and Aberdeen still continues to be a strong selling neighbourhood despite the potential for a mine being developed nearby. Valleyview and Dallas remained very stable, while North Kamloops, Westsyde, and Pineview showed the most significant decreases, dropping by 10, 6, and 5 sales, respectively.
There were total 1965 active listings (including lots, acreages, apartments etc.) in Kamloops at the end of November 2016, which is somewhat lower than the number of active listings at the end of November 2015 (2470). Currently, there are 399 single family homes for sale in the City of Kamloops.
As I mentioned above, the current Kamloops & Area Real Estate Market is stable and while the Canadian dollar is still low, oil prices are rising, and the Canadian economy is showing no sign of a collapse or further slowing. The future looks promising, and your Team Cavaliere – River City Realty team will be here to keep you updated on everything you need to know about our local market and what is affecting it.
In the meantime, if you have any questions about the information provided or about the Kamloops real estate market, please give us a call – one of our experienced team members will be happy to answer any of your questions or concerns. Additionally, you can check out our website any time at www.HomesInKamloops.com, or peruse the links below for more detailed information on specific neighbourhoods, price points, and much more!
Vince Cavaliere Licensed Agent Broker/Owner 250.374.1925