The October market in Kamloops showed a slight increase in total units sold to 217 across all sectors and a 25.5% increase in active listings to 1281 compared to the same month in 2023. The residential benchmark sales price for a single-family home increased 1.3% to $662,400.00. The townhouse benchmark sales price dropped .9%, and the condo/apartment market dropped the most at 7.1%.
Oct 2023 Stats – Total units sold was 175, active listings 1021, and benchmark sales price was $655,500.00
Oct 2022 Stats – Total units sold was 144, active listings 90,2, and benchmark sales price was $651,100.00
If we look at the last three years, we see the benchmark sales price hasn’t changed much at all, but the number of active listings keeps climbing. The overall sales volume for the month has also climbed upwards, but not enough to offset the dramatic increase in listings. This tells me we are in a buyer’s market, and sellers are stubbornly holding onto prices as much as possible.
Time will tell what the banks do with their mortgage rates to encourage buyers who have been sitting on the fence to hop back into the market.
*Stats provided by the Association of Interior Realtors.
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