July Real Estate sales rebounded from the lows in June with total sales of 294 homes this year compared to just 262 last month and 304 in July 2018, a year-over-year decrease of just 3.3%. Year-to-date, sales are holding within 10% of the prior year with total sales so far in 2019 of 1,703 compared to 1,852 during the same time period in 2018, for an overall decrease of 8%. The number of listing continued to rise slightly during July but are still well below historical norms. There were 463 new listings last month compared to 443 last year. Active listings at the end of July were up 6.5% to 1,302 units.
Home prices continued to stay at an elevated level with a median residential price last month of $497,500 which is up 5.4% from the median price of $472,000 during the same month last year. The average price of all homes sold during July was $419,703 compared to $406,768 for an increase of 3.2%. There were 189 single family homes sold in Kamloops last month which is the exact same number as during July 2018. The average price of single family homes sold was $499,939, which was up 3.2% from $483,506 last year.
Brocklehurst led the top sales area again with 34 total sales followed by Sahali with 27 and Aberdeen with 25. Sales activity was mainly concentrated in the $400,000 to $500,000 range with 72 sales in that price category, followed by 58 sales between $300,000 and $400,000, and 43 sales between $500,000 and $600,000.
The Kamloops real estate market continues to run about 5-10% below the torrid sales pace over the past couple of years but in line with the 5-10 year average. Higher prices remain supported by lower inventory and increased demand for more affordable townhomes. Activity on new listings continues to be brisk as the buying pool awaits new inventory while homes that don’t sell quickly are now sitting on the market a little longer than they have over the past couple of years.
Every property is different, so please call me today for a free home market evaluation to see where your home fits into this market place.