August Real Estate sales were an exact duplicate of last month with total unit sales of 294 homes, which was a decrease of 9.3% compared to August 2018, but was in line with the five-year average for August. Year-to-date, sales continued to hold within 10% of the prior year with total sales so far in 2019 of 1,997 compared to 2,176 during the same time period in 2018, for an overall decrease of 8.2%. The number of new listings rose 4.0% in August with 443 new homes hitting the market compared to just 426 homes during the same month last year. Year-to-date new listings is almost identical to last year at 3,385 compared to 3,380. The number of active listings at the end of August was 1,331 units, up 12.1% from the 1,1887 units at the same time last year.
The Kamloops median residential price set a new record in August reaching $510,000, which was up 9% from $467,500 last year. Last month saw a big jump in the number of sales between $600K and $700K which contributed to the higher median price. The average price of all homes sold during August was $421,039 compared to $381,525 for an increase of 10% and just shy of the record set back in February. Both median and average prices were elevated this year as sales of single family homes was up (196 compared to 189) and multi-family residential sales were down (79 compared to 105). The average price of single family homes sold in August 2019 was $481,345, which was up 5% from $460,225 last year. The average price of townhouses continued to show the biggest increase with August 2019 sales averaging $351,573, an 11% increase from $317,746 last year.
Sahali posted the highest number of sales in August with 32 units sold followed closely by Brocklehurst at 31 sales and Westsyde with 23 sales. Sales activity was mainly concentrated in the $400,000 to $500,000 range with 64 sales in that price category, followed by 57 sales between $300,000 and $400,000, and 45 sales between $500,000 and $600,000.
While average prices can vary month-to-month depending on the sales mix, the Kamloops real estate market continues to experience stable to increasing upward pricing pressure with modestly lower sales compared to the record pace set over the past couple of years. Inventory levels have improved slightly this year across the board, but increasing demand for more affordable townhomes continues to keep inventory tight in this category. At the end of August, Kamloops had 4.7 months of inventory for single family homes, just 2.2 months for townhouses, and 5.9 months for apartments.
What does this mean for you and your housing needs? Call me to discuss!