February 8, 2012
Welcome to 2012! As expected we had a robust first 15 days of January. The buildup from Christmas break swooped in and took our market by storm, however, sales did cool a bit in the last 2 weeks of the month. Overall January total sales are already up 20% over January 2011 totals.
Residential median price increased by $20,000 to $373,000. I have created a stat sheet leading back to 2004 & $273k is the highest avg... could be safe to say ever. The $280-$320,000 price range saw the greatest rally in January achieving 18 sales; an increase of 9 over December totals. $360-$439,000 price range also had a great month with an increase of 18 to 28 sales. This was a large contributor to the high median price level. Condo sales dropped 70% in Jan and townhouse sales increased by 60%.
I love listings early in the new year. Our inventory levels are so low right now; LIST YOUR HOME NOW! Inventory levels are increasing. # of new listings doubled in January, as expected, over December totals.
Aberdeen was the neighbourhood leader with 16 sales. Brock 'underperformed' with only 9 sales. Valleyview was the neighbourhood winner with 8 sales; increase of 7 from December.
South of the border, US housing starts (a key bellwether for BC's forestry sector) fell 4.1 per cent in December, coming in at a seasonally adjusted annual rate of 657,000 units. However, the pace of housing starts in the fourth quarter of 2011 represented a post-recession high, a strong signal that US home construction should continue to improve in 2012.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
January 10, 2012 - 2011 YEAR END REVIEW
Calm Waters.
Calm Waters is how I have described the real estate market in Kamloops over the last year. This is also the term I use to describe future real estate activity in Kamloops. Prices will not go up, nor will they go down (dramatically) in the upcoming year. Our average median price (Kamloops only) has increased by 2.10% over the last 3 years, we saw an increase of 2% in 2011. Our average monthly sales has seen an decrease of 3 per month (2%) . These are oh-hum stats, however, our real estate supply is as high as it has ever been. The last 3 years, the number of listings has increased on average of 6.05%. 2011 saw an increase of 4%. What does this mean? The average total inventory per month in 2007 was 1006 units for sale. The average in 2011 was 2004, a near 100% increase. This is improving the value per dollar that Buyers are receiving in their real estate purchase in Kamloops. Sellers MUST be more competitive and offer more. Whether investing in updating the home, or conceding to lower price points to be competitive. Sellers are still competing for the sale.
Buyers have had the run of the town with interest rates over the last 2 years. Record breaking interest rates have been found near a 3.29% range for a 5-year fixed rate. Sellers still have to concern themselves with penalties with their lenders when selling before the expiration of their term, as they locked in at a time of higher interest rates than what is being offered now. All sources are saying that the time is coming that rates will finally increase. I have been hearing this for over a year now, I will believe it when I see it.
I am excited for the home builders of Kamloops in 2012. There is so much pent up demand for new home purchases due to the dismal sales volumes seen over the last year & misinformed public. Builders had a difficult year in 2011. The GREAT SCARE and confusion around the HST plagued the new home market. The general public continues to be lost in the transition of the HST and believe substantial savings are to be had once the GST makes its triumphant return. Demand is so low right now for new construction, now is the time to buy. Builders are hungry for your business. The difference between a purchase of a home now vs. later is minimal, ask & I will show you.
New Construction Summary
88 New, detached Single Family Homes were sold in Kamloops in 2011 at an average of $417,752. 41 between $300-400k Avg $371,462. 37 sales between $400-500k $432,880 avg price. 10 sold between $500-600k - Avg $580,620.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
December 11, 2011
November real estate activity slowed as expected but there was one event that is very surprising.
Kamloops Median Residential Price rose by $29,000 in November from October totals to $365,000! This is a abnormal jump and total. Our 3 year average for this month, from Nov '99 to present, was $347,166. Consistent gains in the $400k-$559k price ranges was the fuel to this fire.
The largest decrease in sales in November came in the $280-$319,000 price range, dropping from 32 sales in October to 16 in November. As a matter of fact the entire price range from $200-$360,000 saw a drop in sales from 95 to 58.
149 total sales is 26 shy of the 3 year average of 175, a 15% decrease.
Our neighbourhood winner was Sun Rivers with 6 sales. Sun Rivers saw 1 sale in the previous 3 months. Brock and Aberdeen were our volume leaders in sales, with a mere 18 sales each.
Our inventory has tightened up with a decrease of 150 active listings available at the end of the month. However, # of listings available for sale are above the 3 year average for November by 9%. Sales being down & inventory high is our black & white summary - sellers; be competitive!
Finally some good news in new residential construction from the City of Kamloops. Building permits for single family nearly matched those taken in 2010 for the month of November. As we have seen throughout the year, we are nearly 50% down in overall permit activity for 2011. November saw increases in Duplexes, Secondary Suites, Multi Family Single Unit, & Multi Family Duplex. Commercial permits doubled 2010 November totals from 7 to 14.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
November 14, 2011
October Real Estate sales were strong!
Fall is gone as quick as summer showed her pretty face. As chaos is the rule of thumb with weather; the real estate market in Kamloops has been predictable with quiet tones of great news. Sales in October 2011 increased by 20% over sales from October 2010. Sales decreased, as expected, by 4% from September 2011.
The $280-319,000 price range increased from 20 in September to 32 in October. The $360-399,000 price range did not have the same positive fate as sales dropped from 28 sales to 15 in October.
Brocklehurst sold the most in October with 24 sales. Our neighbourhood winner was Westsyde with 17 sales! for a 2nd place finish.Aberdeen and Sahali brought in a total of 31 sales - same as September. Sun Peaks had a great month with 10 sales from 4 in September.
Interest rates have continued to hold & decrease. You can find 5yr fixed term rates as low as 3.29%!
Keeping with the Halloween spirit below are 2 methods of ghost proofing your house. In some Southeast Asian cultures, people build "spirit houses" (shrines) filled with goodies to lure spirits away from the main building meant for the living.For example, curving roofs or curving driveways are believed to ward off malevolent beings in some cultures.In the South, porches are sometimes painted "haint" (another word for ghost) blue because it is believed ghosts are afraid of water.
Sales volume is slowing sellers.....its time to be thinking aggressively. It is feeling like an early winter sales season as early October has slowed significantly. Be ready to compete for the limited transactions that currently are in play.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
October 16, 2011
September sales cooled from an amazing August for Real Estate in Kamloops.
While sales volumes decreased by 18%, Residential Median Price - Kamloops only; increased by 3.5% from $345,000 to $357,500. Reason for this price increase can be attributed to small sales volume gains in all price ranges from $480,000 - 599,000. The big smack in the face came in the $280-319,000 price range. August saw a remarkable 40 sales in this category, only to be outdone by the retreat of sales to 20 in October!
The largest gain came in the $160-199,000 price range doubling to 18 sales. More positive news is that total inventory decreased by 6%. Increase in prices, & decrease in market supply are 2 great indicators of a balancing market; shadowed by decrease in sales volume. The eventual fall stall of the real estate market may already be here.
Juniper Heights is our neighbourhood winner with an increase of 5 sales to 8 for September. All other major neighbourhood markets saw decreases in sales volume. Sahali & South Kamloops reduced sales from a combined 46 in August to 30 in September. Sun Peaks recorded 4 sales, expect Sun Peaks to be our neighbourhood winner in the next few months.
Condo:Apartments saw an astonishing flood of new listings in September. 86 new listings, an increase of 56 from previous month additions to market. Condo:townhouse new lists decreased from 61 to 35 - good news for sellers of townhouses. Average lot sale was $142,816, with only 6 sales.
14 single family dwelling permits were issued compared to 11 in August 2011. Multi-family permits issued increased over Sept 2010 & near double from August 2011. We have seen a predictive 50% decrease in residential permit issuance, however, September saw only a 33% decrease in total permit value issued compared to same time last year.
Sales volume is slowing sellers.....its time to be thinking aggressively. It is feeling like an early winter sales season as early October has slowed significantly. Be ready to compete for the limited transactions that currently are in play.
September 17, 2011
August was HOT so was Real Estate Sales!
Sales were up 25% from July totals & 15% from August 2010 totals. The $280-319,000 price category smashed all other price points with 40 sales (increase of 13 from July).
$320-359,000 price range also had a very strong volume of sales with 32 sales up 20% from July tallies. Inventory levels did decrease, very little, but combined with increase in sales activity is great news for sellers.
Median Residential Price - Kamloops Only - increased by $6,600 to $345,000.
August's winning neighbourhood was Barnhartvale with 12 sales, an increase of 7 from July. Valleyview came in a close 2nd with 13 sales & an increase of 8. Sahali was the sales volume leader with 27 sales (increase of 3). Brocklehurst had a strong month with 24 sales (increase of 11).
Residential waterfront had a GREAT month with 16 properties sold (increase of 10). Lot sales, within the district, also doubled from 7 in July to 15 in August. Average lot sale was $110,446.
CITY OF KAMLOOPS - BUILDING INSPECTION DIVISION - BUILDING PERMITS
11 single family dwelling permits were grantedin August 2011 vs 15 in 2010. Year to date, still down 50%.
4 multi family duplex permits granted, bringing the year to date to 20, and increse of 4 over 2010. These can be attributed the the developements in the Crestline subdivision near the airport in Brocklehurst.
Duplex & secondary suites have tallied 19 permits at a value of $2,915,840. This is considerable increase over 2010 year to date of 11 permits at a value of $932,550.
Interest rates can also be found at 3.29% for 5yr fixed. Happy Huntin' out there!
August 10, 2011
Summer is here, but large sales volumes are not.
The main reason for lower sales volumes is obvious; holiday season. It's lake, river, & camping time etc. these great months of the year. Major decisions are held back until early fall. But there is a sales volume, & those shopping are serious. Limited tire kickers are found when its 30+ degrees during the day.
New listings is the lowest in the last 4 months. This is a good sign as less homes being brought to market means less competition & less downward pressure on pricing. Total sales were up 4.5% from July 2010. This was the 2nd month in row that sales decreased 10% from the month prior.
Kamloops only Median Residential Price decreased by $13,600 to $338,400. July 2010 saw the Median Residential Price at $360,000.
$200-240,000 price range saw the largest increase to 23 sales (inc. 7).$280-360,000 prices ranges saw a decrease of 14 sales(53). $360-$400,000 increased production to 23 sales (inc.5). June's whopping 11 sales in the $600,000+ range cooled to 1 sale in July.
South Kamloops is our neighbourhood winner with 21 sales. The increase of 10 sales from June left the downtown district glowing from its turnaround in demand. Sahali had the most sales with 24. Batchelor Heights cooled off from 11 sales in June to 3 in July.
Building Permit & Dwelling Report - City of Kamloops - July 2011
Single Family Dwelling permits issued - 13; compared to 21 in 2010. Year-to-date(2011) - 82; Year-to-date (2010) - 172 DOWN 53%.
2 Duplex permits were issued in July - 14 year-to-date. 2010 year-to-date - 1.
9 Alterations permits pulled in July @ value of $549,450. 92 year to date (2011); 78 year-to-date (2010).
Year to date - Sub Total Residential Construction Value down $25,700,000.
July 8, 2011
Business as usual. The pulse on real estate in Kamloops is calm waters.
Historical average over the past 4 years; # of homes sold in June ('08-'11) 218. June '11 206. Kamloops only Median Residential Price average in last 4 yrs is $350,085. June '11 $352,000.
The $200-239,000 price point collapsed from 33 sales in may to 16 in June. $360-479k range cummulativly saw 18 less sales. June saw an amazing tally of 11 sales over $600,000+. Total sales year-to-date is down 10% from 2010 totals.
Batchelor Heights propelled from 5 sales in May to 11 in June. Juniper Heights fell from 7 sales to 3. Brocklehurst & Aberdeen both saw 30%+ decrease in sales. Sahali was the neighbourhood winner with 29 sales (+25).
Townhouse sales increased for a 3rd month in a row to 29.
Building Permit & Dwelling Report - City of Kamloops
- statistical data was not available at time of production.
Interest rates have continued to stay amazingly low! Well under the 4.0% on a 5yr fixed term is great for all renewals & new buyers to the market.
June 14, 2011
What a bounce back! Ten days into the month we could tell we had a good one on the line. Sales increased by an amazing 46 percent from April to May.
Lots of swings in attitudes & sales volumes month-to-month so far in 2011. Similar to the highs & lows in the Canuck's quest for the cup.
Residential Median price (Kamloops only) stayed steady at $350,000.
Investors are running rampant in Kamloops. $200-239,000 price range exploded to 33 sales; an increase of 22 from April. The $400-439,000 price range nearly doubled to 17 sales. As a noteable: $560- $599,000 jumped from 1 sale in April to 7 in May.
Number of new listings stayed relatively the same. Combined with great sales growth, inventory levels have tightened slightly.
Dallas was the neighbourhood winner with an incredible tally of 17 sales (increase of 14). This can be attributed with the progress of the Dallas Towne Centre. Aberdeen & Brock led the way with 28 & 27 sales respectfully.
Condo:Townhouse & Apartment categories sales increased by 25%. Average lot sale price $122,753.
Building Permit & Dwelling Report - City of Kamloops
Single family dwelling building permits stayed steady at 14. Year-to-date we are down from 122 in 2010 to 54 for 2011. Multi family/Duplex year-to-date is 12 compared to only 2 in 2010. Year-to-date # of permits for Alterations are also up. Total year-to-date construction value for all categories are down 50%.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
May 5, 2011
If real estate in Kamloops is in a 7-game playoff series, we would be 1-1. March was a spectacular bounce of hope resulting in a win! However, April's 17% decrease in sales compared to March's, there is a cool breeze in the air.
Residential median price (Kamloops only) chilled to a more normal state at $353,500. The largest decreases in sales volume came in the $200-240,000 range from 25(March) to 11 sales. Our incredible sales volume in the $400-440,000 range in March(21), leveled to 9. The price point that saw the most action in April was the $320-360,000 range (28 sales).
The number of listings active at the end of the market in April increased by 10%, combined with a 17% decrease in sales, sellers.... get ready to compete!
Westsyde is our neighbourhood winner! Nearly triple their normal sales volume, 17 sales in April gives this under rated neighbourhood some great recognition. Aberdeen was our leader with 19 sales. Sahali & Brocklehurst saw the largest decline. 49 sales(March) to 30 sales(April).
Townhouse; average sale was $273, 453, sales down 27%. More interesting, # of active listings for townhouse increased by 23%. this increase in active listings could be attributing to the recent finale of Spring semester at TRU.
City building reports were unavailable at the time of production. If you would like to have a summary of April's building permit summary please email me direct to request.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
April 11, 2011
Spring training is over, time to sell some homes.
The charge is on! After an underachieving 6 months of sales volumes, the month of March stepped up to the plate. A homerun was not hit, but are definitely on base.
Total sales increased by 18% over February’s total. The big story is not so much the volume but the price ranges that saw the increase. $360,000 - $600,000+ ranges all saw gains with a 33% increase in sales. When our high price points are experiencing high sales volumes is a good sign for things to come. Median residential sales price increased by by $36,000 to $370,000 (highest since July 2008).
Positive strides are being taken, March ’11 sales are 13% down from March’10. Also, year-to-date we are down 13%. $320 359,000 price range saw the largest decrease from 26 in Feb to 17 in Mar.
Brocklehurst is our neighbourhood winner for March. An increase of 8 sales to 27. The most impressive stat for Brock was the 6 sales in $360 – 399,000 price range – thanks to Crestline/Stanko Way new home development & sales.
Townhouse sales fell from 34 to 26. Condo-apartment sales were strong increasing from 8 to 15. Noteable stat is that that 5 acreages were sold in March. Avg lot price for the district was $116,338.
Single family dwelling permits, for the city of Kamloops, increased from 5 in Feb to 17 in March. Compared to 33 in March 2010, permits are down nearly 50%. Total year-to-date residential construction values are down 21%.(stats sourced from City of Kamloops)
The sun is out & so are the buyers. Interest rates are still at amazing levels. The Canucks are preparing to close to the deal this year in the playoffs, if your thinking real estate, now is also a great time to close the deal.
March 7, 2011
February caught the Real Estate Fever!
Sales up 70% over January tallies! Sales volumes nearly exact from 2010 February totals. The first 4 months of 2010 were great, if we can keep the pace, it will be a healthy start.
Nearly ALL price segments saw increases in sales. $280-319,000 price range increased from 10 to 36 sales. It would be safe to say that increases in this price segment is directly related to new mortgage rules taking effect March 18, 2011. To retain pre-approval of 35yr amortization rate, buyer must have accepted offer (deal in place) before March 18, 2011. Many people are confused and think that the deal must close prior to the deadline, not the case.
$200,000-359,999 accounted for 50% of total sales in February. Median Residential Price Kamloops Only - decreased to $333,800. 541 new residential listings hit the market in February. More inventory is pulling patient buyers into the market, now that they are finding the property they have been looking for.
Sahali was the neighbourhood champion with 29 sales (increase of 16). $280-319,000 in Sahali is the hot button price/neighbourhood hot sell point in Kamloops in February. Batchelor Heights had a great month from 2 sales in January to 12. Dufferin also deserves honorable mention with 5 sales in February.
Average lot sale was $129,808. Year-to-date single family dwelling permits are down from 30 (2010) to 9 (2011). 7 multi-family duplex permits approved in February. Year-to-date construction value (residential & commercial) down 26% from 2010.
"Regional market differences continue in the province, with Vancouver trending into a seller's market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer's market toward balanced conditions." said Cameron Muir, BCREA Chief Economist.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
January 24, 2011
Welcome to 2011
After the much publicized recession real estate in Kamloops has weathered the storm. After a 6% decrease in home prices in 2009, 2010 bounced back with a very moderate 3% increase(median home price - Kamloops only).
The car is on the road but it is moving slow, very slow.
Monthly sales volumes decreased by an average of 11%. 2009 had 8 months with more than 200 sales, 2010 had only 4 months. 3 of the 4 were in the 1st half of 2010. Monthly sales volume in 2010 was down 38% from a peak in 2006.
2010 stranded the most homes on the open market in recent years. The avg # of listings was 1936 monthly. From April to September there was over 2000 listings each month, peaking at 2390 in July. Compared to 2009 there was only 3 months over 2000 listings..
Long term trends spanning the last 7 years we are seeing decreased volume in sales, increasing volume of homes for sale on the market; all while continued increases in pricing. Listing to sales ratio has decreased by a third since 2006.
High supply & decreasing demand would leave broad stroke predictions of decreasing or flat-lining of residential home prices.
Continued low interest rates have retained home affordability in 2010. The government of Canada tightened lending practices in April primarily effecting investors increasing down payments of 5% to 20%. Mid January 2011 the government of Canada announced further changes in lending practices.
The real estate market has continued to be very competitive. Pricing is continuing to erode from the glorious peak of the years surrounding 2006.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
November 14, 2010
Back to Reality,
Its a SLOW real estate market in Kamloops, B.C. Not a surprising comment when looking at stats from communities from around the entire province. What is a scary thought is low volume of real estate sales combined with the continued RECORD LOW mortgage rates.
Median Residential Price for Kamloops returned to normal levels from $360,000 in September to $327,000 in October.
Overall sales have fallen again: 146 total sales (down 21%), down 35% from October 2009.
$280-$319,000 price range was the strongest performer with 28 sales. The $320-369,000 price range was the biggest loser, falling from 30 sales to 14. Only 3 of 16 price ranges saw increase in sales volume in October.
Now for some positive perspective. Inventory has fell 20% over the previous 2 months; an additional 10% of properties were taken off the market via sales or expired listings. 30% decrease in inventory is leveling the playing field for sellers.
Our neighbourhood winner for October is a co-champion. Tobiano & Sun Rivers. Our recreation real estate trophy communities rallied for 6 sales. Of the 22 neighbourhoods in the Kamloops area, only 3 saw increases in sales.
Average lot sale: Kamloops & District $108,500
October 11, 2010
Strange Days,
Summer returned at the end of September after a cold slap in the face teaser at the beginning of the month, taunting us that Fall had arrived. As varied & unpredictable the weather conditions were so were real estate results.
$440-480,000 price range saw the largest increase in sales from 3 to 13, the $520-559,000 range increased from 0 to 6 sales, and the $600,000+ price category saw an amazing 8 sales! The high price range in home prices were dominant in September. This lead to an enormous $25,000 increase in Median Residential Price to $360,000 (Kamloops only). This was the highest MRP since October '08.
Total sales volume was down 7% from August tallies, and down 22% from September '09. $240-359,000 saw the largest decrease in sales 93 to 64 solds. This price range is one of the most predictable & dependable area for sales.
Inventory is slowly working towards a balanced market. # of Residential active listings at the end of September was 2000, down from 2202 at the end of September.
Sahali & South Kamloops saw the largest decrease from 43 sales in August to 28 in Sept. Westsyde was the neighbourhood winner with 16 sales, increase of 6 from August tallies.
One surprising stat for the end of September was the # of active listings for Condo-apartment down from 238 to 192. Average lot price sale was $128,143.
I was expecting a much more robust September & continue to expect a GREAT OCTOBER. Enjoy the end of summer & start getting excited for a great winter.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
September 6, 2010
Bounce back! After a dismal July, Kamloops real estate sales jumped back 12.5% to 207 total sales. The first week of August, after the long weekend, brought a flurry of sales, setting the tone for an eagerly anticipated month of built up sales volume. A plateau of activity was seen mid-month and a strong finish to August is leaving vendors wide-eyed and ready to pounce on offers for their home.
The $240-279,000 price range saw the largest increase in sales from 17 in July to 30 in August. $240-359,000 price range accounted for nearly 50% of the sold market share. The largest retraction in sales volume came in the $440-479,000 range from 8 sales to 3. In fact, from $400-559,000 sales decreased from 32 to 20 in August.
Residential Median Residential Price is down $12,000 to $319,000 (Kamloops & District), $335,000 (Kamloops Only) down $25,000
Complimenting the total increase in sales, the current residential listings on the market decreased by 188 (nearly 10%). This is a great sign for vendors in that the # of homes for sale is diminishing.
Total sales are down 23% in July 2010 vs July 2009.
Sahali was our neighbourhood winner with 32 sales! This is the highest sales volume Sahali has seen in one month in years. South Kamloops also had a strong month as our No.2 sales volume leader with 19. Our 2 new neighbourhoods receive notable mention: Batchelor Heights improved from 3 sales in July to 8 in August & Pineview Valley from 2 to 7. North Kamloops had a relatively slow month with 11 sales.
Average lot sale price in Kamloops & District was $107,954. # of new listings for Condo-Townhouse decreased from 62 to 42 & Condo-Apartment decreased from 77 to 26! This is a strong indicator that sellers had put their property to market in early summer after TRU students finished school and ran their course into early mid-August either selling or deciding to take off-market and rent.
Interest rates are continuing to support purchasers financing needs. 5 year fixed rates can be found as low as 3.69% with many lenders.
*All statistics sourced from Kamloops & District Real Estate Association
August 4, 2010
Where there is smoke there is Fire!
July sales decreased by 17% from June totals for a 2nd month in a row. July 2010 sales were down 48% from July 2009.
Only 3 of 18 sales categories saw a sales volume increase - $120k-159,000 $280k - 319,000 and $400k - 439,000. Kamloops Only Median Residential Price increased to $360,000 while Kamloops & District Median Residential Price decreased to $331,000. The $320k-359,999 saw the most sales with 26.
Aberdeen saw a disappointing decrease from 22 (June) to 13 (July). Brocklehurst, our largest sales volume generator decreased from 31 to 19 sales. All other neighbourhoods saw limited fluctuation. Sahali & Valleyview tallied 3 more sales each in July than in June. Valleyview is our neighbourhood winner for July.
Condominium apartment listings shot up 67% from 46 to 77 new listings. This is an expected trend as the upcoming TRU school year is approaching. Residential new listings are down 21% - this is a good sign that ever-increases in inventory for sale trend should slow down. Good news for sellers.
Average lot sale in July was $125,500.
If there is any angle of positive perspective on the totals above, it is that there is a great deal of normal sales transactions that did not occur....yet.
Sales in Kamloops, at the time of print August 4th, are heating up! Real Estate sales are ready to "POP!"
There are many investment properties available in Kamloops. Homes with 2nd income suites are abundant as well as condo's and townhouses in close proximity to TRU are available.
If you have any questions regarding specific neighbourhoods or streets feel free to contact Carson Country today.
July 6, 2010
World Cup is catching attention, so are real estate sales in Kamloops
We are involved in an amazing trend in Kamloops over the last 60 days. May recorded 11 sales in the $520-559,900 and June saw 11 sales in the $600,000 range. Premium priced property has seen amazing demand while median priced property has been a steady-to-slow sales rate from expected volume.
All price ranges $240k-359,900 range saw decrease in sales (71 to 35 sales). These are very surprising results as the median residential price for June(Kamloops only) was $357,500. Overall sales were down 11% from 238 to 208. Compared to June 2009 data, overall sales are down 31%.
Increased sales results were found in all price ranges from $80,000-239,900 (44 to 57).
Great time to be a buyer as Inventory is still abundant in Kamloops. 2323 active residential listings are out there waiting for a date to the prom. 14% more listings are on the market compared to 2009. Increased inventory & decreased sales are the formula for opportunity to negotiate a great deal.
There are many investment properties available in Kamloops. Homes with 2nd income suites are abundant as well as condo's and townhouses in close proximity to TRU are available.
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
June 4, 2010
It rained, it poured, and the wind never stopped - either did real estate. A slow first 1/2 of month of May in sales turned the corner in the last 12 days to see a total increase of sales of 15% over April totals. Kamloops only residential median price saw virtually no change at $354,000.
$240-279,000 more than doubled sales to 31. $520-559,000 also saw a remarkable jump in sales from 3 in April to 11 in May.
Kamloops is still over-flowing with active listings. Sales to active listings ratio is nearly 10:1. Compared to 2009 - listings are up 72% while sales are up 15%. Vendors are competing, providing much choice for buyers. Those homes listed aggressively are selling.
Sales of condominiums decreased from 23 in April to 14 in May. Townhouse sales volume remained constant at 30.
Average lot sale price was $134, 794. # of lots for sale increased to 489. There is a lot of dirt for sale in Kamloops!
Small market areas such as Monte Lake/Westwold, Rayleigh, Westmount,Pinantan all saw slight sales increase in May.
Westsyde was this month's neighbourhood winner!
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
May 5, 2010
The Flood is on, more & more listings hit Kamloops Real Estate Market,
New Listings: Everywhere & too many. Number of new listings in April tallied at 627 compared to sales of 199. This is increasing average days on market of many homes for sale & creating a competitive environment for sellers. The old adage is as follows: If it is priced well, it well sell.
Interest rates: They are RISING. Rush to lock in preferred rate is here. Now focus for many buyers is finding the right home within their 90 day rate guarantee period. This should be a factor in a short-term push in overall sales volume.
Increase in Median Residential Price (Kamloops only) from $341,000 to $355,000. This is a result of increase in sales in all price ranges from $320-$439,000. The $240-$319,000 price range saw a decrease in sales from 65 to 40.
THE FOUR HORSEMEN;Aberdeen, Sahali, Brocklehurst, South Kamloops had near identical sales of 23,23,24,22 respectively. Campbell Creek/Deloro is our winning neighbourhood of the month. This neighbourhood saw an increase of sales from 2 to 8. Valleyview, March's neighbourhood winner, could not keep the pace of 12 sales; dropped to 3 sales in April.
Average lot sale in April was $119,375.
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
April 8, 2010
Old Man Mortgage Rate is returning,
After more than 4 months of awaiting the rise in interest/mortgage rates; it finally happened. Mortgage rates are now over 4% on a 5-year fixed term. The record-breaking low interest rates enjoyed by buyers is now gone.
The countdown is on for real estate investment purchases as well. Increase in min down-payments is about to run out, April 19th. 20% will have to be put down on any non-primary residential real estate property.
Sales continued to be strong. Compared to 2009; 35% increase in sales only a 3% increase in inventory. This is putting an immediate rush on buyers to make quick decisions as limited inventory is tightening immediate purchasing options.
The $360 to$439,000 range saw the only decrease in sales volume. All other segments saw increases. The $240k to $359,000 saw the most sales. Residential Median Price (Kamloops Only) increased to $341,000.
Valleyview is the neighbourhood sales winner. Increase of 2(Feb) to 12(Mar). Aberdeen had a strong month with 12 sales (inc of 7). Brock was the sales total leader with 26 sales. Juniper saw the only decrease from 4 to 2 sales. Average lot sale was $124,825.
Open houses have been very busy. Buyers are out there looking and ready to pounce, armed with their guaranteed lowest inerest rates that we have ever seen! GO BUYERS!
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
March 3, 2010
The month of the INVESTOR is here.
Recent rule changes to mortgage insurance, announced by Federal Finance Minister Jim Flaherty, is putting the time-squeeze on investors to benefit from current lending practices. Non-owner occupied properties will require a minimum down payment of 20% after April 19, 2010.
What a bounce-back month for real estate in Kamloops. Sales overall increased 43% over January's tallies. The $160-239,000 price ranges more than doubled to 35 sales, while the $280-319,000 price range increased from 15 sales in January to 26 sales in Feb. Notable price range of $360-399,999 increased from 11 to 19 sales.
Residential median price (Kamloops only) decreased from $340,000 to $334,500. This is a great sign as we are seeing much more inventory in the market daily. An increase in residential current listings of 13% to (1719) is producing more options for Buyers and easing competitive stress on final sales price. Vendors have been playing with the 'inventory' upper hand in February.
Westsyde was February's big winner. Jumping from a meager 4 sales in January, Westsyde saw 11 sales in February. Brock, although having 3 less sales this month than Jan, still had the most sales with 19. Sahali & South Kamloops both had strong sales with 17 & 16. Pineview Valley bounced back with 7 sales. Juniper had even less sales in Feb(4) than Jan(6).
Lot sales in February doubled to 24 with an average sale price of $135,608.
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
February 9, 2010
The calm after the storm.
You would think that with Christmas, New Years, vacations and overall winter expectations that December real estate activity was going to be slow. Well it wasn't. January's activity slowed compared to December's unexpected high sales volumes.
January sales decreased by 41% compared to December. The $320-399,000 price range saw the largest decrease from 57 to 29 sales. The $240-279,900 range was the only substantial gain of 5 to a total of 6 sales. Neighbourhood wise, Brocklehurst was the champion of the month, seeing an increase of 7 sales from December to 22 sales in January. Sun Riversand Dufferin also posted positive increase in sales for Jan. Aberdeen, Sahali & South Kamloops all tallied 11 sales, while North Kamloops saw 8 sales. Honorable mention is given to Pineview Valley with 4 sales.
The great news out of January is that our average house prices deflated back to normal #'s. Kamloops only median residential price decreased from $356,000 to $340,000 and Kamloops & District median residential price decreased from $350,000 to $323,750. Kamloops is still blessed with moderate & attainable home prices compared to other cities in the southern interior & okanagan.
The number of listings available at the end of January increased by nearly 10%. Highlights of new properties to market were: 204 residential homes, 26 mobiles, only 20 condos were brought to market compared to 40 in Dec.
Average lot sale in January 2010 was $154,575.
If you have any questions regarding specific neighbourhoods or streets fell free to contact Carson Country today.
*All statistics sourced from Kamloops & District Real Estate Association
January 12, 2010
Vacation time is OVER. Its time to sell some homes Kamloops! December saw an expected decrease in sales, but an unexpected leap frog in Median Residential Price. Kamloops and District has seen a $20,100 increase to $350,000 over the last 60 days. Kamloops only figures have increased from $340,000 to $356,000 over November & December.
Low inventory levels (2nd lowest of 2009) and continued demand has been a macro-component to this marvel. The stats tell us that a decrease of 30 sales (65 sales to 35) in the $240-319,000 price range is also to blame for the seemingly more expensive homes sold in the last 2 months.
Compared to December 2008 residential sales of 60, '09 seemed like a super year with 161. Compared to previous years... it was. December '05 - 124 sales, Dec'06- 146 sales, Dec'07- 121 sales.
Valleyview was the story of December. A neighbourhood that sees relatively low sales volume had 9 sales in December! Only sales in Sun Peaks has seen such a growth is sales volume. Batchelor Heights had a strong month with 11 sales. 5 sales in the $360-399,999 tell us that the new housing market in Batch is still thriving. The large sales volume leader - Brock/N.Shore went from 47 sales in November to 25 in December.
The average lot sale price in Kamloops was just over $126,000 with 13 sales in November & December each.
Time to market, promote, & sell your home is now. Current buyers are limited with inventory, longer term buyers for the spring & summer are looking now.
Jump on that stairmaster, roller-machine, and boxercise. If not; get on the paint, lose the clutter & call Carson Country & list your home before the end of January.
*All statistics sourced from Kamloops & District Real Estate Association
December 10, 2009
November Real Estate Activity
The malls are busy & so is the real estate market in Kamloops. Demand has not only kept sales volumes strong, it has matched our highest Median Residential Price (Kamloops Only) of the year - $345,000. The number of residential listings at the end of November were down 8% and # of new listings were down 15%.
OPPORTUNITY! If you are thinking of selling your home, or have difficulty selling your home in the past, low inventory levels offer an opportunity to better position a property in an less competitive real estate environment.
The largest decrease in sales came in the $200-239,999, 27 sales in October vs 14 in November. The $440-479,900 price range saw the largest gain, nearly doubling to 14 sales in November. $240-359,999 range accounted for over half of ALL monthly sales.
Brocklehurst saw the most sales, increasing by 58% to 27 tallies. Sahali saw 2nd place in sales volume with 22 sales. Aberdeen and Batchelor Heights saw activity decrease by 6 sales each to 16 & 8 sales respectively. Pineview Valley doubled sales to 6 for the month of November. Honorable mention goes to Barnhartvale, where interest seems to be peaking and sales volume nearly doubling in November.
HST UPDATE
The BC Government has announced that it will exclude new homes costing up to $525,000 from its proposed 12 per cent Harmonized Sales Tax (HST) scheduled to take effect July 1, 2010.
The government has also increased the rebate of the provincial portion of the HST paid on a new home to a maximum of $26,250.
This represents a 30 per cent increase over the original government proposed home price threshold of $400,000 and maximum rebate of $20,000.
Your local real estate boards are continually lobbying government for these changes, these are the results!
* All statistics sourced from KADREA & MLS
November 7, 2009
October Real Estate Activity
World Series of Real Estate,
Leading Off: Interest Rates
The immediate rise in interest rates 2 weeks ago from 3.85% to 4.19% inspired many potential buyers to race to their mortgage broker/specialist and lock-in their rate. The fact that these rates are locked in for a limited time (approx 90 days) adds security that buyers will continue activity into the new year.
Heart of the Lineup:
Aberdeen & Batchelor Heights increased sales by 38% and 75% respectively in October over September totals. Sales on the North Shore saw Brock drop from 25 to 17 and North Kamloops from 20 to 17. Pineview Valley, tallying 3 sales, was its lowest total since February. Sahali and South Kamloops maintained the same sales results with a total of 43 sales in October.
7th Inning Stretch:
Sales in October '09 were 68% higher than October '08. # of new listings were down 10% and # of sales were down 5% from September '09 - a net increase of 5% of real estate demand/supply in Kamloops.
The Closer:
Home builders in Kamloops will be the big spenders this winter. Lot sales improved from an already impressive sales tally in September(32) to 45 in October. If you have a home in the $370,000 to $420,000 range, list/sell it now! to avoid the new home inventory that will hit the market spring/summer 2010.
Congratulations New York Yankees, I was cheering for the Phillies!
* All statistics sourced from KADREA & MLS
October 12, 2009
September Real Estate Activity
Roctoberfest,
September maintained a steady pace of real estate activity compared to August results; a little slower than expected. The $120-199,000 price category saw the largest increase (70%) in sales volume, while the $360-399,000 price range saw sales volume nearly cut in half from 29 to 17sales.
Sahali saw the largest increase in sales from 13 in August to 24 in September. Aberdeen saw the largest loss from 24 sales in August to 16 in September. North Kamloops brought strong sales volume with 20 sales an increase of 7 (54%increase).
421 new listings were brought to market, with 241 sales & 155 expired listings. The current inventory of listed homes for sale is amazingly close to the same # of listings in '08 (2%decrease), however total sales were 77% higher than '08.
The average time on market for sales in October was 79 days (excluding lot sales). This is a prime example of patient buyers who still have much inventory to choose from. The average time spent on market until listings expired is 159 days. Very patient vendors who are willing to wait for top dollar for their home, are still waiting. Buyers are still in the drivers seat, but are much more motivated to buy than last year.
In a recent poll of 1,100 Royal LePage agent and brokers across Canada, 61% say that the housing market's current strength is sustainable. Those who feel that it is not sustainable are contingent upon the following factors: 36% say low interest rates (rising rates are imminent), 19% believe the balloon in sales is pent-up demand, and 8% believe the housing market is overvalued & over-priced (REM Oct'09).
A summary for the previous 3 months of stimulated real estate activity can be summarized by an RBC senior economist Robert Hogue. "Market conditions have tightened and there has been some firming of prices".
That was the summer '09. For the fall and beyond; continued high inventory levels of re-sales are of concern as we move into the cyclical decrease in expected home sales. This should level home prices once again over the winter months.
Home builders in Kamloops are loving life again. If you take a drive through Batchelor Heights & Pineview Valley for sale signs are now sold signs. Bareland lots are rushing to rise from foundations to lock-up, to be ready for spring sales.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
September 11, 2009
August Real Estate Activity
A cool breeze through the hot August air,
Forest fires are one phenomena homeowners are definitely aware of. They are also all aware of the flames coming off of this summer's sales #'s. Another consistent month sales volume resulting in surpassing more of summer '08 month end statistics.
The $280-359,000 price range saw a large decrease from 87 homes sold in July to 68 in August. The largest decrease came in the $160-199,999 price range that was cut by more than half; from 24 sales to 11 in August. The $360-399,000 price range had a very strong month with 29 sales (26% increase). The $40-79,000 price point saw a great month with 9 sales compared to 0 in July.
Sahali saw the biggest draw-back. After an amazing month with 32 sales in July, 15 were tallied in August. Westsyde had another strong month with 18 sales; as did Brocklehurst with 26 sales, North Kamloops 13 sales & Batchelor Heights with 8 sales. All North Shore neighbourhoods saw increased sale production in August.
Condominium apartments saw the largest increase of new listings in the multi-family category to a total of 269 current listings. Total sales were strong for the townhouse category with 35 sales in August. Total # of active residential listings decreased by 100 at the end of August. This # is not so much dedicated to sales that brought the homes off the market, many had expired as of August 31, 2009.
August '09 saw 240 total sales versus 210 in '08(12.5%increase). Unfortunately, this is the 2nd month of decreased sales from the summer peak in June '09. Vacation and pre-booked commitments have put real estate decisions on hold intil September & October. I am looking forward to a traditionally robust 'Fall Run' in '09(September/October). Consumer confidence is strong, interest rates are still outstanding, and prices have relaxed to more attainable rates.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
August 9, 2009
July Real Estate Activity
Rollin Rollin Rollin,
July brought a celebration of our National holiday, it also brought a celebration of consistent sales volumes surpassing summer of '08 figures. Another strong month of 264 sales, 32 more than July '09. The $160-199,999 price range saw the largest increase in sales of 25% over June's outstanding results. Inventory had increased through the month of July. 90 more residential listings made for some more selection for buyers investigating into our real estate market. The largest decrease came in the $360-399,999 price range from 31 sales to 22 in July.
Westsyde had a spactacular month with 22 sales. Sahali also had a very productive month with 32 versus 25 sales in June. Batchelor Heights cooled off by more than half from 16 sales in June to 7 in July. Brocklehurst was the largest step-back routine from 41 to 23 sales.
Properties have shown a calming effect compared to peak years by our Kamloops Only Median Residential Price being reported at $345,000. A very reasonable place to live & buy real estate compared to our southern neighbours within the province.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
July 5, 2009
June Real Estate Activity
The Battle is on!
No longer is the Buyer king. Sellers are now holding a face card in their poker hands. We are seeing competing offers, properties selling for more than list price, and re-sales meeting their past sale price from the peak of the market. This is just a current snapshot, and by no means a long term prediction. Low inventory levels in the month of May and the rush to complete real estate transactions before interest levels rise, brought back the vigor to Kamloops' real estate market.
The most sales in June came in the$320-359,000 price range with 49 sales. The $240-359,000 price segment saw 50% of Kamloops' sales volume. Nearly every price segment saw an increase in sales. (KADREA stats)
The rush to get involved in real estate activity was matched by sellers. The number of active listings at the end of June nearly doubled from the end of May's. Residential active listings increased from 542 to 1,022.
Brocklehurst saw the largest increase of sales(14) and regained its title as sales volume leader(41). Aberdeen sales slowed from previous months tallies to 30 sales. Dallas and Campbell Creek/Deloro sales fell from 15 to 6.
Builders' engines are roaring with pent-up demand and recent availability of lots for sale; 629 from 331 in May.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
June 8, 2009
May Real Estate Activity
The HEAT IS ON!
30+ degree temperatures are here to stay, and so are consistent sales volumes. The big news, at this moment, is the # of active listings in Kamloops. At the end of April there was 2865 total listings in KADREA (Kamloops & District Real Estate Assoc.). At the end of may that # is 1,850 posted by KADREA. This is an amazing # showing that our sales-to-active listings is moving very close to a balanced market. Residential homes saw the largest decrease from April totals; 950 to 642 active listings. Condo townhouse active listings backtracked from 266 to 187.
The $400-439,000 saw the largest increase of sales, doubling to 20 sales. In fact, all price ranges from $360-519,000 saw increase in sales. The $240 - 279,000 price range saw the largest decrease from 31 sales in April to 26 in May. Residential Median Price for Kamloops only decreased $4,000 from $332,000 in April to $328,000 in May.
Brock and Westsyde saw the largest increase in sales volume for May. They combined for 47 sales, and increase of 16 from April. The largest decrease came from Pineview Valley. Pineview Valley had a great month in April at 26 sales, down to 19. Sahali & Aberdeen once again had great stats; 49 sales - the majority of sales being in the $320 - 359,000.
For sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
May 6, 2009
April Real Estate Activity
Spring at last, spring at last.
Its the running of the bulls here in Kamloops. After a dreadful winter for sellers; finally optimism, patience and hope are finally paying off... literally. As March saw a total increase of 76% of sales, April saw an increased sales volume of nearly 30% from March tallies reported by the Kamloops and District Real Estate Association (KADREA).
The $320-399,000 price range saw the largest increase of 11 sales to 27 in April. The $240-279,000 price segment saw the 2nd largest increase of 8 to 31 sold properties. The biggest surprise came in the $600,000+ price range. This segment saw 6 properties add the always bold - SOLD sign to the lonely for sale sign. This price range had posted 3 sales since November, 2008.
KADREA median residential price increased by $2,750 to $307,000 (this includes all areas, not just Kamloops). Kamloops only median residential price skyrocketed to $332,000 from $315,000 (sales from the 600+ segment is a good reason for this).
Sahali saw the largest increase in sales by neighbourhood from 14 to 24. Batchelor heights had a great month increasing its sales of 5 in March to 13 in April. Aberdeen & Sahali are the volume producing neighbourhoods providing 47 sales versus it north shore rivals Brocklehurst & North Shore, whom have been providing the bulk volume of sales over this last year. Barnhartvale had a great month increasing from 2 to 7 sales.
The big story in new listings come in the condominium / apartment designation. April saw the # of new listings more than double to 102. The TRU semester end would be a good answer this phenomena. Now is the time to shop for that investment property for the fall season. Condominium townhouses saw a spike in sales from 21 in March to 31 in April. 65 new lots for sale were added in April versus only 6 sales.
For sale details pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email shauncarson@royallepage.ca.
April 8, 2009
March Real Estate Activity
The temperatures did not indicate that it was spring, but real estate activity did.
March was the coming out month for one of our most watched economic indicators, real estate. Total residential sales increased by 76% from February to March '09. Kamloops & District median residential price increased to $304,250 ($8,250 increase).
The big surprise came in the $360-399,000 price range where sales doubled to 19 sales. The $400-439,000 range saw 5 times as much sales in March(10) than was recorded for the previous month. These two areas are notoriously the first segments to slow and have been slow in sales volume since the fall of '08. Steady sales volume was achieved from $200 - 319,000, in which more than 50% of all sales took place.
Aberdeen saw the largest increase in sales. April saw 5 completed deals in February, exploding to a staggering 18 tallies in March. Having this kind of volume in this part of town, in the price segments that Aberdeen possess, shows the strength of the current market. South Kamloops & Westsyde saw sales more than double to 17. Brocklehurst & the North Shore, as always, contributed to the strong month of sales volume.
Condominium Apartment & Townhouses each doubled in volume sales, while detached residential homes saw a 60% increase.
BC HOME INSPECTORS NOW MUST BE LICENSED
"As of March 31, anyone wanting to operate as a home inspector within BC will require a license from the Business Practices and Consumer Protection Authority" (REM, April 2009). The Canadian Association of Home and Property Inspectors (B.C.), the province's largest home inspection association, has been lobbing government for nearly 10 years. Success came from campaigns to local municipal governments and support of REALTORS province wide. There is 3 industry qualification programs recognized by the provincial government.
1) CAIPHI - associate member or registered home inspector designations
2) Applied Science Technologist & Technicians of BC - provisional certified house inspector, certified house inspector, or certified property inspector designation.
3)Nation Certification Program for Home and Property Inspectors - candidate or national certificate holder designation.
March 9, 2009
February Real Estate Activity
Sales volume is UP, prices are DOWN. Music to the industry's ears. The results of the 'correction' is finally paying off.
Let's get down to the stats. Residential median price for Kamloops and district dropped from $322,500 (Jan '09) to $294,000 (Mar '09). Kamloops only, residential median price reduced $50,000! From $345, 000 to $295,000.
This drop in price is the result of the expolosion of sales from the $240-319,000 price range. Sales increased from 13 to 31 in this price range. Another surprise came in the $520-559,000 price range that saw 3 sales. These were the first sales in this price range since October 2008.
February saw a 46% increase in residential home sales (92 sales total). This is a small cry from 2008's total of 229. 117 residential listings were added in February, an 8% increase. Kamloops is ready for builders, especially when considering the # of lots available for sale increased by 37 to 370. But are buyer's ready for more new homes?
Sahali, one of Kamloops' most sought after neighbourhoods, saw the greatest increase in sales. 12 residential homes were sold in February vs 2 in January. North Kamloops showed great resiliency in fostering 11 sales, an 8 sale increase. Pineview Valley sales dropped to 3 in January.
February 6, 2009
January Real Estate Activity
Fun Lovin' February
Real estate activity has bounced back in Kamloops. The last two and half weeks of January has seen much real estate activity and continues early in February. Much activity is with the usual suspects - $200,000 - $360,000 price ranges in which half of all real estate activity took place in January.
The $320-359,000 range had 12 sales. The $160-199,000 range doubled to 8 sales. Investors are starting to take their turn in taking advantage of the lower prices. Median residential price increased from $340,000(Dec 09) to $345,000 (this stat is Kamloops only & does not include condo or mobiles).
There was a large influx of residential property put onto the market in January. The number of new listings increased by 61% from December's total. The good news is that there is 31% less new residential listings(315) than the same time last year (412). This is a good sign for inventory control & not having a flooded market. However, sales of 63(Jan '09) units compared to 172 (Jan'08) is leaving more homes on the market, not helping decrease the # of homes for sale.
The largest difference in sales from January '08 to January '09 is in the $400,000+ range. Jan '08 saw 32 sales, Jan '09 - 7 sales.
Federal Government Budget Update:
Effective after January 27, 2009, the government proposes to introduce a temporary non-refundable Home Tax Credit
Renovation Tax Credit (HRTC) equal to 15% of eligible expenditures incurred in excess of $1,000 but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
After January 27, 2009, the amount that an eligible first time home buyer will be able to withdraw tax-free from an RRSP to help finance the purchase of a home will increase from $20,000 to $25,000.
January 5, 2009
December Real Estate Activity & The Forecast
Welcome to 2009!
No annual review here. Focus is the NOW and the FUTURE.
December seems to be an anomaly in regards to real estate sales. Only those focused and driven to be involved in a sale were. 60 sales were recorded this December versus 121 in December 2007. Although these type of #'s were the story for nearly every month in the last 3 quarters of 2008. The $200K - $359K was the volume sales driver at 31 sales.
January 1 - 100 residential listings expired/canceled in Kamloops. This is a great step towards inventory control in Kamloops. Inventory control combined with the amazing build up of business, due to buyers' 'wait and save' strategy, I am expecting great sales in 2 periods prior to June 2009.
FORECAST
January - Mid February
There is very large build up of buyers in Kamloops. Not only has the last 2 weeks of the year slowed all activity, the last 6 months of buyers' waiting has to end sometime. New years will envoke action. Look out for the first 6 weeks of 2009.
Mid February - end of March
Activity will continue to build but not hit the peaks that January realized. Many shoppers out there are preparing for their early summer purchase.
April - Mid May
This the beginning of round two of peaked real estate activity. Notoriously an exciting time in real estate. This was the busiest time in 2008.
Mid May - end June
This is where the brakes were applied in 2008. The end of June & July tallied the most listings EVER in Kamloops, nearly double any previous years total for this period of time. The buying spree will continue for 2009. Interest rate levels will be of importance to provide the great market for buyers.
December 3, 2008
November Real Estate Activity
November ensured one clear fact within our real estate market.... it is now consistent and predictable.
As expected, median residential price lowered, and so did the # of sales. Consumer confidence is strengthening, as we are all starting to feel it and breath easier now. However, home buyers are still on the fence watching the savings. But don't wait too long or those savings AND the home that you have been watching will soon be gone. A steady decline in # of listings active at the end of periods since June is continuing. 1,684 listings were active at the end of November. 209 residential properties were removed from the market through either expiration, cancellation or sold.
Kamloops' Median Residential Price decreased to $314,900 for the month of November. Residential sales were nearly half of what sales for October were. The largest decrease in sales volume came in the $360,000 - $399, 999 in which November saw 11 sales versus 20 in October. The biggest surprise came in the $200, 000 to $239,999 range, always seen as a high turnover and volume price range, saw only 7 sales. This was the first time since May that there was less than 10 sales. The $280,000 to $319,999 was the big winner of the month seeing a 27% increase in sales from October.
Aberdeen & South Kamloops saw the largest decrease in sales in December. Aberdeen fell from 13 sales in October to 4 in November. South Kamloops surprising slid from its consistent mid-teen sales levels to 6 sales. Brocklehurst and North Kamloops maintained solid sales #'s combining for 18 sales dropping from only 21 in the previous month.
Most of the decline in prices is expected to occur prior to the end of 2008, with home prices in 2009 being more stable. - Chris Muir, BCREA Chief Economist.
November 6, 2008
October Real Estate Activity
There are masks worn on Halloween, but no masks will be worn in November's real estate review.
Residential sales by price category saw a drop in volume in nearly all areas. The highest volume segments ($200-400,000) saw the largest decline of 52% less sales. The $480-560,000 segments saw a slight increase in volume while the $600,000+ priced homes went from 2 homes sold in September to 7 in October. This is the greatest and most surprising segment result. 5.3% was difference from the final listing price to sold price in the additional 5 sales. As you will note from last month's analysis, the average difference of sale price from list price was near 4%, so its is very refreshing to see a consistency through all price segments showing the strong negotiating power the vendors are able to hold when their homes are priced appropriately.
Sahali saw the largest decrease in sales; from 25 in Sept to 12 in Oct. Brocklehurst and the North Shore, who consistently provide high turnover in regards to sales, both saw near 50% decreases in sales volume. Sales increases came from Batchelor Heights, Heffley, and South Kamloops.
In regards to activity within property type classifications, condo/apartments saw and increase in sales volume while condo/townhouses saw a drastic decrease in sales from 27 in September to 18 for the month of October.
The big mover in the non-residential area came from the # of lots available. This area saw a 22% increase from 314 lots available in September to 386 now for sale in October. (All Statistics above were provided by the Kamloops & District Real Estate Board)
New Trends
We are seeing frustrated home sellers who have not sold their home, now conceding their property as an income producer and allowing tenants. The legendary vacancy rate of 0.8, stated in the Rental Market Statistics spring report '08 issued by the HSBC, should soon start to rise due to home sellers providing more rental properties to those looking for a place to live.
October 4, 2008
September Real Estate Activity
The temperatures are cooling, just as residential real estate sales here in Kamloops.
The greatest decrease in volume of sales came in the $400 - $439,000 range from 18 to 9 sales. The $40-$79,000 range saw a drop from 17 sales to just 6.
On a good note, increase in sales volumes came in 4 of 5 price segments from $200,000 to $399,000.
We all have been hearing about a flooded market in regards to home for sales. At the end of September there was 148 less listings than at the end of August. This stat gives hope towards a balanced market and calming effect in pricing.
North Kamloops came back on the scene in September putting up 14 sales from a dumbfounded 'zero sales' in August. This stat still makes me shake my head in disbelief.
South kamloops hit the brakes with 11 sales from 26 in August, while Sahali saw in increase to 25 sales from 19 in August.
Sales stats from sample neighbourhoods: a = Avg Days on Market b =Average difference in sale price from listing price.
Aberdeen a) 102 days b) 4%
Sahali a) 60days b) 3.2%
North Shore/Brock a) 47 days b) 3.8%
Westsyde a)78 b)4.2
Sellers are doing their best to get out as much of the price increases they have seen in in the last few years. The sooner, the better, it is for them to sell. Sellers ARE willing to negotiate and want to see your offer. Buyers, its time to play ball.
September 8,2008
August Real Estate Activity
The dog days of summer are now behind us and we are looking forward to extended fall sunshine to make up for our disastrous spring weather. The real estate market in Kamloops has continued its correction in pricing as steady and as predictable as expected. Median residential price has decreased from $375,000 to $360,000. Buyers continue to hold the higher ground and are able to hold their position on the negotiation table. As tough as they are able to play their cards, buyers are out there and ready to play!
The largest increase in sales came from the $320,00 to $399,000 range. In this range, 47 units were sold in July to 63 in August. The largest decrease in home sales volume came from the $600,000 + price range, sales were half of what July sales were.
A decrease in new residential listings is taking some of the pressure off the home oversupply supply here in Kamloops. New residential listings to come onto the market has slowed since July. July saw 330 new listings, whereas, August saw 278 new listings. This is a great sign that we are moving back in the direction of balance between supply and demand, thus, a slowing in continual decrease in home pricing that we have seen for the past ½ year.
The big surprise in residential sales came from North Kamloops. This area saw 12 home sales complete in July compared to 0 in August. The price ranges found in the North Shore make it a predicable high turnover subdivision inf Kamloops, which adds to the shock of the big 0 for August. The big mover in August was McClure/Vinsula areas, selling 8 homes in August. July saw no completed home sales in McClure/Vinsula. Valleyview was cooking, seeing an increase from 4 sales in July to 12 in August. Sahali slid from 30 sales in July to 19 sales in August. (Statistics provided by Kamloops & District Real Estate Association)
Buyers: Know what you are looking for and not just browsing. There are a lot of homes out there and failure to identify your target home will lead to wasted time and potential opportunity in losing that perfect home.
August 6, 2008
July Real Estate Activity
July activity was nearly a mirror image statistically to June. Both stats of: total residential sales, and residential median price for Kamloops changed by only 1%.
The major highlight in home sales came in the $320-350,000 price range. Residential sales in this category nearly doubled to 35 from June's tally of 17. Sahali and Brocklehurst were the leading neighbourhoods providing this increase.
South Kamloops saw nearly a 75% increase in residential sales. One of the most surprising stats was the $600,000+ category. This lonely area saw only 2 sales in June but flew over the coo coos nest with 12 in July. (Statistics provided by Kamloops & District Real Estate Association)
Buyers: Know what you are looking for and not just browsing. There are a lot of homes out there and failure to identify your target home will lead to wasted time and potential opportunity in losing that perfect home.
When it is time to make an offer, know your market comparables. Some sellers are motivated and priced to sell, some are not. Sellers who are working with a realtor will know the comparables in the marketplace, so should you.
Its still a great time to buy out there. Keep your eyes open and be ready to pounce!
Government changes mortgage rules for CMHC
The federal government is taking action so Canada can avoid the kind of sub-prime mortgage meltdown plaguing the United States. Effective October 15th, 2008, 40-year mortgages with no money down will no longer be covered through the federal government insurance program administered by Canada Mortgage and Housing (CMHC). Instead, the longest amortization period for a Canadian mortgage insured by CMHC will be 35 years.
In addition, a buyer insured by CMHC will have to make a minimum down payment of five per cent of the home's value. Canadians already holding 40-year no-money-down mortgages won't be affected by the changes. (CREA 10/07/2008)
July 16,2008
June Activity - Suprises and Insight
Real Estate activity in June brought some interesting volume spikes and suprising results in pricing.
Residential Sales by Category stats provided by KADREA (Kamloops and District Real Estate Association) show homes priced in the high 200K to mid 400K range saw the most growth.
The top 3 residential performers were:
1)$280 - 319,000 more than doubled from 13 to 33 homes sold!
2)$350 - 399,999 also more than doubled from 15 to 33 sold
3)$440 - 479,000 doubled from 10 to 20
Median Residential Price increased from $332,000 to $345,000.
The increases within the above ranges is a factor of the rise in Median Residential Price. Note: The MRP does not include condominiums or mobiles in its calculation.
Government changes mortgage rules for CMHC
The federal government is taking action so Canada can avoid the kind of sub-prime mortgage meltdown plaguing the United States. Effective October 15th, 2008, 40-year mortgages with no money down will no longer be covered through the federal government insurance program administered by Canada Mortgage and Housing (CMHC). Instead, the longest amortization period for a Canadian mortgage insured by CMHC will be 35 years.
In addition, a buyer insured by CMHC will have to make a minimum down payment of five per cent of the home's value. Canadians already holding 40-year no-money-down mortgages won't be affected by the changes. (CREA 10/07/2008)
July 9, 2008
Buyers! The Kamloops real estate market is your playground.
Nearly twice as many newly listed properties came onto the market as left the market (sales) in the month of May.
Prudent pricing a necessity for homeowners to sell their home. Competition is now the name of the game. Competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale, says Cameron Muir, Chief Economist for BCREA.
A sample study* of properties in Kamloops show:
27% of homes have seen a price reduction.
Average price reduction is 5.31%
*sample of study $280,000- $320,000 list price in the Kamloops areas of North Shore, Brock, Aberdeen, Valleyview
Kamloops and District Real Estate Association - COMPARATIVE ANALYSIS BY PROPERTY TYPE - May 2008
sold new active listings
Mobile Homes 16 23 82
Condo Townhouse 34 64 173
Condo Apartment 21 35 96
Duplex/triplex 13 17 55
Residential Single Family 137 378 1,043
Enjoy the opportunity buyers! Be active and find the perfect home. Time is now a luxury in you corner of the decision/selection process. Get involved and have fun shopping.
Canadian Real Estate Association proposes more enhancements for Home Buyer's Plan
The national body representing Canadian REALTORS announced in their monthly report that the Federal Affairs committee is lobbying government to extend the benefits of the HBP to all Canadian home buyers. "We believe, in this ecomomic climate, the benefits of the plan should be available to any Canadian buying a home, not just first time buyers" - says the Chair of the CREA Federal Affairs Committee, David Herman.
Information based on research conducted for CREA by the Altus Group, reports that each residential real estate transaction in Canada generates $32,200 in ancillary consumer spending, and that 94,700 full time direct jobs were generated annually by that ancillary or spin-off activity.
For more information from the CREA Report visit www.crea.ca
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
August 12, 2009
July Real Estate Activity
Rollin Rollin Rollin,
July brought a celebration of our National holiday, it also brought a celebration of consistent sales volumes surpassing summer of '08 figures. Another strong month of 264 sales, 32 more than July '09. The $160-199,999 price range saw the largest increase in sales of 25% over June's outstanding results. Inventory had increased through the month of July. 90 more residential listings made for some more selection for buyers investigating into our real estate market. The largest decrease came in the $360-399,999 price range from 31 sales to 22 in July.
Westsyde had a spactacular month with 22 sales. Sahali also had a very productive month with 32 versus 25 sales in June. Batchelor Heights cooled off by more than half from 16 sales in June to 7 in July. Brocklehurst was the largest step-back routine from 41 to 23 sales.
Properties have shown a calming effect compared to peak years by our Kamloops Only Median Residential Price being reported at $345,000. A very reasonable place to live & buy real estate compared to our southern neighbours within the province.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
July 6, 2009
June Real Estate Activity
September 3, 2009
August Real Estate Activity
A cool breeze through the hot August air,
Forest fires are one phenomena homeowners are definitely aware of. They are also all aware of the flames coming off of this summer's sales #'s. Another consistent month sales volume resulting in surpassing more of summer '08 month end statistics.
The $280-359,000 price range saw a large decrease from 87 homes sold in July to 68 in August. The largest decrease came in the $160-199,999 price range that was cut by more than half; from 24 sales to 11 in August. The $360-399,000 price range had a very strong month with 29 sales (26% increase). The $40-79,000 price point saw a great month with 9 sales compared to 0 in July.
Sahali saw the biggest draw-back. After an amazing month with 32 sales in July, 15 were tallied in August. Westsyde had another strong month with 18 sales; as did Brocklehurst with 26 sales, North Kamloops 13 sales & Batchelor Heights with 8 sales. All North Shore neighbourhoods saw increased sale production in August.
Condominium apartments saw the largest increase of new listings in the multi-family category to a total of 269 current listings. Total sales were strong for the townhouse category with 35 sales in August. Total # of active residential listings decreased by 100 at the end of August. This # is not so much dedicated to sales that brought the homes off the market, many had expired as of August 31, 2009.
August '09 saw 240 total sales versus 210 in '08(12.5%increase). Unfortunately, this is the 2nd month of decreased sales from the summer peak in June '09. Vacation and pre-booked commitments have put real estate decisions on hold intil September & October. I am looking forward to a traditionally robust 'Fall Run' in '09(September/October). Consumer confidence is strong, interest rates are still outstanding, and prices have relaxed to more attainable rates.
For more sale statistics pertaining to any other area within KADREA such as: Rayleigh, Westsyde, Juniper Heights, Merritt, & Cherry Creek - email your request to shauncarson@royallepage.ca.
* All statistics sourced from KADREA
December Real Estate Activity
January Real Estate Activity
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