Did the other shoe drop on real estate sales in Kamloops for the month of June? Not really. There was a total of 1446 residential unit sales across the entire region which represents a 30.3% decrease compared with the number of units sold in June of 2021. I anticipated an increase in listings and that held true at a 15.2% increase over the same time period last year in the Kamloops market.
The biggest number is that overall inventory saw a 101.2% injection compared to June of 2021. When you have more inventory buyers feel less panicked to purchase a home that perhaps they really don't want/need. The market is shifting to a more balanced position allowing buyers to be more selective. The challenge moving forward is managing sellers' expectations on a realistic sales price as most sellers still feel they can push prices to levels never seen before. This is leading to a lot of price reductions across all market sectors.
All in all the market is still very strong in Kamloops and is expected to remain so in the coming months. If we see more inventory come online then we may see a flattening in sales prices and possibly a reduction.
Thinking of selling your home...reach out to me for a no-obligation evaluation and strategic plan.
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