August is typically one of the region’s slower real estate activity months. Most people take some vacation during the month, which slows down the buyer’s and seller’s process. Two huge takeaways are that inventory is up 30% over the same time last year, sales volume is down 14.3%, and the average price for a single-family home is down 1.6% from last year.
Within the Kamloops and District region, 192 residential unit sales were recorded last month, down from the 212 recorded in July and down 14.3% compared to August 2023’s unit sales. There were 443 new listings recorded in July in the Kamloops and District region, which was a dip of 2.2% compared to August 2023 and almost on par with July’s 445 new listings. Overall inventory, or active listings, increased 30.6% compared to August 2023, reaching 1,452 listings.
The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes,” saw percentage decreases in all housing categories compared to August 2023, with the highest percentage decrease of 2.9% seen in the condominium category, coming in at $376,900. The benchmark price for single-family homes decreased 1.6% in year-over-year comparisons, coming in at $664,300, while the townhome housing category saw a decrease of 2.1%, coming in at $528,800.
*Write-up and stats provided by the Association of Interior Realtors.
Leave a Reply