MLS Listings, News & Statistics
The latest Real Estate statistics have come out from the Kamloops and District Real Estate Association. December was a busy month and real estate in Kamloops was definitely selling despite the time of year. Click on the images below to enlarge.
Kamloops Real Estate Comparative Analysis by Property Type December 2009
Kamloops Real Estate MLS Activity December 2009
Kamloops Real Estate Sales by Subarea December 2009
Some great news! Interest rates are definitely helping. What do you think will happen when interest rates inevitably go up?
VANCOUVER — B.C. home sales in November climbed 165 per cent over the same month last year to 7,182 units, the B.C. Real Estate Association (BCREA) reported Wednesday.
The month reflected the highest number of residential sales for November since 2005, when 7,721 units changed hands.
“Since the beginning of the year, we’ve seen a dramatic rebound in sales in the province, led by Greater Vancouver, Victoria and the Fraser Valley,” BCREA chief economist Cameron Muir said in an interview.
“It’s been driven by first-time buyers getting into the market due to increased affordability and low mortgage rates. A lot of it is because of the pent-up demand that welled up last fall and winter.”
Muir said the elevated sales level in November was largely regional.
“There’s a dichotomy in the province, [with] significant regional differences. There was a very strong seller’s market on the coast, with upward pressure on prices. But in the Okanagan and the Kootenays, the market is now just trending towards balanced conditions, meaning stabilized prices.
“Prices today [in Greater Vancouver, Victoria and the Fraser Valley] are beginning to scratch record levels, but certainly not elsewhere in the province.”
Muir also said that despite the high sales numbers, the BCREA expects consumer demand to moderate in the new year as pent-up demand is largely expended and higher costs erode affordability.
“Going forward, sales levels [in Greater Vancouver, Victoria and the Fraser Valley] will come off their lofty heights as pent-up demand is drawn down. In 2010, sales will more closely reflect the moderate recovery.”
According to a BCREA news release, the year-to-date MLS residential sales dollar volume increased 21 per cent to $36.8 billion over the same period last year. A total of 79,325 units were sold in the first eleven months of 2009, up 19 per cent from 2008, while the average price increased two per cent to $463,555.
Greater Vancouver saw a 252-per-cent increase in the number of units sold compared to November 2008, from 889 to 3,133; the Fraser Valley a 192-per-cent increase, from 483 to 1,409; the Okanagan Mainline a 104-per-cent increase, from 219 to 447; and Victoria a 165-per-cent increase, from 2,707 to 7,182.
The Kamloops and District Real Estate Association released their latest statistics for the Kamloops real estate market for November 2009. Residential sales are up significantly over the same month last year. Click on the images below to enlarge.
Kamloops Real Estate Comparative Analysis by Property Type November 2009
Kamloops Real Estate Sales by Subarea November 2009
Kamloops Real Estate MLS Activity November 2009
The B.C. Real Estate Association recently released their 2009 Fall Housing Forecast. I have included the info specific to Kamloops below. You can also view the full PDF at the bottom of the page.
The Kamloops housing market is exhibiting balanced conditions and stable home prices, with buyers and sellers on equal footing. MLS® residential sales in Kamloops are estimated to decline 2 per cent this year to 2,200 units. However, an increasingly diversified local economy has lessened the impact of the recession and will contribute to a double digit rebound in home sales next year.
While an increase in home sales to end users has been evident of the past several months, recreation buyers have yet to come back into the market in significant force. Recreation buyers typically lag improved market conditions and are expected to increase their buying activity in 2010. MLS® residential sales are forecast to rise 18 per cent to 2,600 units in 2010. From a historical perspective, homes sales in 2010 will post a similar level to that recorded in the 2003-2004 period. Despite the financial crisis and a global recession, the average MLS® residential price in Kamloops is estimated to be down 2 per cent on an annual basis from a record $307,369 in 2008.
In contrast to the last 18 months, home prices in Kamloops are expected to be relatively stable in 2010, albeit forecast to climb 2 per cent to $308,000 as an annual average. Larger price appreciation in 2010 is less likely as improvement in the economy will be offset by expected increases in mortgage interest rates during the latter half of the year.
After declining 24 per cent in 2008, housing starts in the Kamloops CA are estimated to fall an additional 28 per cent to 415 units this year. A slowdown in the expansion of the housing stock helps support home prices in both the new and resale housing markets. However, lower inventory levels and stronger consumer demand is expected to induce increased new construction activity in 2010. A total of 545 housing starts are forecast for the Kamloops CA next year, with the largest increase occurring in single detached construction.
To view the full report click here: BCREA Fall 2009 Housing Forecast