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Market Statistics

Kamloops and District home sales edge back in February amid lack of new supply

  


The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association totaled 180 units in February 2019, down 8.2% from February 2018. That said, it was in line with the five-year average for the month, and still above the longer 10-year average.

 

On a year-to-date basis, home sales totalled 337 units over the first two months of the year, down 5.1% from 2018.

 

“Seasonally adjusted home sales were running near average levels in February, a little weaker than January, which is likely related to the drop in new listings in February,” said Doren Quinton, President of the Kamloops and District Real Estate Association. “When you already have historically low inventories, and new supply falls as well, you would expect that to limit the number of deals that happen in a given month, and for that imbalance of supply and demand to spill over into prices. That appears to have been the story in February.”

 

The average price of homes sold in February 2019 was a record $422,572, jumping 12.3% from February 2018.

 

The more comprehensive year-to-date average price was $417,292, up 10.1% from the first two months of 2018.

 

The dollar value of all home sales in February 2019 was $76.1 million, rising 3.2% from January 2018. This was a new record for the month of February.

 

There were just 248 new residential listings in February 2019, dropping 21% on a year-over-year basis to reach the lowest February level on record going back to the 1980s.

 

Active residential listings numbered 909 units at the end of February, edging up 1.6% (14 listings) from the end of February 2018 but still only about half the level recorded during the same time of year in most of the last decade.

                    

Months of inventory numbered 5 at the end of February 2019, up slightly from the 4.6 months recorded at the end of February 2018 but below the long-run average of 8.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

Sales of all property types numbered 193 units in February 2019, a decrease of 13.5% from February 2018. The total value of all properties sold was $82.1 million, inching up 0.3% from February 2018.


Read Kamloops' Residential Sales Activity Charts:

2018 
January 2019
February 2019