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.