The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association totaled 311 units in April 2018. This was down 4.3% (14 sales) from a decade high April in 2017. That said, it was still among the best April sales figures ever, marking a noticeable rebound from March!
While the numbers would indicate that the market is less active year-over-last, the inverse is true. Inventory levels (the number of homes for sale) are at an all-time low, resulting in increased competition among buyers leading to upward pressure on prices.
The median price of homes sold in April 2018 was $454,900, up 7% from April 2017.
The more comprehensive year-to-date average price was $377,518, up 7.2% from the first four months of 2017.
Active residential listings numbered 1,044 units at the end of April. This was a decrease of 12.9% from the end of April 2017 and marked the lowest level of inventory at this time of the year since 2006.
There were 496 new residential listings in April 2018. This was an increase of 11.2% on a year-over-year basis.
Months of inventory numbered 3.4 at the end of April 2018, down slightly from the 3.7 months recorded at the end of April 2017 and below the long-run average of 8.4 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.
Making sense of market data can be both interesting and confusing. If you are wondering what all of these numbers and stats mean and want to know how they should influence your buying or selling decisions, we are only a call/email/text away! As always, if we can be a resource to you, your family or your friends, please don’t hesitate to reach out to us!
– Cathy and Cassidy