Kamloops and District home sales set new December record to end 2017

Posted by Steve Harmer on Monday, January 22nd, 2018 at 11:23am.

Kamloops Real Estate NewsKamloops Real Estate Sales

The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association recorded a year-over-year increase in December 2017.

According to the Association’s statistics, home sales totaled 185 units in December 2017, up 28.5% from December 2016. This marked the best December sales figure on record, breaking the previous record for the month which had stood for 28 years.

On an annual basis, home sales totaled 3,345 units for 2017, this was up 5.2% compared to 2016. This was the second highest annual level on record after 2007.

“2017 as a whole came in fewer than 50 sales below the all-time annual record set a decade earlier, and with record level momentum heading into the New Year,” said Cyndi Crossley, President of the Kamloops and District Real Estate Association. “Combined with inventories that are as low as they were a decade ago, prices in the region rose by more than five and a half percent in 2017.”

The average price of homes sold in December 2017 was $392,498, up 6.8% from a year earlier. The annual average price was $365,184, up 5.7% from 2016.

Why choose a RealtorThe dollar value of all home sales in December 2017 was $72.6 million, rising 37.2% on a year-over-year basis. This was a record for the month of December and was the first time that sales passed the $60 million mark for the month.

Canadian Real Estate Association statsThere were 197 new listings on the Association’s MLS® System in December 2017, rising 37.2%, albeit from a 15-year low in December 2016.

Active residential listings on the Association’s MLS® System numbered 809 units at the end of December 2017. This was a drop of 21.5% from a year earlier, and marked the lowest level of active supply in any month in a decade.

There were just 4.4 months of inventory at the end of December 2017, down from 7.2 months a year earlier and well below the long-run average 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 206 units in December, an increase of 27.2% from December 2016. The total value of all properties sold was $81 million, up 38.9% from December 2016.

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