Kamloops and District home sales post best annual total in nine years
Monday, January 9th, 2017
The number of homes sold through the MLS® System of the Kamloops and District Real Estate Association recorded an 11th consecutive double-digit increase in December 2016.
According to the Association’s statistics, home sales totaled 144 units in December 2016, up 28.6 per cent from December 2015. This was the best month of December since 2009.
On an annual basis home sales numbered 3,181 in 2016. This stood 23.6 per cent above 2015 and marked the first year to crack the 3,000 mark since 2007.
“Housing demand in the region remains historically strong,” “2016 was the best year for the local housing market in almost a decade. Better still, the handoff into 2017 looks even stronger, with higher sales compared to one year ago, and quite a bit less inventory. This should further support prices this year.”
The average price of homes sold in December 2016 was a record $367,591, rising 18.4 per cent from a year earlier. The annual average sale price was $345,528, up 5.9 per cent from 2015.
The dollar value of all home sales in December 2016 was $52.9 million, up 52.3 per cent on a year-over-year basis and a record for the month. This was also the first time volumes had surpassed $50 million in December.
There were 138 new listings on the Association’s MLS® System in December 2016, down 21.1 per cent on a year-over-year basis. This was the lowest December level in 15 years.
Active residential listings on the Association’s MLS® System numbered 1,031 units at the end of December, down 23.1 per cent from a year earlier.
There were 7.2 months of inventory at the end of December 2016, down from 12 months a year earlier and 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 162 units in December, an increase of 33.9 per cent from December 2015. The total value of all properties sold was $58.3 million, up 58.6 per cent from December 2015.
