2023 Realestate Year In Review

December 2023 marked the culmination of a year that saw significant shifts in the Kamloops real estate landscape. The benchmark price for single-family detached homes settled at $650,000, with an average selling time of 69 days. Notably, inventory increased by 480 homes from November to December.

Zooming out to the bigger picture, 2023 recorded 1,942 total sales, an 8% dip from 2022. The total value of real estate transactions for the year amounted to $1.21 billion, witnessing a $197 million decrease from the previous year.

Several factors played into the market dynamics of 2023. A noteworthy catalyst was the rise in interest rates, reaching 5% in September. This shift affected buyer behaviour and contributed to a 7% drop in the average single-family detached home price compared to 2022.

Looking ahead to 2024, the prospect of interest rates stabilizing or even decreasing presents an optimistic scenario. This, coupled with new zoning requirements encouraging densification, sets the stage for an intriguing year.

As we anticipate a more balanced market in 2024, the prospect of stabilized interest rates offers opportunities for both buyers and sellers. With reasonable inventory levels and potential market adjustments, this year promises a more comfortable and dynamic real estate landscape.

For those considering a move in the Kamloops real estate market, now might be an opportune time. With current inventory levels and interest rates, finding your dream home or making a strategic sale could be smoother than expected.

Stay tuned for regular updates on the Kamloops Real Estate Insider Podcast. Thank you for being part of our community, and here's to a successful and rewarding 2024 in Kamloops real estate!