Kamloops Real Estate Market Report - Year to Date (March 2024)
As we navigate through the early months of 2024, the Kamloops real estate market presents a mixed bag of results and emerging trends. The March statistics reveal a market that is cautiously optimistic, yet still finding its footing in a landscape of steady interest rates and buyer hesitancy.
In March 2024, the Kamloops market saw a total of 174 sales, marking a 22% decrease compared to the same month in the previous year. This dip in sales reflects a spring market that is yet to fully bloom, with potential buyers remaining on the sidelines, perhaps influenced by the anticipation of more favorable mortgage rates hinted at during the recent Bank of Canada meeting.
A glance at the accompanying pie chart offers a broader perspective, showing that, on average, we are approximately 27.6% through the total volume of real estate transactions expected for the year. This data suggests that the upcoming months of April, May, and June could play a crucial role in shaping the overall success of the year's market activity.
Historically, the bulk of Kamloops home sales occur between February and June. Despite the slow start, there is still 60% of the spring selling season ahead, offering a window of opportunity for a potential surge in market activity.
One of the most intriguing aspects of the current market is the variation in days on the market (DOM) across different price points. Homes priced under $700,000 have been selling in an average of 49 days. In contrast, properties in the $700,000 to $999,999 range are finding buyers more quickly, with an average DOM of 45 days. However, the luxury segment, with homes priced above $1 million, is experiencing a slower pace, taking an average of 91 days to sell.
As we move forward, the Kamloops real estate market remains a dynamic landscape, with several factors influencing its trajectory. The coming months will be critical in determining the overall performance for the year, and all eyes will be on the market's response to economic signals and buyer sentiment. Happy Selling Kamloopians!
