Kamloops & District Real Estate Board MLS® home sales down from record levels but still well above average in June
The number of homes sold through the MLS® System of the Kamloops & District Real Estate Board totaled 345 units in June 2021. This was an increase of 19.4% from June 2020.
Home sales were 8.4% above the five-year average and 19% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 2,077 units over the first six months of the year. This was a jump of 81.4% from the same period in 2020.
"Sales activity has cooled from the white-hot levels earlier this year but is still trending well above average levels. Home sales posted the fifth best June on record," said Chelsea Mann, President of the Kamloops & District Real Estate Board. "While demand has come down from the breakneck pace in the springtime, new listings have been robust and have helped to put a floor under inventories. Overall listings available on the market are no longer falling but are still trending at record lows, which is likely to keep upward pressure on prices for the time being."
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $530,400 in June 2021, was a sizable gain of 21.5% compared to June 2020.
The benchmark price for single-family homes was $598,200, increasing by 24.8% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $441,600, a gain of 17.6% compared to a year earlier, while the benchmark apartment price was $308,000, up by 13.5% from year-ago levels.
The average price of homes sold in June 2021 was a record $574,828, increasing by 28.8% from June 2020.
The more comprehensive year-to-date average price was $539,822, a gain of 25.4% from the first six months of 2020.
The dollar value of all home sales in June 2021 was $198.3 million, up sharply by 53.8% from the same month in 2020. This was also a new record for the month of June.
The number of new listings saw an increase of 5.4% from June 2020. There were 508 new residential listings in June 2021. This was the largest number of new listings added in the month of June in five years.
New listings were 5.8% above the five-year average and 1.9% above the 10-year average for the month of June.
Active residential listings numbered 770 units on the market at the end of June, a big decline of 31.6% from the end of June 2020. Active listings haven't been this low in the month of June in more than three decades.
Active listings were 33.4% below the five-year average and 54.8% below the 10-year average for the month of June.
Months of inventory numbered 2.2 at the end of June 2021, down from the 3.9 months recorded at the end of June 2020 and below the long-run average of 6.5 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.
BOARD & ASSOCIATION INFORMATION
The Kamloops and District Real Estate Association (KADREA) is the professional, member-based association for more than 300 REALTORS® in Kamloops and surrounding communities. KADREA provides its members with the tools, education and standards required to elevate the professionalism of their business and real estate practices.
KAMLOOPS AND DISTRICT REAL ESTATE ASSOCIATION