Kamloops and District Real Estate Association

Kamloops & District Real Estate Board MLS® home sales jump in October as new listings return to the market

The number of homes sold through the MLS® System of the Kamloops & District Real Estate Board totaled 313 units in October 2021. This was down by 9.8% from October 2020 but was still the second best level for the month on record.

Home sales were 7.1% above the five-year average and 24.8% above the 10-year average for the month of October.

On a year-to-date basis, home sales totaled a record 3,314 units over the first 10 months of the year. This was a substantial increase of 31.3% from the same period in 2020.

"Just when things appeared to be quieting down, sales activity shot right back up in October. Home sales were below astronomical levels from the same time last year but still came in above every other year on record," said Chelsea Mann, President of the Kamloops & District Real Estate Board. "It seems like even with a strong influx of new listings the demand for homes is insatiable, with pretty much all new supply taken off the market and overall inventories testing new lows. Benchmark prices surged to a new record in October, while the market moved even further into seller’s territory."

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 $556,200 in October 2021, increasing by 23.8% compared to October 2020.

The benchmark price for single-family homes was $614,300, a gain of 24.7% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $470,300, up by 27.5% compared to a year earlier, while the benchmark apartment price was $337,700, an increase of 16.1% from year-ago levels.

The average price of homes sold in October 2021 was a record $616,056, a sizable gain of 27.9% from October 2020.

The more comprehensive year-to-date average price was $552,481, increasing by 21.5% from the first 10 months of 2020.

The dollar value of all home sales in October 2021 was $192.8 million, a gain of 15.4% from the same month in 2020. This was also a new record for the month of October.

The number of new listings was down modestly by 2% (seven listings) from October 2020. There were 337 new residential listings in October 2021.

New listings were 0.1% below the five-year average and 0.1% above the 10-year average for the month of October.

Active residential listings numbered 595 units on the market at the end of October, a substantial decline of 34.7% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.

Active listings were 40% below the five-year average and 59% below the 10-year average for the month of October.

Months of inventory numbered 1.9 at the end of October 2021, down from the 2.6 months recorded at the end of October 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.


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KAMLOOPS AND DISTRICT REAL ESTATE ASSOCIATION

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President
Chelsea Mann