Source-Kamloops and District Real Estate Association.

                     KAMLOOPS AND AREA MARKET UPDATE AS OF MAY 31,2007  

Sales of residential units as recorded by the Kamloops and District Real Eatate Association as well as residential construction in the City of Kamloops and the Thompson Nicola District  are continuing with record  high numbers so far in 2007.  

Residential sales at the Real Estate Association show a total of 1551 units year to date vs 1538  in 2006 for the same timeframe a very small increase of 1.2% or 13 units.   The large increase  is in the Dollarvolume for this same time period,from 324 million in 2006 to 404 million 2007 todate. This is an increase of $80. million or 24.7% and certainly reflects an increase in homeprices and the sales of higher end homes.  

Median prices have increase by 6.5% in 2007 todate,,in the overall Kamloops trading area from $265,000 to $285,000. with the median price  in Kamloops City from $291,000. to $309,900. for residental sales.   Surprisingly,the number of residential listings have increased from 845 units as of January 1/07 to 1052  active listings as of May 31/07, an increase of 207 units or 24.4%.

Given the still active market,well priced listings still move quickly and attract multiple offers.   Even with the record high number of sales,Kamloops and area is still very affordable when compared to the Okanagan Valley and the Lower mainland. Fuelled by low interest rates and a bustling economy,continuing high levels of Sales and Construction activity are expected to continue.  

Investment properties have been "picked over" in the past year or two and the return on investment has decreased but has been more than made up for in Capital Gains.   We recommend you give Kamloops and area a good looking over for your Move or Investment.  

Source of statistics - Kamloops and District Real Estate Association.