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Photo: Contributed<\/p>\n
We are now in what is considered a buyer friendly real estate market.<\/p>\n
I thought I should follow-up the sales data from my last column with some history, starting back in 2021, to see how we got to where we are inthe current real estate market.<\/p>\n
The housing markets in Kamloops and the Okanagan region, including Kelowna, transitioned from tight sellers\u2019 markets in 2021 to buyer-friendly conditions by the first quarter of 2025, according to Canadian Real Estate Association data.<\/p>\n
Below, I analyze year-over-year changes in inventory ratios (months of inventory), average sale prices, and average days on market for detached, semi-detached, townhouses, apartment, and manufactured homes, highlighting market trends from 2021 to the first quarter of 2025.<\/p>\n
2021: Peak prices, tight inventory<\/p>\n
Kamloops:<\/p>\n
\u2022 Inventory: Low, 1.60 townhouses to 4.50 manufactured, detached at 2.49.<\/p>\n
\u2022 Average sale prices: Detached: $667,772, semi-detached: $500,991, townhouses: $474,090, apartments: $339,204 and manufactured homes: $201,521.<\/p>\n
\u2022 Average DOM: Detached: 42.97, semi-detached: 42.99, townhouses: 35.30, apartments: 57.35 and manufactured homes: 49.07.<\/p>\n
Okanagan:<\/p>\n
\u2022 Inventory: Tight, 1.76 townhouses to 2.66 detached.<\/p>\n
\u2022 Average sale prices: Detached: $917,614, semi-detached: $633,866, townhouses: $563,270, apartments: $421,212 and manufactured homes: $241,816.<\/p>\n
\u2022 Average DOM: Detached: 41.71, semi-detached: 40.15, townhouses: 41.98, apartments: 46.88 and manufactured homes: 52.46.<\/p>\n
2022: Price peaks, inventory grows<\/p>\n
Kamloops:<\/p>\n
\u2022 Inventory: Increased to 4.17 manufactured to 11.25 apartments; detached at 8.28.<\/p>\n
\u2022 Average sale prices: Detached: $760,082 (+14%), semi-detached: $591,737 (+18%), townhouses: $560,438 (+18%), apartments: $382,621 (+13%) and manufactured homes: $231,822 (+15%).<\/p>\n
\u2022 Average DOM: Detached: 44.33, semi-detached: 45.53, townhouses: 32.03, apartments: 47.72 and manufactured homes: 44.87.<\/p>\n
Okanagan:<\/p>\n
\u2022 Inventory: Rose to 5.53 (townhouses) to 21.33 (semi-detached), detached at 9.15.<\/p>\n
\u2022 Average sale prices: Detached: $1,030,390 (+12%), semi-detached: $721,471 (+14%), townhouses: $647,732 (+15%), apartments: $501,527 (+19%) and manufactured homes: $273,478 (+13%).<\/p>\n
\u2022 Average DOM: Detached: 42.58, semi-detached: 38.82, townhouses: 36.74, apartments: 39.66 and manufactured homes: 47.28.<\/p>\n
2023: Cooling prices, buyer\u2019s market emerges<\/p>\n
Kamloops:<\/p>\n
\u2022 Inventory: Higher, 2.71 (semi-detached) to 8.80 manufactured; detached at 6.93.<\/p>\n
\u2022 Average sale prices: Detached: $706,449 (-7%), semi-detached: $558,119 (-6%), townhouses: $515,152 (-8%), apartments: $382,239 (-0.1%) and manufactured homes: $241,806 (+4%).<\/p>\n
\u2022 Average DOM: Detached: 60.65, semi-detached: 53.27, townhouses: 49.25; apartments: 62.02 and manufactured homes: 56.95.<\/p>\n
Okanagan:<\/p>\n
\u2022 Inventory: Elevated, 11.03 (detached) to 16.00 (semi-detached).<\/p>\n
\u2022 Average sale prices: Detached: $982,681 (-5%), semi-detached: $675,124 (-6%), townhouses: $618,088 (-5%), apartments: $469,169 (-6%) and manufactured homes: $280,017 (+2%).<\/p>\n
\u2022 Average DOM: Detached: 59.22, semi-detached: 52.10, townhouses: 51.94, apartments: 59.06 and manufactured homes: 64.69.<\/p>\n
2024: Stabilizing buyer\u2019s market<\/p>\n
Kamloops:<\/p>\n
\u2022 Inventory: Stable, 5.86 (semi-detached) to 6.67 (townhouses) and detached at 6.22.<\/p>\n
\u2022 Average sale prices: Detached: $723,819 (+2%), semi-detached: $564,358 (+1%), townhouses: $543,489 (+5%), apartments: $375,402 (-2%), manufactured homes: $244,795 (+1%).<\/p>\n
\u2022 Average DOM: Detached: 61.77, semi-detached: 46.26, townhouses: 53.53, apartments: 62.75 and manufactured homes: 62.69.<\/p>\n
Okanagan:<\/p>\n
\u2022 Inventory: High, 7.00 (semi-detached) to 10.20 (detached).<\/p>\n
\u2022 Average sale prices: Detached: $964,178 (-2%), semi-detached: $696,382 (+3%), townhouses: $616,931 (-0.2%), apartments: $455,783 (-3%) and manufactured homes: $286,628 (+2%).<\/p>\n
\u2022 Average DOM: Detached: 68.43, semi-detached: 68.44, townhouses: 61.61, apartments: 65.09 and manufactured homes: 75.24.<\/p>\n
2025 Q1: Continued buyer\u2019s market<\/p>\n
Kamloops:<\/p>\n
\u2022 Inventory: High, 5.50 (detached) to 17.00 (apartments), townhouses at 6.00 and apartments at 17.00.<\/p>\n
\u2022 Average sale prices: Detached: $708,177 (-2%), semi-detached: $564,250 (0%), townhouses: $543,000 (0%), apartments: $374,500 (-0.2%) and manufactured homes: $246,300 (+0.6%).<\/p>\n
\u2022 Average DOM: Detached: 63.50, semi-detached: 47.00, townhouses: 54.00, apartments: 64.00 and manufactured homes: 63.50.<\/p>\n
Okanagan:<\/p>\n
\u2022 Inventory: Elevated, 6.00 (townhouses) to 11.50 (apartments) and detached at 8.50.<\/p>\n
\u2022 Average sale prices: Detached: $950,000 (-1.5%), semi-detached: $695,000 (-0.2%), townhouses: $615,000 (-0.3%), apartments: $454,000 (-0.4%) and manufactured homes: $287,500 (+0.3%).<\/p>\n
\u2022 Average DOM: Detached: 70.00, semi-detached: 69.00, townhouses: 62.00, apartments: 66.00 and manufactured homes: 76.00.<\/p>\n
Townhouse prices in the Okanagan have dropped from their peak by about $32,000 and in Kamloops they are down about $17,000. Apartments in the Okanagan are down about $47,000 and in Kamloops $8,000. Days on market for apartments increased about 65% from the lows in the Okanagan and Kamloops area of about 39%. With selling prices dow, it takes longer on average to sell. That won\u2019t come as a surprise if you have been trying to sell your home lately.<\/p>\n
We are in what might be considered the \u201ctrough\u201d or \u201ccontraction\u201d part of a real estate cycle. Usually this is followed by an expansion, with more demand and raising prices. How long it will be before the expansion phase kicks in is, of course, the big question. Only time will tell.<\/p>\n