Kamloops real estate market remains seller-oriented
High prices and low supply continue to be trends in the Kamloops real estate market through May.
Last month, 388 homes changed hands, with an average price of $ 567,356 in Kamloops, down from the April average of $ 580,047.
The number of homes sold in May increased only slightly for the Kamloops and District Real Estate Association (KADREA) area, which includes surrounding communities as far as Chase, Merritt and Logan Lake.
But there were more homes sold in Kamloops in May (308) than in April (287). The two months were about three times as active as in 2020, which saw a brief slowdown in the first few months of the pandemic.
KADREA President Chelsea Mann said there could be “unexpected market behavior” as British Columbia kicks off its restart plan.
“One thing is certain, there will be an increase in real estate activity over the summer,” she said. “With foreclosure restrictions already lifted across the province, it cannot be denied that business activity will only grow. . “
Mann believes Kamloops will remain a seller’s market for the remainder of the year, with low supply and continued demand leading to quick sales, multiple bids per ad, and higher prices.
“The numbers suggest we added at least 100 more listings than we sell each month. At this rate, and unless that number improves exponentially, Kamloops will remain in a seller’s market for the rest. of 2021, “she said.
Despite the lack of listings, Kamloops and the District have never seen so many homes sold (year-to-date). As of June 1, 1,718 housing units had changed hands in the district, against a previous record of 1,297, recorded in 2017.
Based on all sales in 2021, a Kamloops home had an average selling price of $ 559,674, compared to the 2020 average of $ 456,456, an increase of 22.6%.
But Chase saw the biggest price increase, with the average home selling price almost doubling. At that time in 2020, with 19 units sold, the average price was $ 325,568. At this point in 2021, 74 homes have sold for an average price of $ 669,462.
Elsewhere, Merritt and area saw a 14.4% increase in average selling price, to $ 376,357, Barrière and area increased 53%, to $ 431,788 on average, and Logan Lake and area were up 46.2% from last year, to 2021 average price of $ 351,191.