Average price of single-family home in Kamloops hits $517,000

Over the past year, Kamloops saw 2,315 homes change hands, an increase of six per cent over 2019 figures. The average sales price was up nine per cent over that same period.

The number of offers for Kamloops homes on the market has been growing, according to the Kamloops and District Real Estate Association.

In January, the average price of a single-family residential home sold in Kamloops was $517,304, up 17 per cent from January 2020.

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Over the past year, Kamloops saw 2,315 homes change hands, an increase of six per cent over 2019 figures. The average sales price was up nine per cent over that same period, according to KADREA.

(The Kamloops real estate area includes all neighbourhoods in city limits, plus Sun Peaks, Tobiano, Cherry Creek, Sun Rivers, Pinantan, Knutsford and Lac le Jeune.)

However, while the market is strong, as it has been for the past seven months following a brief two-month downturn due to the pandemic in the spring of 2020, the issue of low inventory remains.

"We've been keeping a keen eye on the alarming active inventory numbers, as demand in the region for single-family homes is expected to continue," KADREA president Wendy Runge said. "Not many of my colleagues out there would deny that the average number of offers we receive per listing has been growing.”

Runge said "just enough" homes are being listed each month to cater to ever-rising demand.

Other areas in the real estate district have also shown growth.

Merritt and area, including Ashcroft, Cache Creek, Clinton and Lillooet, has seen a five per cent increase in the number of sales over the past year, to 313, and a 19 per cent increase in average sales price, to $305,000.

Barriere and area, including Clearwater and McLure, has seen a whopping 37.3 per cent increase in the number of sales, to 158, and a sales price increase of nearly 20 per cent, to an average price of $287,000.

Chase and area, which includes the North and South Shuswap, Monte Lake, Westwold and Pritchard, has seen 12.7 per cent more sales, up to 124, and an average sales price increase by 7.5 per cent, to $490,000.

Logan Lake and its surrounding area is the only region not to see an increase in sales prices, down 3.7 per cent, to an average price of $255,000. There were 88 sales last year, up 23.9 per cent.

© Kamloops This Week

 


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