Home sales frenzy continues in Kamloops area

For Kamloops, the average sales price in April for a unit of housing was $580,047, with $166.4 million worth of real estate changing hands last month.

Kamloops realtors say they are on track to sell more homes than ever before as the real estate market continues to grow.

April saw 382 residences change hands, about 60 more sales than has ever been seen in that month. April also brought year-to-date sales way up, to 1,305 — more than 400 higher than previous year.

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For Kamloops, the average sales price in April for a unit of housing was $580,047, with $166.4 million worth of real estate changing hands last month.

In 2021 to date, the average cost of a home in Kamloops has been $556,332.

Back in April 2020, the Kamloops and District Real Estate Association (KADREA) saw what was really the only month that showed significant impact due to the pandemic. The rebound, afterwards, was swift.

But even when comparing sales to 2019 levels, sales for all home types are still up about 48 per cent, according to KADREA president Chelsea Mann.

The forces driving up prices are supply and demand and Mann said it’s a combination of both that are driving sales.

“But the supply levels are really a problem. We are seeing, however, more and more listings in the past couple months,” Mann said, noting this past April was the best in five years in terms of new listings added.

There were 526 new listings added in April. As of May 3, there were 633 active listings for Kamloops and district.

“So that’s super positive. We just need to keep up with that and things should start to balance out a little bit,” she said.

Although KADREA has only been tracking the postal codes of homebuyers in the region for 18 months, the data is already showing interesting trends.

So far in 2021, 37 per cent of all buyers are from outside Kamloops.

“And we definitely have seen an uptick in people coming from other areas,” Mann said.

Further evidence of demand is that buyers are paying more than the asking price and sellers are receiving multiple offers.

On average, Kamloops homebuyers are paying two per cent above the asking price, equivalent, on average, to about $11,600.

© Kamloops This Week

 


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