Kamloops real estate market remains red-hot

November saw sales 40 per cent higher than November 2019 and, with 262 homes changing hands, a 10-year high was set, besting 2017's mark of 217 sales.

Real estate numbers continue to hit record highs in Kamloops.

November saw sales 40 per cent higher than November 2019 and, with 262 homes changing hands, a 10-year high was set, besting 2017's mark of 217 sales.

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Home prices are also up, with the average MLS residential price at $486,376 for the month — 10.7 per cent higher than November 2019 and 4.2 per cent higher than October 2020.

New listings were down in November, with 264 homes up for sale compared to 348 listings in October 2020.

Kamloops and District Real Estate Association president Wendy Runge said the record-setting figures are due to pent-up demand caused by the pandemic.

"Compared to last month, the market has slowed down a little;

however, this has been by far the best November in terms of

units sold in the last decade," Runge said.

Despite a number of recent record-setting months, November marks the first month the total number of sales has surpassed 2019's figures. Runge said this is due to slower springtime sales, which greatly declined in March, April and May due to the pandemic.

"The real estate market here has been, statistically, unaffected throughout the pandemic," she said.

The swift rebound of the market should continue into 2021, Runge said, driven by high demand, low interest rates and a rising average price.

While low inventory will continue to be an issue for buyers, Runge said she's optimistic that in the new year, sellers will feel more at ease to put their property on the market as uncertainties over the pandemic ease some.

"This should help our inventory levels bounce back and, while still likely being a seller's market for quite some time as the demand is still pent up, we should see the market trending towards being more balanced by the end of 2021," she said.

© Kamloops This Week

 


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