Kamloops real estate market remains tilted toward sellers

May saw 388 homes change hands, with an average price of $567,356 in the city, down some from April's average of $580,047.

High prices and low supply continue to be trends in the Kamloops real estate market through May.

Last month saw 388 homes change hands, with an average price of $567,356 in Kamloops, down some from April's average of $580,047.

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The number of homes sold in May is up only slightly for the Kamloops and District Real Estate Association (KADREA) area, which includes surrounding communities as far away as Chase, Merritt and Logan Lake.

But there were more homes sold in Kamloops in May (308) compared to April (287). Both months were about three times as active as they were in 2020, which saw a brief downturn during the early months of the pandemic.

KADREA president Chelsea Mann said there could be "unexpected market behaviour" as B.C. moves into its restart plan.

"One thing is for sure, there is going to be an uptick in real estate activity over summer,” she said. “As lockdown restrictions are already being lifted across the province, one can't deny that business activity is only going to grow.”

Mann believes Kamloops will remain a seller's market for the rest of the year, with low supply and continued demand leading to quick sales, multiple offers per listing and higher prices.

"Numbers suggest that we've been adding at least 100 listings more than we're selling every month. At this rate, and unless this 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 district has never before seen this many homes sold (year-to-date). As of June 1, 1,718 homes have changed hands in the district, compared to a previous high of 1,297, seen in 2017.

Based on all sales in 2021, a home in Kamloops has had an average sales price of $559,674, compared to the 2020 average of $456,456 — a 22.6 per cent increase.

But Chase has seen the largest increase in price, with the average home sale price nearly doubling there. By this time in 2020, with 19 units sold, the average price was $325,568. At this point in 2021, there have been 74 homes sold at an average price of $669,462.

Elsewhere, Merritt and area has seen a 14.4 per cent increase in average selling price, to $376,357, Barriere and area increased 53 per cent, to $431,788 on average, and Logan Lake and area is up 46.2 per cent over last year, to a 2021 average price of $351,191.

© Kamloops This Week

 


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