Kamloops real estate market shows some improvement after slow spring

June real estate sales figures appear to show the market returning to normal, but the president of the Kamloops and District Real Estate Association said the figures may just show a catch-up after a slow spring.

June saw 291 residential units sold in Kamloops and the surrounding region. That's an 8.2 per cent increase over June of last year, and a 66 per cent increase over May's sales, according to data released by KADREA president Wendy Runge.

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"The sales in June signify that if we keep doing what we are doing, the impact of the pandemic on the real estate markets could be softened through the rest of the year," Runge said in a media release.

The average price of a home sold in Kamloops has also increased, from $438,242 in 2019 to $459,504 in 2020, a 4.8 per cent increase.

But with a slowed market in April and May due to COVID-19, the number of homes sold in Kamloops so far this year is down 24 per cent.

"Although June numbers have improved, numbers may be indicative of the sales completing in June because of a slow spring," Runge said.

Runge called the rally a "muted recovery" in the market and said she expects the trend to continue, with better days ahead.

© Kamloops This Week



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