Low inventory in Kamloops means house prices keep rising

Single-family home prices were up 6.2 per cent last month over the same period last year, now with an average cost of $480,824. The median price has also increased to $513,000, up from $455,000 in January 2019

Real estate sales figures for the first month of 2020 have come in looking a lot like they did last year, but inventory in the region continues to decline and prices keep rising, according to the latest data from the Kamloops and District Real Estate Association.

Single-family home prices were up 6.2 per cent last month over the same period last year, now with an average cost of $480,824. The median price has also increased to $513,000, up from $455,000 in January 2019.

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In all, 152 homes were sold in January, a slight decrease from the 156 sales recorded in January 2019.

That figure includes 82 single-family homes and 58 multi-family homes, accounting for about $62 million in sales.

Most sales were in the $300,000 to $400,000 range (41) and $500,000 to $600,000 range (29).

While sales were stable, the number of new listings has fallen 20 per cent from the same period last year, further contributing to the region’s already low housing inventory.

In January 2019, there were 345 new listings. Last month, there were 275 new listings.

The decline in housing stock is a continuing trend. Current inventory available in Kamloops is about 35 per cent below the 10-year average and half the level of inventory from five years ago, according to the real estate association.

That low supply, coupled with strong demand, has continued driving up prices in the region.

Brocklehurst and Sahali led in sales, with 14 properties moved in each area. South Kamloops (Sagebrush) saw 13 properties trade hands.

The real estate association said there is currently a backlog of buyers at most brokerages, with people waiting for new listings to hit the market, meaning homes that are “priced appropriately in desired areas” are bringing in multiple offers and quick sales.

© Kamloops This Week

 


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