As housing prices continue to inch up in Kamloops, higher-priced home sales pushed the median residential price to a record high in August.
The Kamloops and District Real Estate Association is reporting a new record, at $510,000.
KADREA president Wendy Runge said the new mark was due to more homes selling in the $600,000-$700,000 range, at 27, resulting from an overall housing price increase.
“Because our pricing is continuing to increase, we’re going to see things that would have sold more in that high 4’s are now in the 5’s,” Runge said.
“You start to see that creeping up over time.”
Overall, Runge said, the local real estate market is balanced. Activity continues to be down, she said, with some real estate agents reporting listings not being shown.
In August, a total of 294 homes sold, a decrease of nine per cent from the same month last year. Overall to date, sales are down by about eight per cent.
Meanwhile, pricing keeps rising.
The average home price in August was $421,000, a 10 per cent increase over the same time last year. The average price of a single-family home last month was $481,000, up five per cent from last year. Townhouses showed the biggest increase, up 11 per cent from last year at an average sale price of $352,000.
“It’s a weird conundrum,” Runge said. “And I think it’s because we don’t have a lot on the market right now.”
Inventory appears to be increasing slightly, however. August saw 443 new homes listed, up four per cent from last year.
Year-to-date new listings are on par with one year ago, but the number of active listings to the end of August was up 12 per cent from last year, at 1,331 units.
In August, Sahali and Brocklehurst saw the most activity, at 32 and 31 units sold respectively, followed by Westsyde, at 23 sales.
Most homes sold in the $400,000 to $500,000 range.