April officially marked one full year of Covid market changes, looking at the chart below you can see the big drop of activity 12 months ago compared to last month. Now we know, that was the calm before the storm! Compared to historical numbers of home sales (April 2019 – 248, April 2018 – 243), there is still a significant uptick in activity for the past year.
KAMLOOPS AND DISTRICT NEWS
“Just like last year, 2021 is proving to be an exceptional year for Realtors® and consumers alike. This year though, we’ve managed to achieve some much-needed consistency in terms of sales. I believe Realtors® have skillfully traversed a difficult path together in 2020. As far as the current situation goes, it is safe to say that the market has recovered since the first COVID-19 restrictions in March 2020… There has also been a notable spike in the number of people coming from other regions and buying in Kamloops, which is helping to keep the demand very competitive. This is a benefit for Sellers looking to list their homes in this busy spring market. Even with this spike, we continue to have a strong local market as 63% of the buyers in 2021 remain local to Kamloops and the surrounding areas”, said KADREA President, Chelsea Mann.
Average prices in the region have sky-rocketted since the beginning of the pandemic. Chelsea adds, “… In the last couple of months, our ‘Sales to List Price’ comparison has been above 100 per cent. Meaning that on an average, the buyers of Kamloops real estate are paying more than the asking price.” If the current hot market trend continues, the inventory in the region will soon be exhausted. “The shortage of inventory is undeniably the biggest concern we have at the moment. Although the market appears to be slowing down a little, we are on track to sell more than we ever have in a calendar year, beating our performance in 2007. Which means that we must keep adding new listings at a faster rate than we sell. Recent data shows that we’ve jumped from 314 new listings in March 2021 to 526 in April 2021. These are positive signs.” added Mann.
Neighbourhoods with the most sales in April (# of sales):
- Sahali (40)
- Aberdeen (34)
- Brocklehurst (32)
- South Kamloops (28)
- Sun Peaks (25)
|April 20||April 21||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$432,445||$561,024||$540,916|
|AVG. DAYS ON MARKET||61||40||50|
|AVG. RESIDENTIAL SALE PRICE||$440,614||$540,916|
|DAYS ON MARKET||52||50|
*Table Stats are for Kamloops area only, all types of housing as of May 4/21 – Kamloops only: Brocklehurst, Sahali, North Kamloops, Aberdeen, South Kamloops, Sun Peaks, Barnhartvale, Dallas, Westsyde, Campbell Creek/Deloro, Pineview Valley, Valleyview, Batchelor Heights, Cherry Creek/Savona, Dufferin/Southgate, Heffley, Juniper Heights, Pinantan, Rayleigh, South Thompson Valley, Sun Rivers, Knutsford-Lac Le Jeune, Tobiano *