Unsurprisingly, February hit new sale records and saw a huge increase on the single family category sale price. This February the number of home sales in just the Kamloops area was up 51% from 2019. There may have been more sale signs popping up in your neighbourhood but it did not relieve any pressure on Buyers when the demand was just as high.
Buyer’s interested in the single family freehold category are starting to really feel the pressure with the average home now $651,442.xx — WOW. At this time of posting this; there is only 112 freehold single. fam houses for sale – of those only 54 are below $750,000.00. We have seen that number really creeping up in 2020 and that momentum is continuing into this year. Big question from everyone – will it slow down, certainly this pace can’t last? Personal opinion – this isn’t going anywhere fast… interest rates remain low, buying power continues to be high, Kamloops continues to be an attractive option for those looking to move out of their town/cities.
KAMLOOPS AND DISTRICT NEWS
The Kamloops And District Real Estate Association (KADREA) reports that a total of 283 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in February 2021. This is 37.4 per cent above the numbers that were recorded in February 2020. The average MLS® residential price in the area was $515,293, up by approx. 20 per cent from $428,824 recorded in the same month, last year.
349 new listings were added last month and inventory numbers are improving. Wendy Runge (KADREA President) – “Although the numbers have increased, it doesn’t feel like there’s much of a change in the market scenario. We are selling listings at the same rate as the number of listings hitting the market. We are up 6.3% in listings from last February, but overall, we are still down 40% in total number of listings from this time last year. The gap in the number of listings to the number of sales has to increase dramatically to see any significant change.”
Neighbourhoods with the most sales in February (# of sales):
- South Kamloops (25)
- Sahali (25)
- Aberdeen (23)
- Westsyde (20)
- Brocklehurst (19)
|FEB 20||FEB 21||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$439,428||$527,356||$519,114|
|AVG. DAYS ON MARKET||55||55||60|
|AVG. RESIDENTIAL SALE PRICE||$439,008||$519,114|
|DAYS ON MARKET||55||60|
*Table Stats are for Kamloops area only, all types of housing as of Mar 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 *