“Upward trend continues in Kamloops real estate, but active inventory is a cause of concern.” – KADREA
The Kamloops And District Real Estate Association reports that a total of 244 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in January 2021. This is 49.6 per cent above the numbers that were recorded in January 2020. The average MLS® residential price in the area was $495,809, up by 17.4 per cent from $421,970 recorded in the same month, last year. Total sales dollar volume in January stood at $120.9 million, a 75.8 per cent rise over 2020, which was $68.7 million. There were 314 new listings recorded by the Kamloops MLS® last month.
This is yet another addition to the 7-month, record-setting sales streak in the Kamloops region. “We continue to march on an encouraging market path, one that was set with the help of a solid end to 2020. As we stepped into 2021, there was a lot of excitement among Realtors® to see how the market responds to the arrival of the Covid-19 vaccine. The market has indeed responded positively, as we have seen a clear spike in the number of listings that were added last month. We’ve been keeping a keen eye on the alarming active inventory numbers, as demand in the region for Single-family homes is expected to continue. Not many of my colleagues out there would deny that the average number of offers we receive per listing has been growing. This may be due to lack of inventory”, said KADREA President, Wendy Runge.
Average prices have increased by 17 per cent in January 2021 compared to January 2020. Runge adds, “We have always been vocal about the potential of Kamloops and region to grow into an attractive investment destination for long-term home buyers. But we need to be realistic in how we interpret these eye-catching numbers. Our market is steady, and we’re adding just enough listings per month to cater to this ever-rising demand. We must note that because of this steadiness, there hasn’t been much increase in average prices from December 2020 to January 2021. So, there’s something in this market for everyone – the seller, as well as the buyer. This is very much the scenario across BC”.
Neighbourhoods with the most sales in January (# of sales):
- Brocklehurst (22)
- Sahali (21)
- North Kamloops (19)
- South Kamloops (17)
- Aberdeen (15)
|JAN 20||JAN 21||Year to Date|
|AVG. RESIDENTIAL SALE PRICE||$438,439||$509,436||$509,436|
|AVG. DAYS ON MARKET||55||65||65|
*Table Stats are for Kamloops area only, all types of housing as of Feb 7/21 – 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 *