Image Credit: CFJC Today

By Ashley Legassic

REAL ESTATE

Average house price in Kamloops surpasses $500,000 mark

Dec 3, 2019 | 9:28 AM

KAMLOOPS — Despite real estate sales being slightly down in Kamloops during the month of November, prices were “significantly higher”.

That’s according to the Kamloops and District Real Estate Association, which says the average single-family home price has exceeded $500,000 for the first time ever.

In March of this year, the median house price in Kamloops surpassed the half-million-dollar mark, but the average home price was just over $400,000.

A total of 202 homes traded hands in Kamloops and the surrounding area last month, compared to 209 sales in November 2018 — a decline of 3.3 per cent.

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Year-to-date, sales are roughly five per cent below last year. Inventory jumped 7.4 per cent during November with 275 homes hitting the market. Active listings last month increased by three per cent year-over-year.

“Inventory continues to remain approximately 20 (per cent) below historical norms, which is a significant contributing factor in rising home prices in our area,” the association says in a news release.

The median residential price dipped slightly last month to $505,000 — but that’s still a six per cent year-over-year increase.

The average price of a single-family home in Kamloops is up nearly eight per cent annually to $521,587.

The average residential prices is also a record-setter — reaching $436,656. That’s up to 7.7 per cent compared to November 2018.

“Solid sales numbers coupled with low supply continue to drive home sales forward but November also saw a significant drop in lower priced home sales which certainly had an impact on the average monthly prices,” the association says. “November 2019 saw just 51 homes trade hands under $300,000, compared to 70 sales under this threshold during the same month last year.”

Brocklehurst was the most active neighbourhood, followed by Aberdeen and Juniper.