Image Credit: CFJC Today

By James Peters

Real Estate Market

Sleepy start to 2020 for Kamloops real estate sector

Feb 3, 2020 | 3:31 PM

KAMLOOPS — The Kamloops and District Real Estate Association (KADREA) is reporting a “stable” start to 2020, despite a steep drop in new listings.

According to new statistics, 152 homes changed hands in January, down slightly from the 156 sales reported in January of 2019.

Sahali and Brocklehurst recorded 14 sales each, with South Kamloops close behind at 13.

The largest share of sales occurred in the $300,000 to-$400,000 range.

But KADREA notes new listings were down 20 per cent, from 345 in January, 2019 to 275 last month.

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KADREA President Wendy Runge notes current inventory is 35 per cent lower than the 10-year average and “roughly half” of what was on the market five years ago.

With low supply and strong demand, prices are bound to rise, and that’s what happened last month. Runge says the median home price was $513,000 last month, up 12.7 per cent from $455,000 at the same time in 2019.