Image Credit: CFJC Today

By Adam Donnelly

REAL ESTATE

Low supply keeps Kamloops home prices high

Feb 4, 2020 | 4:01 PM

KAMLOOPS — Throughout the city, the number of real estate listings is down through the month of January. That lack of supply could be pushing home prices upwards.

Wendy Runge, President of the Kamloops and District Real Estate Association, explains that current inventory is about 35 percent lower than the ten year average for the Kamloops market. There were also 70 fewer listings last month, compared to January of 2019, which means it’s a good market if you’re looking to sell.

“It definitely is on the seller’s side right now,” Runge told CFJC Today. “There’s not much on the market. There’s a lot of pent up demand by buyers. We have a lot of buyers sitting, waiting for those houses to come on the market. We’ve seen several multiple-offer [situations], even in January, and it continues to be a bit of an issue if those houses are at a desirable price point and in the right area.”

There was a marginal drop in the number of homes that changed hands last month compared to the previous year; 152 in January 2020, compared to 156 in 2019. Runge also explains that the majority of sales occurred in the most densely populated neighborhoods and that buyers are looking for specific price points to purchase.

Sound Off

SOUND OFF: Culturally appropriate food goes beyond the ingredients on a plate

21h ago

Two and Out

PETERS: Whether building up or tearing down, Kamloops is what you make it

Dec 13, 2024

Sound Off

SOUND OFF: How to reduce food waste in Kamloops during the festive season

Dec 13, 2024

“The top areas generally are Sahali, Brocklehurst, and Aberdeen, and the reason for that is they are the bigger areas, so we see more sales there,” Runge says. “The biggest thing is the price points. We’re seeing a lot of activity in that $300,000 to $400,000 range, but also a lot of activity in that $450,000 to $550,000 range in the single-family homes.”