File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate

April pandemic restrictions spur big drop in Kamloops home sales

May 1, 2020 | 2:10 PM

KAMLOOPS — After defying expectations with a strong March, the Kamloops real estate market hit a pandemic-related lull last month.

According to new totals released by the Kamloops and District Real Estate Association (KADREA), 120 homes changed hands last month — a 56 per cent drop from April of 2019.

KADREA President Wendy Runge says the decline in sales was largely the result of new listings dropping off by 51 per cent.

Brocklehurst was the busiest neighbourhood for sales in Kamloops, with 15 sales. North Kamloops, Sahali and Aberdeen were all in double figures.

As of the end of April, there were 978 homes on the market, down 13 per cent from the same time last year.

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Even with demand for new homes slowing last month, prices still crept higher, to an average of $495,753. Runge says that increase is due to the lack of supply.

The positive news, according to Runge, is that pent-up demand should lead to a big jump in sales once pandemic-related restrictions are eased.