File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate

Home sales, prices soar during hot February for Kamloops real estate market

Mar 4, 2021 | 11:09 AM

KAMLOOPS — The Kamloops real estate market leaned distinctly toward the seller in February.

New totals provided by the Kamloops and District Real Estate Association (KADREA) show a 37 per cent increase in sales last month compared to February, 2020.

Nearly as stark was the average sale price, which soared to more than $515,000, a 20 per cent jump over the same month last year.

In a release, KADREA President Wendy Runge says transactions are playing out to the benefit of the seller.

“Yes, I believe the main reason that we are seeing such a significant increase (in dollar volume) is because the average list price has risen significantly over the last year,” said Runge. “Realtors have observed that the majority of homes that have been listed this year are selling in multiple offer situations with some of those sales completing over the asking price.”

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KADREA says 349 new residential properties were listed in February, raising inventory slightly, but supply remains low enough that properties are continuing to move very quickly.

Runge notes last month was the best February for sales volume in a decade.

“I really can’t see an end in sight to this trend, without a significant shift in supply or demand. The low mortgage rates, is also a motivating factor for a lot of buyers,” she noted.