File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate Market

Kamloops-area home prices have risen 35 per cent in 12 months: real estate association

Feb 4, 2022 | 9:52 AM

KAMLOOPS — The latest statistics from the Kamloops and District Real Estate Association (KADREA) show a market tilting even more heavily in favour of the seller — and growing further out of reach for those looking to enter the market.

A total of 185 residential properties changed hands in January, down by 26 per cent from January of 2021.

At the same time, the average sale price jumped 35 per cent — from $493,139 in January, 2021 to $664,969 last month.

Image Credit: KADREA

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KADREA President Chelsea Mann noted there are 768 active listings as of Feb. 3, continuing a trend of low sales inventory leading to higher prices.

“The demand for homes also remained high, and our inventory shrunk to record lows. Just like other regions in the province, our falling inventory led to a sharp rise in average prices in the last 12 months,” said Mann in a news release.

Mann notes the price increase from December, 2021 to last month was modest and the sales totals increased, possibly indicating a return to a more normalized market in the months to come.