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By Dylana Kneeshaw

OCTOBER REAL ESTATE

Record sales in October could bring a warm winter for Kamloops real estate market

Nov 4, 2020 | 5:36 AM

KAMLOOPS — The real estate market in Kamloops continued on its record path last month, with October home sales out pacing last year’s tally.

The Kamloops and District Real Estate Association (KADREA) says there were 337 residential unit sales in October this year, compared to 273 sales in October of 2019. The average residential price in the area was $466,113 – an 8 per cent rise from the previous year.

In terms of sales, KADREA President Wendy Runge says it was the best October for the local real estate market in the last decade. It was also the fifth month in a row that Kamloops has reached record-setting sales. According to Runge, another couple of record months to finish off 2020 could mean a stable market for 2021.

However heading into what is a traditionally slower winter period for real estate activity, Runge says poor inventory levels could cause the average sales price to increase if the current demand continues.

“Our inventory levels will stabilize over time. We’re currently adding more listing than we’re selling, and these numbers will only improve,” notes Runge, “More than inventory, I think it is the demand for single-family homes in the region that’s driving the average prices to increase by 5-7 % every month since COVID restrictions were lifted in July.”

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Year-to-date sales dollar volume was up by 5.5 per cent to $1.4 billion – compared to the same period in 2019. However year-to-date unit sales are still behind 2019’s count of 2,504 – with 2,447 units sold so far in 2020.

Image provided by KADREA