Image Credit: Adam Donnelly / CFJC Today

By Dylana Kneeshaw

MARCH REAL ESTATE STATS

Quick home sales continue in Kamloops with high demand, low inventory

Apr 5, 2021 | 5:00 PM

KAMLOOPS — March stats are in for Kamloops home sales, and the local real estate scene is still a seller’s market.

Home sales in the Kamloops area last month have shown many of the same trends seen in past months -high demand, increasing prices, and plenty of sales (see bottom of article).

“March – we’ve seen the highest number of listings hit than we have the last 12 months,” Kamloops and District Real Estate President Chelsea Mann noted, “But because so many listings are selling quickly – they’re sort of being added at the same rate they’re being sold.”

Multi family unit sales in March of 2021 shot up nearly 133.8 per cent compared to the same month last year – while single family home sales rose by 84.4 per cent. The increases sound monumental but Mann says last March was abnormally low as the pandemic began to develop in B.C.

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“Keeping in mind that was when we were in full lockdown so that extreme number if you compare it to 2019, it comes from about 84 per cent to about 33 per cent. It’s not quite as extreme as it seems.”

More listings are expected each spring in Kamloops and the hope is COVID-19 safety measures for selling, and more economic certainty, will build market confidence.

“Especially now that sellers are seeing what their homes could sell for, it is creating that bit of excitement for maybe getting their home listed.”

A slight cooling off period could come by the end of summer. But for now, town home and apartment sales are still very active, and demand is high for single-family detached homes.

RE/MAX Realtor Aaron Krausert said he’s never seen the market quite like this.

“Things are selling faster now than ever – with a lot of people trying to capitalize on low interest rates, and inventory. We have way less inventory than we would normally have,” he explained, “Typically, we have 800 to 900 properties. Right now we’re at about 500 or 450 (last time I had checked was a few weeks ago). Given those two things, it’s simple economics – supply and demand.”

The average price for single family homes last month grew to $686,216, and multi-family units averaged out at $412,538 in March of 2021. While some sales still have negotiation opportunities, Krausert says others get offers above asking price and sell quickly.

“Things are moving at a record pace in Kamloops. Buyers really have to be on point. A lot of times people are listing a home and advertising, they’ll have five days worth of showings and then they’ll look at offers after that five-day period or three-day period or one week for example. So people are expecting multiple offers.”

Whether you’re buying, or selling, realtors recommend getting any pre-approvals or inspections ready before entering the quickly moving Kamloops market. It’s also advised to speak with a professional or a real estate agent before selling to ensure you’re protected with time to find a new home.

Image Credit: Kamloops and District Real Estate Association

Image Credit: Kamloops and District Real Estate Association