File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate

Average Kamloops sales price has jumped 18 per cent in a year: real estate association

Jun 3, 2021 | 4:45 PM

KAMLOOPS — The red-hot Kamloops real estate market cooled slightly in May, but remains tilted heavily in favour of sellers.

New totals released by the Kamloops and District Real Estate Association (KADREA) show 388 residential sales in the area last month, nearly twice the sales total for May 2020 as the COVID-19 pandemic took hold.

For the year to date, Kamloops has recorded 1,718 home sales, by far the highest total for the January-to-May period in the past 10 years.

The average sales price last month was more than $547,000 — an 18 per cent hike from May of 2020.

In a news release, KADREA President Chelsea Mann says many B.C. markets are slowing slightly right now, but Kamloops is keeping the pace quite high.

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“As we haven’t entered the post-pandemic market, I wouldn’t say that the market has necessarily peaked in Kamloops for 2021 yet,” Mann said. “I am looking forward to the next couple of months, as we usually see a spike in sales during summer.”

She adds the market has about 1,000 fewer listings than average for this time of year, and many sellers are selling very quickly with multiple offers coming in.