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By Dave Barry

Real Estate

Kamloops real estate sales slow but prices stable

Aug 5, 2021 | 11:15 AM

KAMLOOPS – The Kamloops and District Real Estate Association (KADREA) is reporting a drop in residential sales for the second consecutive month.

290 homes were sold over the month of July. That’s a 12.6 per cent drop from July 2020 sales figures.

However the price of homes is still on the rise. According to KADREA figures, the average selling price of a home was $555,784, a 19.5 per cent increase over July 2020 figures.

“We had a great first six months in terms of real estate sales and Kamloops is one of the few areas in B.C. that’s sustained it’s market performance through summer,” said KADREA President Chelsea Mann in a news release. “One will notice a negative difference if we compare our last month’s performance to the same month last year, but we’re still performing above average for the season.”

Over the first seven months of 2021, the market remains on track to be one of the strongest real estate years on record. Mann says the fact prices are being maintained by sale numbers drop suggest there is still a strong demand for real estate.

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“If the seasonal trend continues without much disruption in terms of demand, the upward pressure on average price of residential properties is unlikely to subside.”

Mann is bullish on the prospects of a strong fall market, based on the summer sales figures. “I believe that moderate sales during this time is a healthy sign for the market to pick up again, which it usually does, during fall.”

July 2021 Sales Figures – Kamloops & District Real Estate Association

July 2021 Sales Figures – Kamloops & District Real Estate Association