KADREA: Average Residential Prices Rising, as Kamloops & District Real Estate Market Battles a Supply Shock
This latest release was produced by the Kamloops District Real Estate Association and discusses the residential prices in Kamloops and statistics for January 2022.
Kamloops, BC – 02-04-2022: The Kamloops and District Real Estate Association (KADREA) reports that a total of 185 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in January 2022. This is 25.7 per cent below the numbers that were recorded in January 2021, which was 249. The average MLS® residential price in the area was $664,969, up by approx. 34.8 per cent from $493,139 recorded in the same month last year. Total sales dollar volume in January stood at $123.1 million, a 0.1 per cent rise from 2021, which was $122.8 million. There were 306 new listings recorded by the Kamloops MLS® last month and there are 768 active listings in the Kamloops & district region, as of February 03, 2022.
According to KADREA President, Chelsea Mann, “We’ve noticed the market follow its usual course in the last two quarters of 2021, where we sold fewer listings as we approached winter. However, for the majority of 2021, average prices kept pushing higher every month. 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. But if you compare our January 2022 sales figures with December 2021, you’ll find that we’ve sold more units but the average price increase has not been astronomical. As January usually marks the beginning of an uptrend that peaks during spring and lasts until May, our performance of 185 listings sold in January 2022, is an encouraging sign of a move toward normalcy in the market. Although, this should not be confused with the demand and supply imbalance that still exists in our region.”
Lack of inventory continues to be a cause of concern for the market. “As inventory levels have been trending lower month-on-month, the entire province has been struggling to manage the high demand for real estate. We got a surplus of new listings over sales for a few months, but that hasn’t been sufficient enough to bridge that gap that was left by the post-pandemic hot-market. I believe that upcoming government policies and higher interest rates will play a role in the way the market behaves in the days to come. As our sales performance is expected to be affected by several supply and demand factors, this will be a time when both buyers and sellers will need a Realtor® the most”, added Chelsea.
In the last 12 months, a total of 3639 residential unit sales were recorded by the Kamloops & District MLS®, with dollar volume of $2.07 Bn at an average price of $569,860.
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