Sales down but prices up in Kamloops real estate market

A 21% drop in the number of homes sold by Kamloops and District Real Estate Association agents in August was accompanied by a 26% in price.

The average sale price was $574,425 in August of this year compared to $455.262 last year.

For single-family homes, the most popular type of housing in the region, the value was up 31.2% from last year and 45.1% from 2019 to $684,223.

“The Kamloops real estate market behaviour is following its annual trend where sales are slower during summer months and pick again during the fall season,” association president Chelsea Mann said in a news release.

“One will notice that we’ve had a 20% drop in sales as compared to August 2020 but let’s not forget that the hot market erupted during the same time last year. Currently, we’re having our monthly sales performance follow a seasonal pattern, and that’s a sign of a healthy market.”

READ MORE: Okanagan housing prices still up more than 30 per cent from last year

There are 875 active listings right now. The association is seeing about 350 new listings coming in each month and about 300 sales so it predicts it will take some time to reach a healthy level of listings.

“A selling decision often becomes a difficult decision to make in a high-demand and low supply market,” Mann said in the release. “While a seller may feel that this is a good time to take profits from their home equity, finding a replacement can be difficult.”

The average price of townhouses went up 10% to $463,194 and apartment/condos went up 14.4% to $316,576.

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