New Real Estate Records in 2021 with 3689 units sold in Kamloops and District Real Estate Market
As we wrap up the stats on 2021 and move into 2022 it is evident that I am not the only one Sold on Kamloops! The kamloops real estate market kicked off 2021 in a frenzy, carried over from the momentum of 2020. As we progressed through the year, the sales began to level out because of a lack of inventory but the prices continued to climb!
In December the slow down in the number of sales was evident, declining 34.7% from the previous year but that still did not impact the overall success of the year. The average MLS® residential price in the area in December trended in the opposite direction seeing a huge leap to $663,774 from $501,465 the prior year, up 32.5%. And here we thought
breaking the $500,000 average sales price was quite the feat for Kamloops!
With such a shortage of inventory in December, even though prices were at an all time high, it is no surprise that the units sold were down. Along with, the total sales dollar volume in December at 100.8 million in comparison to December 2020 at 116.8 million. Year-to-date, Kamloops & District’s residential sales dollar volume was up by 50.9% to
$2.06 billion, compared to the same period in 2020.
Even with the Kamloops residential real estate sales market slowing in the tail end of 2021, the increase in sales we saw in the first half of the year pushed our Year-To-Date numbers of 3689 units sold in 2021 to break records dating as far back as 2007.
Looking at the current market situation, all forecasts from British Columbia Real Estate Association lead to a continuation of the current tends. Demand for properties in Kamloops and area is set to continue and we are far below the benchmark of approximately 2000 active listings that we would see in a balanced market.
I always love to chat real estate! Please reach out if you have any questions about the market or if you are looking to buy or sell in the area! I would love to hear from you.
Jennifer Munro
Royal Lepage Westwin Realty
250.572.5670
jennifer@soldonkamloops.com
Resources:
Kamloops and District Real Estate Association
Kamloops & District Multiple Listing Service® (MLS®)
Photo: Peter Olsen Photography