Kamloops housing market significantly impacted during COVID-19 - InfoNews

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Kamloops housing market significantly impacted during COVID-19

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May 01, 2020 - 2:43 PM

The real estate market in the Kamloops area took a hit during the first full month of the COVID-19 pandemic.

The housing market statistics for April were released today, May 1, by the Kamloops and District Real Estate Association and shows a drop in new listings.

The number of houses that traded hands in April dropped 56 per cent from this time last year, with 120 homes selling during the pandemic versus 272 during April of 2019. New listings fell by 51 per cent during the month, with 232 new listings compared to 474 during the same month last year.

Year-to-date there have been 681 homes sold, which shows the overall sales have declined by 17.6 per cent compared to the same time last year. A strong start to the year meant the year-to-date numbers didn't fall further, the real estate association said in a media release.

At the end of April, there were 978 active listings compared to 1,116 at the end of last April. Low supply in Kamloops was already a concern, but the association said many listings throughout the market continue to get multiple offers as the inventory continues to decrease.

Housing prices have increased slightly due to the low inventory, the association said. The average price for a single-family home increased to $495,753, a 7.8 per cent increase compared to $459,828 last year. Although the single-family home prices have seen a notable rise, the average sale price across all housing categories rose by just 0.3% to $416,203 compared to $414,858.

“Once COVID-19 restrictions are eased and supply improves, we expect to see a significant jump in new sales as pent up demand paces the market,” Kamloops and District Real Estate Association president Wendy Runge said in the release. “We expect the market to continue to be challenging for buyers who are competing with strong demand for new supply.”

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