Tight inventory in Kamloops real estate market causing pressure for buyers and agents
Image Credit: THE CANADIAN PRESS/Sean Kilpatrick
February 01, 2017 - 8:00 PM
KAMLOOPS - The real estate hot streak of 2016 is continuing into 2017 in Kamloops.
The number of sales in the city are up by five per cent in the city compared to the same time last year, according to a report from the Kamloops and District Real Estate Association. Inventory is tighter, with nearly 350 fewer listings compared to January 2016.
Real Estate Association president Katherine Rutherford says the increased inventory is creating pressure for real estate agents.
“We like to have lots of inventory; we like buyers to have lots of options,” she says. “It creates a situation where sellers are holding off because they don’t see anything out there they want to buy.”
This means buyers may be rushed in making a decision when a new home is on the market, especially in the hot range of $280,000 to $440,000.
The low inventory situation should come to an end this spring, Rutherford says, as around March and April new listings are typically more plentiful.
The median price for a home in Kamloops dropped to $379,500 in January 2017 from $418,000 in December 2016.
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