Kamloops Real Estate Market Strong, House median price up
Monday, June 6th, 2016The city’s real-estate market shows no signs of slowing, with recent numbers indicating residential sales jumped by a third compared to the same month last year.
Statistics from the Kamloops & District Real Estate Association show sales in May were up 36 per cent over last year.
This comes at the same time as supply continues to shrink. The number of listings compared to 2015 is down 15 per cent.
Cyndi Crossley, vice-president of the real-estate board, said the market is being driven by out-of-town buyers.
“In Kamloops, we are seeing buyers coming from the Lower Mainland, and understandably so, due to the sale prices and our affordable housing,” she said.
The B.C. Real Estate Association cites positive employment growth for the trends.
“They say we could see the stats continue as they are for approximately the next eight to 12 months,” Crossley said.
The median price for a single-family home in Kamloops is $405,000. That is influenced in part by 20 homes selling for more than $600,000 in May.
