Kamloops Real Estate Market Stats: September 2021

September 2021 KADREA stats are in. This past September saw a 14.2% reduction in homes sold compared to September of 2020. This is not unexpected as September 2020 was the result of pent up demand from Covid-19 and saw some of the highest sales numbers we have ever seen.

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kamloops real estate market statistics graph

It's actually a good thing to see things a little slower than they were a year ago as this means things are not quite as frantic. That being said, the average sales price was up 11% over the same time last year. With such a limited supply of active listings, we are still having numerous bidding wars which in turn is driving up the average price.

Most of the buyers in this market are from out of town, likely coming in with more capital to spend than the local market, choosing to make a lateral move. In the past, we would have seen locals selling and upgrading within the city but due to such low supply a lot of those people are holding off selling as they don't want to be left homeless with a bunch of money in the bank. 

One interesting change that has come from Covid-19 is that a number of people globally are realizing that they do not need to work in an office environment anymore but rather can be just as effective working from home using programs like Zoom.

This has lead to a number of people selling in higher-priced markets like Metro Vancouver and relocating to smaller markets like Kamloops where their money can go a lot further. Lifestyle may be better with quicker access to the outdoors, less traffic and in some cases more safety. This would be the largest factor in driving the demand for our limited listing inventory. 

I expect the market to remain the same for the coming months with another busy spring to come. 


Posted by Andrew Karpiak on

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