Kamloops real estate sales cool last month, but prices remain high – Kamloops News

The Kamloops area continued to see a low number of homes listed in September, and the head of the local real estate association said the low supply had pushed sales down.

Chelsea Mann, president of the Kamloops and District Real Estate Association, said the number of sales fell in September – not because of a lack of demand, but of a lack of supply.

“If you come across a multiple offer where you get 11 offers, there are 10 groups of people who don’t get it. So that’s 10 groups of people who are ready to buy right now, and that’s 10 sales that go unrecorded, ”Mann said.

“That’s why the numbers aren’t going up just because there just aren’t enough homes for sale. “

Mann said she had hoped that the number of registrations would increase in the fall, as is usually the case, but that ultimately did not happen.

According to KADREA, 384 new registrations were registered in the Kamloops area in September, slightly more than the 378 registrations in August. As of October 3, there were a total of 896 active registrations in the region.

There were 296 residential sales in September, 14% below the numbers recorded in September 2020. There were 330 recorded sales in August.

“It’s a little disappointing because it’s our biggest hurdle is the number of entries,” said Mann.

“That’s what drives up prices. That’s what creates the multiple offer scenarios, all things. So it would have been nice to see it evolve in a slightly more balanced direction, but we don’t quite see it yet. “

Mann said there are a number of reasons the number of listings is not increasing, but she is seeing a number of people choosing to keep their current home and rent it out after purchasing a “downsizer”. .

Homeowners can also choose to help their adult children enter the market by selling them in their homes.

“We’re also seeing a lot of this generational asset sharing, which keeps homes off the market that may have been regularly listed.”

Mann said that while the number of new listings has stagnated in recent months, the fact that inventory is an issue means now is a good time for owners to sell.

She said if stocks continue to be low, the upward pressure on prices will continue. However, if the market starts to balance in the coming months, the value a homeowner can get for their home could be the highest right now.

“We’ve already seen some cases of our very, very hot market, which was in April, that slowed down, it’s not as extreme as it was then. … If that demand starts to drop a bit, you might not get as much for your home in the future as you might get now.

Mann said demand for houses in Kamloops will likely always remain high.

“It’s just whether or not we get a lot of people putting their homes up for sale is really the only thing that’s going to change where we’re at right now.”

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