Real estate sales in Kamloops and the surrounding region are the lowest they have been in more than five years, with the number of residential units sold down 25 per cent compared to last year and the five-year average.
But the prices remain high.
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The data comes from the Kamloops and District Real Estate Association, which issued its report for May on Tuesday.
A total of 175 residential units were sold in May, down 46 per cent compared to May 2019. That figure also represents a five-year low and is nearly half of the five-year average of about 325 units sold each May.
The price of those residential units, however, is at a five-year high.
In 2016, the average price of a home sold in May was $337,953, but with steady increases each year, the average price of a home sold in May 2020 was $435,621.
KADREA president Wendy Runge said realtors were prepared for a sluggish month after April, which saw a 56 per cent drop in sales and a 51 per cent decline in new listings, noting sales figures have improved since the government enacted Phase 2 of its pandemic-related restart plan.
The number of new listings has also rebounded somewhat. March saw 474 new listings, April had 232 new listings and May recorded 327 people list their homes for sale.
Runge said she anticipates a sharp rise in sales in June.
