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The real estate market is staying very hot, and it doesn't appear to be trending down any time soon.
For February 2021, the Kamloops And District Real Estate Association (KADREA) reported a total of 283 residential unit sales by the Kamloops & District Multiple Listing Service (MLS). That is a 37.4 per cent increase in sales from last February.
In addition, the average price of houses went up, as did the total sales dollar volume. February saw a 65 per cent rise in total sales dollars over 2020, recording $145.8 million. 2020 was $88.3 million.
Typically, February is a slow month for Realtors, as usual trends have the market slow.
"That's a trend I used to look at. They look at what they call the 'seasonally adjusted average' but because of last year with the pandemic, March until end of May things shut down," Aaron Krausert, a Director on the Board of KADREA, told Castanet Kamloops. "So all those typical trends on the graphs I like to nerd out on, everything is out the window it seems."
"It doesn't matter what month it is, buyers are just jumping."
There were 349 new listings recorded by the Kamloops MLS last month and as of March 3, there were 587 active listings in the Kamloops and district region.
And still, it doesn't seem to be enough.
"Literally everything is selling at all time record pace. There is something called the absorption rate, which is the idea of if there were no new listings starting today, how long would it take at the current rate of sales for all the inventory to be absorbed (sold) into the market," Krausert explained. "And right now it's under four months."
"That means, no new listings, everything in the market will be done in just over three months."
Even with the construction on new builds and plots, in this sellers market, there don't seem to be enough residences to go around, with many seeing multiple offers.
And so if you are looking to buy at this time, there are four things you absolutely need when bidding on a house.
"Buyers need a pre-approval, in writing, down payment on hand, short subject removal period and hopefully not subject to sale, because that's not attractive in a multiple offer scenario."
