Merritt’s real estate market continues to boom

The month of March was extremely busy for the real estate market in the Merritt area with 34 units being sold.

The latest data provided by the Kamloops and District Real Estate Association shows a 100 per cent increase in units sold for March of 2021 over March 2020. (17 units sold in 2020, 34 in 2021)

The average price of the units sold also jumped by 49.6 per cent from $268,523 to $401,873.

In the first three months of the year, 92 units were sold in the Merritt area, compared to just 51 in 2020. Overall, the average price of the units sold is up 19.4 per cent from $306,737 last year to $366,403.

The price increase in the Merritt area is the smallest seen across the region with homes in Kamloops up 21 per cent, Barriere up 40.9, Logan Lake up 53.5, and Chase skyrocketing 99.9 per cent in 2021.

The biggest hurdle for real estate agents in the region continues to be a lack of inventory.

*Merritt area includes Merritt, Ashcroft, Cache Creek, Clinton, Lillooet