Merritt real estate market stays hot in April

In April of 2020, there was just eight units sold in the Merritt area, but a year later the numbers have skyrocketed 500% to 48 units sold in April 2021.

The latest statistics provided by the Kamloops and District Real Estate Association continue to show that the market has recovered from the pandemic.

“We must not compare our current performance to any period in 2020. The pandemic disrupted the market and we saw a sharp decline in sales numbers. Average prices got stagnant as well. We’ve since noticed that demand-led rise in average prices is in direct correlation with the rise in the number of buyers who are willing to pay way over the asking price,” said KADREA President, Chelsea Mann.

For April 2021, the average price of a unit sold in the Merritt area was $400,846 compared to $355,875 in 2020, representing a 12.6% increase in price. The 12.6% mark is the lowest in the region and compares to jumps of 31.2% in Kamloops, 15.7% in Logan Lake, 135.5% in Barriere, and 222.5% in Chase.

“The shortage of inventory is undeniably the biggest concern we have at the moment,” added Mann.

*Merritt area includes Merritt, Ashcroft, Cache Creek, Clinton and Lillooet in KADREA’s stats.