Home sales drop in November

As Merritt residents were forced from their homes for large parts of November, it’s not surprising to see home sales drop in the region.

According to the Kamloops and District Real Estate Association, 22 listings were sold in November, down from 34 in November of 2020. Despite the drop in number of sales, the average price of a unit sold is up 66.2 per cent to $524,663.

“The market is still very hot. Our active listing inventory is on the low side, and ‘days on market’ for the typical residential listing keeps coming down,” said Chelsea Mann, KADREA President. “Forecasted mortgage rates will likely put some downward pressure on home prices in 2022, but the market still desperately needs more housing supply.”

The year to date numbers paint a clearer picture of the market in the region with prices in 2021 up 18.3 per cent to an average of $426,197.