Merritt home prices cool in May

The price of a unit sold in the Merritt area dropped 20 per cent year over year in May.

While 26 units were sold in May, the average price was $326,718 compared to $412,181 in 2020. Even just a month ago in April, the average price was $400,846.

So far this year 169 units have now sold in the Merritt area, worth over $63 million. The average price of a home sold in 2021 is $376,357, a 14 per cent increase from $328,923 in 2020.

The 14.4 per cent increase in sale price is the lowest in the region and compares to 22.6 in Kamloops, 46.2 in Logan Lake, 53.3 in Barriere, and 105.6 in Chase.

“One thing is for sure, there is going to be an uptick in Real Estate activity over summer. As lockdown restrictions are already being lifted across the province, one can’t deny that business activity is only going to grow and Real Estate like any other market, will respond likewise,” said KADREA President Chelsea Mann.

*Merritt & Area includes :Merritt, Ashcroft, Cache Creek, Clinton, Lillooet

*Numbers provided by the Kamloops and District Real Estate Association