Real estate prices fall in September

The average price of a unit sold in Merritt throughout the month September decreased by over 10 per cent according to the latest statistics from the Kamloops and District Real Estate Association.

In September, 31 units were sold in the area, two more than September of 2020. Despite the two extra properties, the sales volume dropped by 3.8 per cent. The average price of those units sold was $411,087, a 10 per cent drop from the $456,931 mark set in September 2020.

“We must be aware that the extreme hot market that resulted due to the pent-up demand during the pandemic, appears to be over,” said KADREA President, Chelsea Mann.

The September numbers decrease the year to date price increase in Merritt from 19.6 per cent in August to 14.6 this month. The average price of a unit sold this year is $417,017 compared to $363,635 in 2020.

The Merritt area continues to have the lowest price increase this year, followed by Kamloops at 17.6 per cent.

Merritt & Area: Merritt, Ashcroft, Cache Creek, Clinton, Lillooet.