For the first time ever, the median sales price in Kamloops real estate has risen above the half-million-dollar mark.

The Kamloops and District Real Estate Association says the median sales price in Kamloops last month was $502,500.

The association’s president Wendy Runge says the median price is $40,000 more than it was in March of 2018.

“I think what is reflected there in that higher median price is the increase of sales over $600,000 that we saw. We were up 30 per cent, compared to year-to-date, on sales over $600,000. So that makes a big difference when we’re seeing those higher-end properties selling, and that’s just partly because all the prices are rising,” Runge says.

“It’s really driven by the lack of inventory. We have a pent-up of buyers who have been waiting for properties to come on the market. And I know, even me personally, you have buyers who are willing to go up a bit more now because they get frustrated waiting for that property to come on that is perfect in that price point. So everyone seems to be creeping up in what they’re willing to pay for property.”

Runge says the average single-family home in Kamloops sold for more than $488,777 dollars last month. The average sales price overall last month in Kamloops was $406,603, which is a six-per-cent increase from March of 2018.

“The most active market, really still in Kamloops, is still that $450,000 to $550,000. It creeps up, I used to say $400,000 to $500,000. But it’s getting challenging, and then we’re seeing some multiple offers happening which is pushing pricing up too.”

The most sales in the Kamloops area Sun Peaks (18) and Aberdeen (17).