The President of the Kamloops and District Real Estate Association says January home prices in the city came in as expected.

Wendy Runge says the average single family home sold for $480,000 last month, a 6.2 per cent increase from January of last year.

“We’re definitely very stable in the Kamloops and District real estate market,” she told NL News. “We just keep seeing that average single family home price eking up month over month as there’s such a strong demand even in January.

“There are multiple offers as we have this pent up of buyers who are just waiting for inventory to come onto the market.”

Runge says like most of last year, the majority of home sales in Kamloops were in the $300,000 to $400,000 price range.

“Sales are down modestly, prices are up modestly and low inventory continues to be a real problem as there seems to be very few sellers out there at this time.”

She says there were just 275 new listings in Kamloops last month, compared to 345 during the same time last year. All told, the number of active listings on the market were 879, down from 937 last year.

“The current inventory represents a decline of 35 per cent from the 10-year average and is roughly half of the level of inventory Kamloops saw just 5 years ago,” noted Runge.

The median house price last month was $513,000, just shy of the $515,000 record set in Oct. 2019. The average single-family home price in Nov. 2019 was a record $521,587. In December, the average price in Kamloops was just over $485,000,

And Runge says Brocklehurst and Sahali led the way last month with 14 homes sold each. South Kamloops was close behind with 13 sales.