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The Kamloops and District Real Estate Association (KADREA) is reporting that despite a strong start last month, the impact of COVID-19 was felt in the market before March's end.
In the end, the month was about even to March 2019, according to KADREA president Wendy Runge. Last month's data kept the year-to-date stats ahead of 2019's pace.
However, the current trends show a slowing marketplace, with a 10 per cent drop in new homes up for sale when compared to March 2019.
"COVID-19 is currently having a dramatic impact on the real estate market, as it is in many other sectors, and this is likely to persist for some time," Runge writes in a press release. "Demand for real estate remains strong but most sales models are now forecasting a drop of anywhere from five per cent to 20 per cent (of sales) for this year depending on how long this pandemic lasts."
March 2019 and March 2020 were fairly even when it comes to prices, with an average single-family home increasing 1.2 per cent to $494,990.
To slow the spread of COVID-19, Runge encourages potential home buyers to virtually tour houses.
