Within the Kamloops and District region, there were 192 residential unit sales recorded last month, down from the 213 recorded in March 2023, with a 30.9% decrease compared to March 2022 sales. There were 413 new listings added in April in the Kamloops and District region, which was a decrease of 23.1% compared to the same time last year. Overall inventory, or active listings, saw an increase of 35.7% increase compared to April 2022, coming in at 923.
The volume of active/new listings is still low relative to past years. This is maintaining a high level of pressure on sales prices. The benchmark price, a better representation of value compared to the average or median price as it represents a dwelling of “typical attributes,” saw an increase in the townhouse category for another consecutive month; up 5.1% coming in at $543,000 compared to April 2022.
The benchmark price for single-family homes and condominiums both saw percentage decreases in year-over-year comparisons of 11.1% and 10.9%, respectively. Unless Kamloops sees a large number of new listings, the buyer demand pressure will remain high, keeping prices from dropping much further, as many have anticipated.
Posted by Andrew Karpiak on
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