As 2022 came to an end, residential real estate sales continue to soften through the month of December. 2022 started very strong but did see a shift as the BOC started its interest rate hike campaign...that shift has continued through the end of 2022 and will continue to do so into 2023. Interestingly the Kamloops and area inventory levels continue to grow, but sales activity is dropping, with some key Benchmark prices also dropping month over month.
“Looking to 2023, we anticipate inventory will continue to accumulate, as compared to recent years, with all signs pointing to more balanced conditions with buyers and sellers benefitting equally,” notes Lyndi Cruickshank, President of the Association of Interior Realtors.
Within the Kamloops and District region, there were 75 residential unit sales recorded last month, down from the 130 recorded in November 2022, with a decrease of 54.8% compared to December 2021. There were 109 new listings added in December in the Kamloops and District region, which was a 3.5% decline compared to the same time last year. Overall inventory, or active listings, saw a substantial 172.2% increase compared to December 2021, coming in at 1,911. This number of active listings is still low relative to where the market was at a few years ago. The shortage of supply is still keeping benchmark sales prices high while demand continues to hold strong in the region. That said, we are definitely shifting away from a strong seller's market to a buyer's market.
Posted by Andrew Karpiak on
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