Within the Kamloops and District region, there were 149 residential unit sales recorded last month, up from the 104 recorded in January 2023, yet down 50.8% compared to unusually high February 2022 sales. There were 305 new listings added in February in the Kamloops and District region, which was a decrease of 16.2% compared to the same time last year.
Overall inventory, or active listings, saw an increase of 112% compared to February 2022, coming in at 793. “While there has been a gradual increase in inventory levels in the Kamloops area over the past few months, this growth is not sufficient to meet the demand for new listings required to achieve a balanced market,” says Cruickshank.
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 of 5.1%, coming in at $520,600 compared to February 2022, with 8.7% percentage decreases within both the condominium and single-family home categories.
As the snow melts, we should see an increase in listings in the Kamloops market. If the volume of listings is high enough, it may help to drive prices down as there will be more inventory for the buyers to choose from...only time will tell on that front.
Posted by Andrew Karpiak on
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