The Kamloops and area Real Estate stats are officially out for the month of March 2022 with 326 residential unit sales recorded, a 15% decline compared to the same time last year. The average prices across all home categories showed double-digit percentage increases compared to the same time last year with the highest percentage increase being in the single-family home category.
There were 510 new listings added in March 2022 in the Kamloops & district region, which was an increase of 15% compared to March of last year. Overall inventory or active listings saw an 84% upswing compared to the same period last year coming in at 943 listings for the region. This is an addition of 500 listings for the first time since the real estate market started its meteoric climb back in 2020.
Unfortunately, demand is still higher than supply but we are seeing some listings reduce their listing price as the listing sits on the market. This tells me that some sellers have listed their homes at prices the buyers are not prepared to entertain. To me, this is the first sign of a market that is starting to show buyer fatigue.
I anticipate a further slow down from the buyer side of things in the Kamloops market as the Bank of Canada announces another interest rate hike. April should be another very busy month for sales as it is typically a busy time of year for us as we seasonally see more listings come on the market and hence more sales.
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