Listings are up marginally, but single-family benchmark sales prices are down 10.7%. Within the Kamloops and District region, there were 213 residential unit sales recorded last month, up from the 149 recorded in February 2023, yet down 36.8% compared to March 2022 sales. There were 391 new listings added in March in the Kamloops and District region, which was a decrease of 24.2% compared to the same time last year.
Overall inventory, or active listings, saw an increase of 76.2% increase compared to March 2022, coming in at 858 due to a decrease in overall sales for the month. Spring typically represents an uptick in listing activity and buyer activity, so I am expecting to see both sales and new listing numbers climb. The high interest rates are still hindering buyers, so unless we see the banks start to fight each other for new mortgages, the sales numbers will continue to be low.
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 the second consecutive month; up 1.7% coming in at $527,300 compared to March 2022. The benchmark price for single-family homes and condominiums both saw percentage decreases in year-over-year comparisons of 10.7% and 5.5%, respectively. Stats provided by the Association of Interior Realtors.
Posted by Andrew Karpiak on
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