Within the Kamloops and District region, 185 residential unit sales were recorded last month, up from the 159 recorded in February, which is expected for this time of year, yet down 5.6% compared to March 2024’s unit sales. There were 476 new listings recorded last month in the Kamloops and District region, which was an increase of 6.7% compared to March 2024. Overall inventory, or active listings, saw an increase of 7.2% in year-over-year comparison, coming in at 1,140 listings. Being a more balanced market, we are seeing more listings come online as spring approaches. We are also seeing homes that are priced in line with current market conditions continue to sell at a steady pace.
The benchmark price, a better representation of value than the average or median price as it represents a dwelling of “typical attributes”, saw percentage decreases in all three categories again. There was a 4.2% and 0.3% decrease in the townhome and condominium housing categories compared to March 2024, coming in at $507,700 and $378,800, respectively. The benchmark price for single-family homes saw an increase of 0.2% in year-over-year comparison, coming in at $667,800. Being a more balanced market means that the real estate has to be appropriately priced to have a chance of selling. The days of buyers fighting over each other to overpay for real estate are long gone.
*Stats provided by the Association of Interior Realtors.
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