More real estate listings and lower prices in Kamloops, Okanagan
A recent real estate report has good news for home buyers in the southern Interior. There are more houses on the market and lower prices around Kamloops and the Okanagan.
The Association of Interior Realtors released its report for April today, May 3, showing a dramatic increase in inventory and a slight decrease in price for benchmark properties.
“After years of having an inventory drought challenging homebuyers, this upswing in listings will come as a relief to buyers as it expands their options making finding a dream home a more viable reality than when limited options may have had them settling for the next best,” the association’s president Kaytee Sharun said in the report.
Benchmark prices are the estimated cost of a typical property in each market, not the calculated average value of a home.
Central Okanagan saw a 36 per cent increase in new listings. For single family homes in Central Okanagan the inventory went up by 53 per cent and the benchmark cost went down by 3.6 per cent.
Kamloops and its district had an increase in new listings of 33 per cent. The benchmark price for a single family home went up in Kamloops by 6.2 per cent.
“There are numerous factors that could be contributing to the increase of new inventory,” Sharun said. “It could merely be a case of the seasonal spring market finally hitting its stride, a case of government policies coming into play or simply due to an adjustment of expectations aligning more with current market conditions.”
READ MORE: Kamloops, Okanagan real estate sales down last month
The North Okanagan had a similar increase in new listings at 32 per cent. The benchmark price for single family homes decreased by 4.6 per cent.
The South Okanagan had a 22 per cent increase in new listings, but the benchmark price for a single family home went up one per cent.
The trends in single family homes are relatively similar to trends in townhouses and condos or apartments.
The Shuswap and Revelstoke area followed the trend a bit more dramatically with a 57 per cent increase in new listings. The benchmark price for a single family home dropped by 4.2 per cent.
There were 977 units sold in March and 1,282 sold in April, signalling this summer will be a good season for the real estate market.
“After the lukewarm activity in March, it’s nice to see that the bustling spring market has arrived,” Sharun said. “While it may have taken longer to arrive than usual, this spring activity is indicative of a normal seasonal real estate market.”
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