Kamloops, Okanagan home sales still slow in March
Home sales are still down compared to last year, but picked up from February in Kamloops and the Okanagan.
Across the southern Interior, 1,207 homes were sold in March, which is down 37% from the same month last year. However, just 831 homes were sold in February.
"The upwards movement in sales activity compared to the previous month is showing signs that market activity is on its way to recovering from the previous month's slump, while still maintaining healthy market activity," Interior Real Estate Association president Lyndi Cruickshank said in a news release issued today, April 6.
There were a combined 701 homes sold in the Okanagan and 213 in the Kamloops region.
It's not just the number of homes sold, but also the prices that are down compared to last year.
The benchmark price for a single family home in the Central Okanagan was down 14% to about $1 million, the highest in the region. The benchmark price dropped to $728,000 in the North Okanagan and $698,000 in the South Okanagan. In Kamloops, the benchmark price was $622,400, which is 10% below last year's price.
What's on the way up is the amount of time it takes to sell.
Whether it's a single family home, a townhouse or a condo, it's taking around twice as long to sell a home in 2023.
In the Kamloops area and the Okanagan, it's taking roughly two months to sell a home now. That's around 100% longer in Kamloops, depending on the type of home, and around nearly 150% longer in the Okanagan markets.
The real estate association is looking forward to more homes on the market as spring comes.
"The spring months usually witness a surge of market activity, and realtors will certainly be instrumental in providing adequate information and support during this period," Cruickshank said.
There were 2,442 new listings in March, compared to 1,579 in February across the Interior association region, which includes the Kootenay and Shuswap regions, along with the South Peace.
"This is the highest volume of new listings we've had for some time now, indicating that we are heading in a positive direction," Cruickshank said.
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