Most Kamloops, Okanagan housing prices fell in May
The sale of houses picked up in Kamloops and the Okanagan in May compared to April but prices in most categories took a hit.
The price of townhomes in all four markets within the region fell.
Hardest hit were the smaller markets with South Okanagan average prices for townhomes falling by about $75,000 while the North Okanagan saw a drop of almost $65,000.
Benchmark prices fell by almost $19,000 in Kamloops while the average for townhomes was down only about $11,000 in the Central Okanagan, based on data released by the Association of Interior Realtors today, June 6.
“Some buyers seem to have recovered from the (interest) rate shock and re-evaluated or have adjusted their expectations of what they desire to more realistic expectations so that they can resume their real estate efforts,” association president Chelsea Mann said it the release. “While this is great to see, interest rates are still top of mind for many buyers.”
The average price of a single-family house jumped by more than $29,500 in the Central Okanagan to $1,112,576. The increase was even greater in the South Okanagan with a $73,000 increase to $805,951.
Average single-family house prices dropped by more than $34,000 in the South Okanagan to $796,982.
Kamloops saw its benchmark price fall by $1,700 to $633,700.
Benchmark and average prices are different but the association provides different data breakdowns for Kamloops than for the Okanagan.
In the condo market, prices were down by more than $67,000 in the North Okanagan, up by $34,200 in the Central Okanagan and up by $19,700 in the South Okanagan.
Kamloops condo prices fell by $17,200.
Sales for the region totalled 1,662 in May, up from 1,226 in April but down 3.4% from last year. The association data also covers the Shuswap, Revelstoke, Kootenay and South Peace regions.
The total number of active listings were up 25.5% from May of 2022 and new listings were up in May compared to April.
“The upward trajectory of new listings from just a month ago is a promising sign that inventory may be rebounding and starting to replenish at a healthier pace than before,” Mann said in the release. “It will be interesting to see if this momentum continues to help bring a more balanced market.”
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