Sales and prices up in Kamloops, Okanagan real estate markets
Despite an extreme cold snap earlier in the month, real estate markets in the Southern Interior were surprisingly strong in January.
“It seems spring may be arriving early in terms of real estate activity along with the warmer temperatures,” Chelsea Mann, president of the Association of Interior Realtors said in a news release today, Feb. 5.
The sale of 603 units in January was a 5.6% increase over January 2023 and a 14.2% increase from December.
Prices rose in most categories and regions with the exception of the South Okanagan where prices dropped off significantly. Prices also fell in most townhome markets.
The benchmark price for a single-family house remained below $1 million in the most expensive Central Okanagan region, but climbed $23,300 from December to $989,800.
Prices for single-family houses rose by $15,400 in the North Okanagan to $728,100, but fell by $43,600 in the South Okanagan to $670,700 and dropped by $6,600 in Kamloops to $643,400.
The price of townhomes climbed by $10,000 in the North Okanagan, but fell in the other three regions most significantly by $38,300 in the South Okanagan.
Condo prices increased slightly from $1,600 in the North Okanagan to $4,600 in the Central Okanagan, but fell by $45,700 in the South Okanagan.
The good news for house hunters is that there's been a significant increase in the number of homes listed for sale.
The total number of listings was up 16.5% to 1,576 compared to January 2023 throughout the association’s region, which reaches through the Kootenays and includes the South Peace.
“It is promising to see active listings trending at an upward trajectory despite being slightly under what we would like to see,” Mann said in the release. “With the infusion of much needed inventory, we are seeing a relatively balanced market when looking at sales to active listings ratio.”
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