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April 05, 2022 - 4:30 PM
A total of 1,898 homes were sold in March throughout the territory covered by the Association of Interior Realtors, which is a 25% decrease from March 2021 but a slight 7% increase over February.
At the same time, prices jumped by 30% or more in the Kamloops and Okanagan regions.
The Central Okanagan continued with the highest prices, reaching $1,129,000 as the benchmark, or typical, selling price for a single-family home in March, according to an Association of Interior Realtors news release issued today, April 5.
That’s a 34% increase over March last year and a $35,000 gain over February.
Kamloops saw a 31.5% increase from last year to $711,000, up $30,389 from $680,611 in February.
The South Okanagan experienced the largest year-over-year gain of 37.6% in its benchmark single-family home price to $731,400. That’s a $14,700 increase over February.
Prices in the North Okanagan only went up 30.1% to $779,700 year-over-year but that’s $36,400 gain from February.
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“It is encouraging to see that, in the month of March, we saw a slight increase of sales, as well as an upswing of new listings compared to February, which is seasonally expected for the local real estate market as we head into the warmer spring months,” Association President Kim Heizmann said in the news release.
“The spring fling seems to have been kick started which is great news for buyers and sellers, however new listings are still not coming on to market at the rate needed to meet demand.”
The association now includes the Shuswap/Revelstoke, Kootenay and South Peace regions so the 1,898 total sales is for all those area.
Most home sold, 559, were in the Central Okanagan, followed by Kamloops with 287, South Okanagan with 161 and North Okanagan with 150.
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