Kamloops, Okanagan real estate sales down last month
Real estate sales in Kamloops and Okanagan in March were down significantly compared to last year.
The Association of Interior Realtors released their report for March showing home sales were down 22 per cent compared to the same month last year.
“Despite a relatively strong start in March, sales activity tapered off about midway through as spring break and Easter plans likely had buyers and sellers preoccupied,” association president Kaytee Sharun said in the report. “It isn’t surprising given that March is typically a staggered month when it comes to market activity.”
Out of 977 sales in the Interior, 502 were in the Okanagan and 174 were in and around Kamloops.
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This increase is positive, but the market is rebounding from the lowest sale numbers in 10 years with 603 sales in January.
The benchmark price of a single family home in Kamloops went up 7% and currently sits at $658,300.
The benchmark prices for single family homes in the Okanagan fell slightly, except for South Okanagan where the price rose 5.6 per cent to $758,500.
In Central Okanagan the benchmark price for a single family home dropped below a million dollars to $986,600.
The benchmark prices represent the price of a typical home, rather than a calculated average or median.
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As far as new listings are concerned, more homes went on the market across the board compared to February.
“The gradual ramp-up in listings should make for a busy summer season,” Sharun said.
“The upward trajectory of inventory could be attributed to various factors, such as previously reluctant sellers being ready to take the plunge with interest rates no longer at its peak, vacation home dwellers looking to unload ahead of government policy changes coming into effect, or simply due to seasonality.
"With the lack of inventory plaguing the real estate market for months, this will be a welcomed relief to buyers who are looking for more options.”
Out of 3,086 new listings in the Interior there were 1,902 new listings in the Okanagan, and 455 in and around Kamloops.
The number of listings for last month is about 20% higher than it was in March 2023.
“Although seemingly lukewarm in terms of real estate transactions, it is a more normalized spring market, moving at a more normal pace,” Sharun said.
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