File Photo (Image Credit: CFJC Today)

By James Peters

Real Estate Market

Inventory increase last month favours Kamloops home buyers – but prices were up as well

Oct 6, 2022 | 2:12 PM

KAMLOOPS — The Kamloops-and-area real estate market continued its slow swing toward balance in the month of September.

New figures released by the Association of Interior Realtors (AIR) show 166 sales last month, nearly identical to August but down 46.1 per cent from the frenetic pace of September 2021.

Another 359 listings were added in September and active listings are at 1,984, up a whopping 124.7 per cent from the same month last year.

“The steady increase in new listings has given the Kamloops and District real estate market a much-needed inventory boost, bringing not only more choices for potential homebuyers, but also showing signs of the market stabilizing amid a province-wide cooling down of unit sales,” said AIR President Lyndi Cruickshank in a news release.

While these moves may be considered advantageous for buyers, sale prices are still on the increase.

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The benchmark price, describing the average price of units containing typical attributes for that category, was up 8.6 per cent for single family homes last month compared to September 2021, now sitting at $659,400.

The townhouse benchmark price was up 22.5 per cent in the same interval.