Residential real estate sales last month in the Kamloops region saw a dip heading into the holiday season.
That’s according to the Association of Interior Relators, who says there were 130 residential unit sales recorded in November, down from 144 recorded the month prior in October.
However, with home prices going down, and increased inventory on the market, Relator Quinn Pache suggests its great for buyers.
“We are seeing the highest inventory we have seen in a long time, and this is giving buyers an opportunity to look at a number of houses and really pick the one that works best for them. So with that people are starting to see the benefits of that and they are saying hey, this is a good time, lets get out, lets go look at houses.”
There were 264 new listings added in November in the region, with overall inventory sitting at over 2,017 last month.
Pache suggests they saw a variety of different types of homes selling, he concedes single family dwellings were the most popular.
“Over the last two years, it was extremely hard for people tog et into a single family house as they were in bidding wars and there wasn’t that much selection. Now they are seeing these places drop in price around $100,000 and they have all these options so its really a good time to pick one of these up.”
Heading into 2023, Pache says they are expecting a slowdown in the real estate market in December , however, he says they are using the month to brace for a busy the new year.
“We’ve had a little bit more of a difficult year real estate wise in Kamloops and 2022 as we had so many changes, but 2023 is looking good. We’re looking at a stable market for Kamloops which is something we haven’t seen in a long time. So we’re just excited and getting ready to help our clients out in the new year.”
