Association of Interior REALTORS® - Kamloops branch MLS® home sales back down to average levels as market begins to show signs of moderating
The number of homes sold through the MLS® System of the Association of Interior REALTORS® - Kamloops branch totaled 268 units in April 2022. This was down sharply by 32.2% from April 2021.
Home sales were 1.5% below the five-year average and 1% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled 1,099 units over the first four months of the year. This was a decrease of 17.5% from the same period in 2021.
“Sales activity was back to more normal levels for a typical April after the unprecedented record set in the same month last year,” said Lyndi Cruickshank, President of the Association of Interior REALTORS®. “With two months of interest rate increases now behind us it seems that sales are beginning to cool off. New listings are continuing at a healthy pace, which means that for the first time since 2018 we have an increase in our overall inventory levels. If trends continue to play out this way over the remainder of the year, we’ll likely see a rebalancing of the market away from historically tight conditions towards one where buyers have more choice available to them.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $653,800 in April 2022, a gain of 29.6% compared to April 2021.
The benchmark price for single-family homes was $721,600, up by 28.2% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $548,800, an increase of 29.9% compared to a year earlier, while the benchmark apartment price was $398,700, a jump of 31.5% from year-ago levels.
The average price of homes sold in April 2022 was $664,038, a notable gain of 20.9% from April 2021.
The more comprehensive year-to-date average price was $664,711, increasing by 25.3% from the first four months of 2021.
The dollar value of all home sales in April 2022 was $178 million, a decrease of 17.9% from the same month in 2021.
The number of new listings was nearly unchanged, up only 0.4% (two listings) from April 2021. There were 544 new residential listings in April 2022. This was the largest number of new listings added in the month of April in more than five years.
New listings were 18.9% above the five-year average and 11.4% above the 10-year average for the month of April.
Active residential listings numbered 693 units on the market at the end of April, an increase of 6.9% from the end of April 2021.
Active listings were 24.9% below the five-year average and 51.2% below the 10-year average for the month of April.
Months of inventory numbered 2.6 at the end of April 2022, up from the 1.6 months recorded at the end of April 2021 and below the long-run average of 6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
Association of Interior REALTORS® - Kamloops Branch branch is the professional, member-based association for more than 300 REALTORS® in Kamloops and surrounding communities.
Association of Interior REALTORS® - Kamloops branch