Home prices, inventory and sales all jump in April as market starts to bloom

Spring market in full swing

The flowers are blooming, the grass is green, and the homes are selling.

The signs of spring in the Interior are back.

Association of Interior Realtors on Friday released its April data, which showed the number of sales across the region was almost on par with last April’s figures. There were 1,282 sales last month, which was 300 more than there were in March and only a handful short of last year at this time.

“After the lukewarm activity in March, it’s nice to see that the bustling spring market has arrived,” AIR president Kaytee Sharun said in a press release. “While it may have taken longer to arrive than usual, this spring activity is indicative of a normal seasonal real estate market.”

There were 417 sales in the Central Okanagan in April, which was a 120-unit jump from March. Benchmark prices jumped in all three housing categories, with single-family homes once again settling above the $1 million mark for the 21st time in the last 29 months.

The single-family benchmark in the North Okanagan rose 3% to $738,500, and prices also increased in both the townhouse and condominium-apartment categories.

The only categories in which there was a benchmark price decrease occurred in South Okanagan single-family ($758,000) and Kamloops condominium-apartment ($373,400).

Prices have risen for the most part despite inventory hitting levels that buyers haven’t seen since before the COVID-19 pandemic started. There were nearly 1,400 single-family homes on the market in the Central Okanagan last month, and it was a similar story in the rest of the Okanagan and Kamloops region as well.

“There are numerous factors that could be contributing to the increase of new inventory,” Sharon said. “It could merely be a case of the seasonal spring market finally hitting its stride, a case of government policies coming into play or simply due to an adjustment of expectations aligning more with current market conditions.

“After years of having an inventory drought challenging homebuyers, this upswing in listings will come as a relief to buyers as it expands their options, making finding a dream home a more viable reality than when limited options may have had them settling for the next best.”

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