Residential Real Estate Market Hits All-Time Record for March

Residential real estate sales for the month of March saw a slight uptick over February sales showing signs that the typically busy spring market has commenced in the region, reports the Association of Interior REALTORS®. A total of 1,898 residential unit sales were recorded across the Association region, marking a 25% decrease compared to a record high number of units sold in March 2021. 

New residential listings coming onto market in March saw a decrease of 7% within the region with 2,871 new listings recorded compared to the same period last year yet increased 55% compared to last month’s 1,850. The overall active listings clocked in marginally below last year March’s active listings with 4,018 listings that is a nearly 3% decrease in year-overyear comparisons. “It is encouraging to see that in the month of March we saw a slight increase of sales, as well as an upswing of new listings compared to February, which is seasonally expected for the local real estate market as we head into the warmer spring months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the spring fling seems to have been kick started which is great news for buyers and sellers, however new listings are still not coming on to market at the rate needed to meet demand.”

“Without a drastic supply of housing coming onto market, the lack of inventory will continue to impact buyers and sellers in the coming months,” noted Heizmann. In the South Peace River region, there was a total of 62 residential unit sales recorded in March, with only 22 new listings coming onto market, a 74% decrease compared to the same time last year. 

The average price for single-family homes decreased 9% year-over-year, coming in at $261,745, while the average price for mobile homes jumped 226% coming in at $171,250 in the same period. “The South Peace River region saw one of its best months in sales by hitting an all-time record for March,” says Heizmann, adding “it will be interesting to see what the spring market in the area as typically, unlike the rest of the Association area, South Peace River tends to flourish more towards the latter part of the summer.” 

The average number of days to sell a home, always a good barometer to watch, dropped down to 46 days from 54 days last month. It’s important to note that the average of days on market includes the Okanagan region and that the indicator will vary depending on home type and sub-region. Contact your trusted friend in Real Estate, Jared Franczak & Associates, to find out more about the real estate market and how they can help you achieve your real estate goals.