Residential real estate demand across the Association region remains strong heading into the seasonally busy spring months despite a persistent lack of inventory in the region and throughout the province, reports the Association of Interior REALTORS®.
A total of 1,516 residential unit sales were recorded across the Association region, marking a 15% decrease compared to a record high number of units sold in February 2021. New residential listings coming onto market saw a decrease of 12% within the region with 1,850 new listings recorded. The overall active listings were also far below last year February’s active listings showing a 19% decrease in year-over-year comparisons.
“The persistent lack of new listings coming onto market is far from adequate to meet the demand of buyer’s locally and those coming from other markets,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing the mismatch of inventory versus demand taking a toll on buyers as they show signs of fatigue in having to compete in a seller’s market where lack of supply is putting upward pressure on pricing, and further on affordability.”
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