Residential real estate sales in the Central Okanagan decreased 9% in January from December, with 250 sold in January compared to December's 271. While down from last month, January residential real estate sales were up by 26% from January of 2019's 192.
The average price of a single-detached residential home in the Central Okanagan increased by 5% this January versus last January, coming in at $724,387 compared to January of 2019's $688,886. Conversely, the average price of townhomes experienced a decrease, coming in at $457,615, a 6% decrease from last year's $489,037. The average price of condos increased 14% in January to $382,445 from last January's $336,258.
The number of new residential listings increased dramatically by 78% from December, with 549 new listings in January compared to December's 308. This dramatic jump from December to January is typical for the new year. New listings this January were 17% lower than last January's 665.
The average days on market (DOM) decreased 5% in January to 80 DOM from December's 84 and on par with last January's 80 DOM.
If you have any questions on the numbers above or would like to chat about next steps in buying or selling a home in the Central Okanagan, feel free to email Jeff Creamer at email@example.com or call 250-575-7112. Receive weekly updates on the Central Okanagan real estate market and other useful real estate information and tips by following Jeff on Facebook, Instagram and Twitter.