Central Okanagan / Kelowna Real Estate Market Summary: April 2023
Although increasing month-over-month and outpacing current supply, Okanagan / Kelowna residential real estate sales in April 2023 continued to decrease year-over-year across all housing types, with the largest decline in townhome sales (25%). The number of new listings for all housing types is also down from April last year, with townhomes also having the largest decline in the number of new listings (26%). Average prices continued to decrease across all housing types, with townhomes having the largest decrease in price (18%). Average days on market (DOM) continued to increase year-over-year across all housing types, with townhomes experiencing the most significant increase since last year (158%) and single-family homes close behind (152%).
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 23% in April 2023 compared to April of 2022, with 186 homes sold in April 2023 versus April of 2022's 243.
The number of new listings of single-family homes in the Central Okanagan fell 24% in April 2023 versus April of 2022, with 387 new residential listings this April compared to last April's 605 new listings.
The average price of single-family homes in the Central Okanagan declined 12% in April 2023 since April of last year, coming in at $1,083,027 versus April of 2022's $1,229,760.
The average days on market (DOM) of single-family homes in the Central Okanagan substantially increased by 152% in April 2023 compared to April of 2022, with 53 DOM this April versus last April's 21 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 25% in April 2023 since April of 2022, with 71 townhomes sold this April compared to last April's 95.
The number of new townhome listings in the Central Okanagan declined 26% this April since April of 2022, with 134 new listings this April versus last April's 181.
The average price of townhomes in the Central Okanagan decreased 18% this April compared to April of last year, coming to $696,146 in April of 2023 balanced against April of 2022's $774,601.
The average days on market (DOM) of townhomes in the Central Okanagan increased 158% this April compared with April of last year, with 49 DOM in April of 2023 versus 19 DOM in 2022.
Condos
Condo sales in the Central Okanagan fell 21% in April of 2023 compared to April of last year, with 133 condos sold this April compared to last April's 168.
The number of new condo listings in the Central Okanagan decreased 21% in April 2023 compared to this time last year, with 201 new condo listings this April versus 255 new listings last April.
The average price of Central Okanagan condos declined 11% this April compared to April of 2022, coming in at $490,683 in April of 2023 compared to last April's $548,560.
The average days on market (DOM) of condos in the Central Okanagan rose 82% in April 2023 compared to April of last year, with 49 DOM in April of 2023 versus last April's 24 DOM.
Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.
View Last Month's Central Okanagan / Kelowna Real Estate Market Statistics
Source: Association of Interior Realtors