Central Okanagan / Kelowna Real Estate Market Overview: August 2022Central Okanagan / Kelowna Real Estate Market Overview: August 2022

In August 2022, residential real estate sales in the Central Okanagan / Kelowna real estate market continued to fall while the number of listings rose across all housing types. Despite continued declines in sales, prices  are higher across all housing types compared with this time last year, with slight increases in the average price of single-family homes and townhomes and a significant increase in the average price of condos. Average days on market (DOM) increased in August 2022 across all housing types, with a significant increase in DOM for townhomes.

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan decreased 28% in August 2022 versus August of 2021, with 170 homes sold in August 2022 versus August of 2021's 237.

The number of new listings of single-family homes in the Central Okanagan increased 25% this August compared to August of 2021, with 424 new residential listings this August compared to last August's 339 new listings.

The average price of single-family homes in the Central Okanagan increased 9% in August 2022 since August of last year, coming in at $1,046,552 versus August of 2021's $1,001,553. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 40% in August 2022 compared to August of 2021, with 42 DOM in August 2022 versus last August's 30 DOM.

Townhomes

Sales of Central Okanagan townhomes decreased 29% in August 2022 since August of 2021, with 54 townhomes sold this August versus last August's 76. 

The number of new townhome listings in the Central Okanagan experienced an increase of 16% this August since August of 2021, with 112 new listings this August compared to last August's 97.

The average price of townhomes increased 9% this August in the Central Okanagan compared to August of last year, coming to $746,631 in August 2022 versus August of 2021's $686,626. 

The average days on market (DOM) of townhomes in the Central Okanagan significantly increased by 84% in August 2022 compared to August of last year, with 57 DOM in August 2022 versus August of 2021's 31 DOM.

Condos

Condo sales in the Central Okanagan in August of 2022 decreased 25% compared to August of last year, with 126 condos sold this August compared last August's 167. 

The number of new condo listings in the Central Okanagan increased 28% in August 2022 compared to this time last year, with 221 new condo listings in August of 2022 compared to 173 new listings in August of 2021.

The average prices of Central Okanagan condos increased 52% this August compared to August of 2021, coming in at $682,653 in August of 2022 compared to last August's $447,896.

The average days on market (DOM) of condos in the Central Okanagan in August 2022 increased by 11%compared with August of last year, with 40 DOM in August of 2022 versus last August's 36 DOM.

Questions? Contact Jeff Creamer, Kelowna Realtor with Royal LePage Kelowna, by phone at 250-575-7112 or by email at jeff@shopkelownahomes.com.

Source: Association of Interior Realtors