Central Okanagan / Kelowna Real Estate Market Summary: August 2023
Residential sales and the number of new listings in the Central Okanagan / Kelowna area declined year-over-year in August 2023 for single family homes and condos, while increasing for townhomes. Average prices rose for single family homes while declining for townhomes and condos. Average days on market (DOM) continued to rise for single family homes and condos while decreasing for townhomes. Although showing some slight declines in sales and listings, real estate activity overall has remained mostly steady despite wildfire activity within the region.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan declined 7% in August 2023 compared to August of 2022, with 157 homes sold in August 2023 compared to August of 2022's 168.
The number of new listings of single-family homes in the Central Okanagan also declined in August 2023, decreasing 6%, with 390 new residential listings this August compared to last August's 427 new listings.
The average price of single-family homes in the Central Okanagan increased 5% in August 2023 since August of last year, coming to $1,088,641 in August of 2023 set against August of 2022's $1,041,452.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 9% this August compared to August of last year, with 47 DOM this August compared to last August's 43 DOM.
Townhomes
Sales of Central Okanagan townhomes rose 24% in August 2023 since August of 2022, with 67 townhomes sold in August of 2023 versus August of 2022's 54.
The number of new townhome listings in the Central Okanagan increased 6% this August since August of 2022, with 118 new listings this August compared to last August's 111.
The average price of townhomes in the Central Okanagan fell 4% this August compared to August of last year, coming to $716,351 in August of 2023 set against August of 2022's $746,631.
The average days on market (DOM) of townhomes in the Central Okanagan declined by 4% this August since August of last year, with 45 DOM in August of 2023 compared to 47 DOM in 2022.
Condos
Condo sales in the Central Okanagan decreased 21% in August of 2023 since August of 2022, with 100 condos sold this August set against last August's 126.
The number of new condo listings in the Central Okanagan decreased 16% in August 2023 since this time last year, with 186 new condo listings this August versus 220 new listings last August.
The average price of Central Okanagan condos fell 28% this August compared to August of 2022, coming in at $493,395 in August of 2023 compared to last August's $682,653.
The average days on market (DOM) of condos in the Central Okanagan increased by 50% in August 2023 since August of last year, with 50 DOM in August of 2023 compared to last August's 40 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