Central Okanagan / Kelowna Real Estate Market Summary: December 2022
Sales of Okanagan / Kelowna residential real estate single-family homes, townhomes and condos continued to fall in December 2022, with the most significant decline in condo sales. The number of new listings also fell across all housing types, with the greatest decline in new condo listings. Despite these declines, prices continued to increase, although only slightly, across all housing types. Average days on market (DOM) significantly increased in December 2022 across all housing types, with the most substantial increase in DOM in condo sales. The Christmas season can influence these numbers greatly, with buyers and sellers focusing more on Christmas shopping than home shopping throughout the month.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 43% in December 2022 compared to December of 2021, with 86 homes sold in December 2022 versus December of 2021's 152.
The number of new listings of single-family homes in the Central Okanagan decreased 3% this December since December of 2021, with 128 new residential listings this December compared to last December's 132 new listings.
The average price of single-family homes in the Central Okanagan experienced a slight 1% increase in December 2022 versus December of last year, coming in at $1,022,234 versus December of 2021's $1,010,128.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 68% in December 2022 compared to December of 2021, with 64 DOM this December versus last December's 38 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 32% in December 2022 since December of 2021, with 36 townhomes sold this December versus last December's 53.
The number of new townhome listings in the Central Okanagan decreased 5% this December since December of 2021, with 41 new listings this December compared to last December's 43.
The average price of townhomes in the Central Okanagan increased by 4% this December compared to December of last year, coming to $723,784 in December of 2022 versus December of 2021's $697,817.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 55% this December compared with December of last year, with 62 DOM in December of 2022 versus 40 DOM in 2021.
Condos
Condo sales in the Central Okanagan decreased by 57% in December of 2022 compared to December of last year, with 47 condos sold this December compared last December's 109.
The number of new condo listings in the Central Okanagan decreased 43% in December 2022 compared to this time last year, with 64 new condo listings this December compared to 113 new listings last December.
The average prices of Central Okanagan condos increased 3% this December compared to December of 2021, coming in at $525,740 in December of 2022 compared to last December's $509,335.
The average days on market (DOM) of condos in the Central Okanagan significantly increased by 84% in December 2022 compared with December of last year, with 57 DOM in December of 2022 versus last December's 31 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