Central Okanagan / Kelowna Real Estate Market Summary: February 2023
February 2023 Okanagan / Kelowna residential real estate sales of single-family homes, townhomes, and condos continued to experience declines across all housing types when compared to last year. The number of new listings for all housing types only decreased slightly since last year. Average prices are starting to decrease across the board, with only a slight decrease in the average price of townhomes and slightly larger increases in single-family homes and condos (15% and 11%, respectively). Average days on market (DOM) continued to rise substantially year-over-year across all housing types, with condos experiencing the most significant increase (130%).
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased by 47% in February 2023 compared to February of 2022, with 123 homes sold in February 2023 versus February of 2022's 231.
The number of new listings of single-family homes in the Central Okanagan slightly decreased in February 2023 compared to February of 2022, with 311 new residential listings this February compared to last February's 314 new listings.
The average price of single-family homes in the Central Okanagan decreased by 15% in February 2023 since February of last year, coming in at $1,061,756 versus February of 2022's $1,251,713.
The average days on market (DOM) of single-family homes in the Central Okanagan significantly increased by 126% in February 2023 compared to February of 2022, with 61 DOM this February versus last February's 27 DOM; however, DOM is decreasing month-over-month.
Townhomes
Sales of Central Okanagan townhomes significantly declined by 60% in February 2023 since February of 2022, with 39 townhomes sold this February versus last February's 98.
The number of new townhome listings in the Central Okanagan decreased 3% this February since February of 2022, with 96 new listings this February compared to last February's 99.
The average price of townhomes in the Central Okanagan slightly decreased by .6% this February compared to February of last year, coming to $760,867 in February of 2023 versus February of 2022's $765.070.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 68% this February compared with February of last year, with 42 DOM in February of 2023 versus 25 DOM in 2022.
Condos
Condo sales in the Central Okanagan decreased by 56% in February of 2023 compared to February of last year, with 74 condos sold this February compared last February's 167.
The number of new condo listings in the Central Okanagan only slightly decreased by 1% in February 2023 compared to this time last year, with 190 new condo listings this February compared to 192 new listings last February.
The average price of Central Okanagan condos decreased 11% this February compared to February of 2022, coming in at $469,511 in February of 2023 compared to last February's $525,350.
The average days on market (DOM) of condos in the Central Okanagan significantly increased by 130% in February 2023 compared with February of last year, with 76 DOM in February of 2023 versus last February's 33 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