Central Okanagan / Kelowna Real Estate Market Summary: January 2023
January 2023 Okanagan / Kelowna residential real estate sales of single-family homes, townhomes and condos continued to significantly decline across the board. Conversely, the number of new listings increased across all housing types, with the greatest increase in the number of new condo listings. For the first time in several months, the average price of single family homes and condos actually decreased, with only townhomes experiencing a small increase in price. Average days on market (DOM) continued to significantly increase in January 2023 across all housing types, with single family homes experiencing the most significant increase.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan drastically decreased by 60% in January 2023 compared to January of 2022, with only 63 homes sold in January 2023 versus January of 2022's 157.
The number of new listings of single-family homes in the Central Okanagan increased by 8% this January since January of 2022, with 244 new residential listings this January compared to last January's 225 new listings.
The average price of single-family homes in the Central Okanagan experienced a decrease of 14% in January 2023 versus January of last year, coming in at $947,774 versus January of 2022's $1,098,337.
The average days on market (DOM) of single-family homes in the Central Okanagan significantly increased by 125% in January 2023 compared to January of 2022, with 81 DOM this January versus last January's 36 DOM.
Townhomes
Sales of Central Okanagan townhomes declined 46% in January 2023 since January of 2022, with 36 townhomes sold this January versus last January's 67.
The number of new townhome listings in the Central Okanagan increased 24% this January since January of 2022, with 104 new listings this January compared to last January's 84.
The average price of townhomes in the Central Okanagan increased by 8% this January compared to January of last year, coming to $719,898 in January of 2023 versus January of 2022's $667,000.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 51% this January compared with January of last year, with 56 DOM in January of 2023 versus 37 DOM in 2022.
Condos
Condo sales in the Central Okanagan decreased by 50% in January of 2023 compared to January of last year, with 52 condos sold this January compared last January's 103.
The number of new condo listings in the Central Okanagan increased 33% in January 2023 compared to this time last year, with 172 new condo listings this January compared to 129 new listings last January.
The average price of Central Okanagan condos decreased 12% this January compared to January of 2022, coming in at $470,173 in January of 2023 compared to last January's $533,004.
The average days on market (DOM) of condos in the Central Okanagan increased by 51% in January 2023 compared with January of last year, with 65 DOM in January of 2023 versus last January's 43 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