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

Residential real estate sales in the Central Okanagan / Kelowna real estate market continued to decline in July 2022 across all housing types, with significant declines in townhome and condo sales. Increases in interest rates and travel could be contributing factors to market activity being below normal for this time of year. The number of listings of single-family homes and condos increased compared with July 2021, while the number of new townhome listings were a bit lower than last year (4%). Despite decreased sales, prices for all housing types are higher compared with this time last year although only slightly for single-family homes and townhomes. Average days on market (DOM) continued to increase this July for single-family homes while declining for townhomes and remaining on par for condos when compared with July of 2021.

Single-Family Residential Homes

Residential real estate sales of single-family residential homes in the Central Okanagan decreased 8% in July 2022 versus July of 2021, with 124 homes sold in July 2022 versus July of 2021's 135.

The number of new listings of single-family homes in the Central Okanagan increased 48% this July compared to July of 2021, with 468 new residential listings this July compared to last July's 317 new listings.

The average price of single-family homes in the Central Okanagan increased 7% in July 2022 since July of last year, coming in at $1,077,431 versus July of 2021's $1,011,776. 

The average days on market (DOM) of single-family homes in the Central Okanagan increased 23% in July 2022 compared to July of 2021, with 37 DOM in July 2022 versus last July's 30 DOM.

Townhomes

Sales of Central Okanagan townhomes decreased 47% in July 2022 since July of 2021, with only 52 townhomes sold this July versus last July's 98. 

The number of new townhome listings in the Central Okanagan experienced a slight decrease of 4% this July since July of 2021, with 102 new listings in July of 2022 compared to last July's 106.

The average price of townhomes increased 5% this July in the Central Okanagan compared to July of last year, coming to $707,297 this July versus last July's $675,794. 

The average days on market (DOM) of townhomes in the Central Okanagan decreased 21% in July 2022 compared to July of last year, with 33 DOM in July 2022 versus July of 2021's 42 DOM.

Condos

Condo sales in the Central Okanagan in July of 2022 decreased 52% compared to July of last year, with only 85 condos sold this July compared last July's 176. 

The number of new condo listings in the Central Okanagan increased 12% in July 2022 compared to this time last year, with 208 new condo listings in July of 2022 compared to 186 new listings in July of 2021.

The average prices of Central Okanagan condos increased 19% this July compared to July of 2021, coming in at $517,384 in July of 2022 compared to last July's $434,484.

The average days on market (DOM) of condos in the Central Okanagan in July 2022 remained on par with July of last year, with 36 DOM in July of 2022 and 2021.

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