Central Okanagan / Kelowna Real Estate Market Summary: July 2023
Residential sales in Central Okanagan / Kelowna increased in July year-over-year across all housing types, with the largest increases in condo sales (46%) and single-family home sales (45%). The number of new listings increased year-over-year across all housing types, with the largest increase in townhome listings (61%). Average prices rose slightly for single-family homes (2%) and townhomes (4%) while decreasing slightly for condos (3%). Average days on market (DOM) continued to rise year-over-year for all housing types, with the greatest increase in condo DOM (28%).
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan increased 45% in July 2023 compared to July of 2022, with 180 homes sold in July 2023 compared to July of 2022's 124.
The number of new listings of single-family homes in the Central Okanagan decreased 2% in July 2023 versus July of 2022, with 455 new residential listings this July set against last July's 466 new listings.
The average price of single-family homes in the Central Okanagan increased 2% in July 2023 since July of last year, coming to $1,103,313 in July of 2023 compared to July of 2022's $1,077,431.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 11% this July compared to July of last year, with 41 DOM this July versus last July's 37 DOM.
Townhomes
Sales of Central Okanagan townhomes increased 37% in July 2023 since July of 2022, with 70 townhomes sold in July of 2023 compared to July of 2022's 51.
The number of new townhome listings in the Central Okanagan increased 61% this July since July of 2022, with 167 new listings this July set against last July's 104.
The average price of townhomes in the Central Okanagan rose 4% this July compared to July of last year, coming to $721,666 in July of 2023 versus July of 2022's $697,636.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 15% this July since July of last year, with 38 DOM in July of 2023 compared to 33 DOM in 2022.
Condos
Condo sales in the Central Okanagan increased 46% in July of 2023 compared to July of 2022, with 124 condos sold this July versus last July's 85.
The number of new condo listings in the Central Okanagan increased 16% in July 2023 since this time last year, with 239 new condo listings this July set against 207 new listings last July.
The average price of Central Okanagan condos decreased 3% this July compared to July of 2022, coming in at $502,793 in July of 2023 compared to last July's $517,384.
The average days on market (DOM) of condos in the Central Okanagan rose by 28% in July 2023 since July of last year, with 46 DOM in July of 2023 compared to last July's 36 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