Central Okanagan / Kelowna Real Estate Market Summary: March 2023
March 2023 Okanagan / Kelowna residential real estate sales of single family homes, townhomes, and condos continued to fall year-over-year. Although higher than last month, the number of new listings for all housing categories is also down from March last year, with the largest decline in listings of single-family homes. Average prices continued to decrease across all housing types, with the largest decreases in the average price of townhomes (21%). Average days on market (DOM) saw substantial increases year-over-year across all housing types, with single-family homes experiencing the most significant increase since last year (150%).
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased by 40% in March 2023 since March of 2022, with 180 homes sold in March 2023 versus March of 2022's 300.
The number of new listings of single-family homes in the Central Okanagan decreased by 24% in March 2023 versus March of 2022, with 441 new residential listings this March compared to last March's 581 new listings.
The average price of single-family homes in the Central Okanagan decreased by 13% in March 2023 since March of last year, coming in at $1,086,923 compared to March of 2022's $1,251,987.
The average days on market (DOM) of single-family homes in the Central Okanagan increased significantly by 150% in March 2023 compared to March of 2022, with 55 DOM this March compared to last March's 22 DOM.
Townhomes
Sales of Central Okanagan townhomes declined by 30% in March 2023 since March of 2022, with 58 townhomes sold this March versus last March's 83.
The number of new townhome listings in the Central Okanagan decreased 15% this March since March of 2022, with 128 new listings this March versus last March's 151.
The average price of townhomes in the Central Okanagan decreased by 21% this March since March of last year, coming to $860,573 in March of 2023 compared to March of 2022's $679,141.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 45% this March compared with March of last year, with 42 DOM in March of 2023 versus 29 DOM in 2022.
Condos
Condo sales in the Central Okanagan decreased by 35% in March of 2023 compared to March of last year, with 130 condos sold this March compared last March's 201.
The number of new condo listings in the Central Okanagan decreased by 18% in March 2023 compared to this time last year, with 229 new condo listings this March compared to 280 new listings last March.
The average price of Central Okanagan condos decreased 13% this March compared to March of 2022, coming in at $478,830 in March of 2023 compared to last March's $550,328.
The average days on market (DOM) of condos in the Central Okanagan significantly increased by 97% in March 2023 compared to March of last year, with 57 DOM in March of 2023 versus last March's 29 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 Statistics
Source: Association of Interior Realtors