Central Okanagan / Kelowna Real Estate Market Overview: May 2022
Similar to the previous month, residential real estate sales in the Central Okanagan / Kelowna real estate market continued to decline in May 2022 across all housing types. The number of listings of single-family and townhomes increased compared with May 2021, while the number of new condo listings were 10% lower than last year. While declining since last month, prices for all housing types are higher compared with this time last year; however, average days on market (DOM) is starting to increase for single-family homes and townhomes while continuing to decline for condos.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 28% in May 2022 versus May of 2021, with 243 homes sold in May 2022 versus May of 2021's 335.
The number of new listings of single-family homes in the Central Okanagan increased 32% this May compared to May of 2021, with 623 new residential listings this May compared to last May's 472 new listings.
The average price of single-family homes in the Central Okanagan increased 14% in May 2022 since May of last year, coming in at $1,139,144 versus May of 2021's $997,441.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 8% in May 2022 compared to May of 2021, with 26 DOM in May 2022 versus last May's 24 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 25% in May 2022 since May of 2021, with 91 townhomes sold this May versus last May's 122.
The number of new townhome listings in the Central Okanagan increased 14% this May since May of 2021, with 179 new listings in May of 2022 compared to last May's 157.
The average price of townhomes increased 18% this May in the Central Okanagan compared to May of last year, coming to $768,155 this May versus last May's $652,933.
The average days on market (DOM) of townhomes in the Central Okanagan increased 13% in May 2022 compared to May of last year, with 26 DOM in May 2022 versus May of 2021's 23 DOM.
Condos
Condo sales in the Central Okanagan in May of 2022 decreased 30% compared to May of last year, with 164 sold this May compared last May's 233.
The number of new condo listings in the Central Okanagan decreased 10% in May 2022 compared to this time last year, with 234 new condo listings in May of 2022 compared to 261 new listings in May of 2021.
The average prices of Central Okanagan condos increased 19% this May compared to May of 2021, coming in at $518,637 in May of 2022 compared to last May's $437,245.
The average days on market (DOM) of condos in the Central Okanagan fell 17% in May 2022 compared to May of last year, with 25 DOM in May 2022 versus May of 2021's 30 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