Central Okanagan / Kelowna Real Estate Market Summary: May 2023
After experiencing declines in sales over the past several months, Central Okanagan / Kelowna residential sales of single-family homes and townhomes experienced a modest turn around in May 2023, increasing by 3% and 7%, respectively, compared to this time last year, while condo sales declined. The number of new listings fell since last May for single-family homes and townhomes while increasing only slightly for condos. Average prices continued to decline slightly for single-family homes and townhomes while increasing a bit for condos. Average days on market (DOM) continued to increase year-over-year across all housing types, with condos experiencing the most significant increase (108%).
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan experienced a small increase of 3% in May 2023 compared to May of 2022, with 249 homes sold in May 2023 set against May of 2022's 243.
The number of new listings of single-family homes in the Central Okanagan decreased 18% in May 2023 compared to May of 2022, with 512 new residential listings this May versus last May's 625 new listings.
The average price of single-family homes in the Central Okanagan declined slightly by 2% in May 2023 since May of last year, coming in at $1,112,576 compared to May of 2022's $1,139,134.
The average days on market (DOM) of single-family homes in the Central Okanagan increased by 81% in May 2023 since May of 2022, with 47 DOM this May versus last May's 26 DOM.
Townhomes
Sales of Central Okanagan townhomes increased 7% in May 2023 since May of 2022, with 97 townhomes sold this May compared to last May's 91.
The number of new townhome listings in the Central Okanagan declined 19% this May since May of 2022, with 144 new listings this May versus last May's 178.
The average price of townhomes in the Central Okanagan decreased 8% this May compared to May of last year, coming to $705,962 in May of 2023 versus May of 2022's $768,155.
The average days on market (DOM) of townhomes in the Central Okanagan increased 58% this May versus May of last year, with 41 DOM in May of 2023 balanced against 26 DOM in 2022.
Condos
Condo sales in the Central Okanagan fell 13% in May of 2023 compared to May of last year, with 143 condos sold this May compared to last May's 164.
The number of new condo listings in the Central Okanagan experienced a slight 3% increase in May 2023 compared to this time last year, with 239 new condo listings this May versus 233 new listings last May.
The average price of Central Okanagan condos slightly increased by 1% this May compared to May of 2022, coming in at $524,882 in May of 2023 versus last May's $518,637.
The average days on market (DOM) of condos in the Central Okanagan substantially rose by 108% in May 2023 since May of last year, with 52 DOM in May of 2023 compared to last May's 25 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