Central Okanagan / Kelowna Real Estate Market Summary: November 2022
Okanagan / Kelowna residential real estate market sales of single-family homes, townhomes and condos continued to decline in November 2022, coming in at around 50% less than this time last year across all housing types. The number of new listings also declined across all housing types, with the number of new condo listings having the largest decline (18%). Home prices rose across all housing types, while only slightly for single-family homes. Average days on market (DOM) significantly increased in November 2022 for single-family homes and condos, while DOM for townhomes remained on par with last year.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 52% in November 2022 compared to November of 2021, with 120 homes sold in November 2022 versus November of 2021's 252.
The number of new listings of single-family homes in the Central Okanagan decreased 8% this November since November of 2021, with 210 new residential listings this November compared to last November's 226 new listings.
The average price of single-family homes in the Central Okanagan experienced a slight 1% increase in November 2022 versus November of last year, coming in at $1,073,250 versus November of 2021's $1,063,538.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 58% in November 2022 compared to November of 2021, with 57 DOM this November versus last November's 36 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 49% in November 2022 since November of 2021, with 34 townhomes sold this November versus last November's 67.
The number of new townhome listings in the Central Okanagan decreased 8% this November since November of 2021, with 72 new listings this November compared to last November's 78.
The average price of townhomes in the Central Okanagan slightly increased by 12% this November compared to November of last year, coming to $776,996 in November of 2022 versus November of 2021's $692,420.
The average days on market (DOM) of townhomes in the Central Okanagan this November remained on par with November of last year, with 51 DOM in November of 2022 and 2021.
Condos
Condo sales in the Central Okanagan decreased by 50% in November of 2022 compared to November of last year, with 72 condos sold this November compared last November's 164.
The number of new condo listings in the Central Okanagan decreased 18% in November 2022 compared to this time last year, with 146 new condo listings this November compared to 178 new listings last November.
The average prices of Central Okanagan condos increased 7% this November compared to November of 2021, coming in at $537,024 in November of 2022 compared to last November's $502,567.
The average days on market (DOM) of condos in the Central Okanagan increased 39% in November 2022 compared with November of last year, with 51 DOM in November of 2022 versus last November's 31 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