Central Okanagan / Kelowna Real Estate Market Summary: November 2023
Residential real estate sales in the Central Okanagan / Kelowna area of single-family homes and condos continued to fall in November 2023 year-over-year, while townhome sales slightly increased. The number of new listings for single-family homes and condos rose while dropping for townhomes. Average prices decreased year-over-year across all housing types, with townhomes experiencing the largest percentage decrease in price. Average days on market (DOM) fell slightly for single-family homes and townhomes while increasing slightly for condos.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan fell 11% in November 2023 compared to November of 2022, with 108 homes sold in November 2023 set against November of 2022's 121.
The number of new listings of single-family homes in the Central Okanagan rose 19% in November 2023, with 258 new residential listings this November compared to last November's 217 new listings.
The average price of single-family homes in the Central Okanagan in November 2023 experienced a slight decrease of 2% since November of last year, coming to $1,051,620 in November of 2023 compared to November of 2022's $1,070,484.
The average days on market (DOM) of single-family homes in the Central Okanagan this November remained mostly on par with November of last year, with 58 DOM this November compared to last November's 57 DOM.
Townhomes
Sales of Central Okanagan townhomes in November 2023 remained mostly on par with November of 2022, with 34 townhomes sold this November versus 33 townhomes sold last November.
The number of new townhome listings in the Central Okanagan dropped 38% this November since November of 2022, with 104 new listings this November compared to last November's 168.
The average price of townhomes in the Central Okanagan fell 13% this November compared to November of last year, coming to $674,871 in November of 2023 versus November of 2022's $778,162.
The average days on market (DOM) of townhomes in the Central Okanagan decreased 2% this November since November of last year, with 51 DOM in November of 2023 compared to 52 DOM in 2022.
Condos
Condo sales in the Central Okanagan fell 14% in November of 2023 compared to November of 2022, with 62 condos sold this November compared to last November's 72 condos sold.
The number of new condo listings in the Central Okanagan increased 42% in November 2023 since November of last year, with 208 new condo listings this November versus 147 new listings last November.
The average price of Central Okanagan condos decreased 10% this November since November of 2022, amounting to $483,043 in November of 2023 compared to last November's $537,024.
The average days on market (DOM) of condos in the Central Okanagan rose 4% in November 2023 compared to November of last year, with 53 DOM in November of 2023 balanced against November of 2022's 51 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