Central Okanagan / Kelowna Real Estate Market Summary:
October 2022
October 2022 Okanagan / Kelowna residential real estate market sales of single-family homes, townhomes and condos continued to experience significant declines compared with this time last year. New listings of single-family homes and townhomes continued to increase, while new condo listings declined slightly since October of last year. Prices continued to increase slightly for single-family homes and condos, while the average price of townhomes slightly decreased. Average days on market (DOM) significantly increased in October 2022 across all housing types.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 49% in October 2022 compared to October of 2021, with 126 homes sold in October 2022 versus October of 2021's 250.
The number of new listings of single-family homes in the Central Okanagan increased 9% this October since October of 2021, with 368 new residential listings this October compared to last October's 339 new listings.
The average price of single-family homes in the Central Okanagan increased 6% in October 2022 since October of last year, coming in at $1,091,603 versus October of 2021's $1,031,723.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 39% in October 2022 compared to October of 2021, with 46 DOM in October 2022 versus last October's 33 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 51% in October 2022 since October of 2021, with 45 townhomes sold this October versus last October's 91.
The number of new townhome listings in the Central Okanagan increased 19% this October since October of 2021, with 126 new listings this October compared to last October's 106.
Surprisingly, the average price of townhomes in the Central Okanagan slightly decreased by 1% this October compared to October of last year, coming to $671,290 in October 2022 versus October of 2021's $677,672.
The average days on market (DOM) of townhomes in the Central Okanagan significantly increased by 47% in October 2022 compared to October of last year, with 53 DOM in October 2022 versus October of 2021's 36 DOM.
Condos
Condo sales in the Central Okanagan decreased 39% in October of 2022 compared to October of last year, with 94 condos sold this October compared last October's 155.
The number of new condo listings in the Central Okanagan decreased 9% in October 2022 compared to this time last year, with 167 new condo listings this October compared to 184 new listings last October.
The average prices of Central Okanagan condos increased 7% this October compared to October of 2021, coming in at $525,020 in October of 2022 compared to last October's $492,384.
The average days on market (DOM) of condos in the Central Okanagan experienced a significant increase of 50% in October 2022 compared with October of last year, with 54 DOM in October of 2022 versus last October's 37 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