Central Okanagan / Kelowna Real Estate Market Summary: October 2023
Central Okanagan / Kelowna area residential real estate sales fell in October 2023 year-over-year for single-family homes and condos, while townhome sales remained on par with October of last year. The number of new listings fell for single-family homes and townhomes, while increasing for condos. Average prices fell slightly for single-family homes and condos, while the average prices of townhomes rose 10%. Average days on market (DOM) increased for single-family homes, whereas DOM decreased for both townhomes and condos.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 12% in October 2023 compared to October of 2022, with 111 homes sold in October 2023 versus October of 2022's 126.
The number of new listings of single-family homes in the Central Okanagan decreased 7% in October 2023, with 345 new residential listings this October compared to last October's 371 new listings.
The average price of single-family homes in the Central Okanagan in October 2023 decreased 6% since October of last year, coming to $1,021,985 in October of 2023 versus October of 2022's $1,091,603.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 4% this October compared to October of last year, with 48 DOM this October compared to last October's 46 DOM.
Townhomes
Sales of Central Okanagan townhomes in October 2023 remained on par with October of 2022, with 45 townhomes sold in October of 2023 and October of 2022.
The number of new townhome listings in the Central Okanagan fell 14% this October since October of 2022, with 105 new listings this October set against last October's 122.
The average price of townhomes in the Central Okanagan increased 10% this October compared to October of last year, coming to $739,943 in October of 2023 versus October of 2022's $671,290.
The average days on market (DOM) of townhomes in the Central Okanagan decreased by 11% this October since October of last year, with 47 DOM in October of 2023 compared to 53 DOM in 2022.
Condos
Condo sales in the Central Okanagan dropped 19% in October of 2023 compared to October of 2022, with 76 condos sold this October compared to last October's 94 condos sold.
The number of new condo listings in the Central Okanagan increased 18% in October 2023 since this time last year, with 196 new condo listings this October versus 166 new listings last October.
The average price of Central Okanagan condos decreased slightly by .5% this October compared to October of 2022, coming in at $522,410 in October of 2023 compared to last October's $524,988.
The average days on market (DOM) of condos in the Central Okanagan fell 4% in October 2023 since October of last year, with 52 DOM in October of 2023 set against last October's 54 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