Central Okanagan / Kelowna Real Estate Market Overview: September 2022
Residential real estate sales in the Central Okanagan / Kelowna real estate market continued to decline in September 2022 across all housing types. New listings of single-family homes and townhomes continue to rise, while new condo listings fell slightly since September of last year. Despite declines in home sales, prices continue to rise for all housing types, although only slightly for single-family homes. Average days on market (DOM) increased in September 2022 across all housing types, with a significant increase in DOM for single-family homes.
Single-Family Residential Homes
Residential real estate sales of single-family residential homes in the Central Okanagan decreased 36% in September 2022 compared to September of 2021, with 155 homes sold in September 2022 versus September of 2021's 242.
The number of new listings of single-family homes in the Central Okanagan increased 16% this September since September of 2021, with 401 new residential listings this September compared to last September's 347 new listings.
The average price of single-family homes in the Central Okanagan increased 6% in September 2022 since September of last year, coming in at $1,090,830 versus September of 2021's $1,028,021.
The average days on market (DOM) of single-family homes in the Central Okanagan increased 66% in September 2022 compared to September of 2021, with 48 DOM in September 2022 versus last September's 29 DOM.
Townhomes
Sales of Central Okanagan townhomes decreased 37% in September 2022 since September of 2021, with 47 townhomes sold this September versus last September's 75.
The number of new townhome listings in the Central Okanagan increased 19% this September since September of 2021, with 122 new listings this September compared to last September's 103.
The average price of townhomes in the Central Okanagan increased 17% this September compared to September of last year, coming to $787,794 in September 2022 versus September of 2021's $675,248.
The average days on market (DOM) of townhomes in the Central Okanagan increased by 10% in September 2022 compared to September of last year, with 43 DOM in September 2022 versus September of 2021's 39 DOM.
Condos
Condo sales in the Central Okanagan decreased 37% in September of 2022 compared to September of last year, with 102 condos sold this September compared last September's 163.
The number of new condo listings in the Central Okanagan experienced a slight 2% decrease in September 2022 compared to this time last year, with 198 new condo listings this September compared to 202 new listings last September.
The average prices of Central Okanagan condos increased 23% this September compared to September of 2021, coming in at $585,664 in September of 2022 compared to last September's $475,605.
The average days on market (DOM) of condos in the Central Okanagan increased by 14% in September 2022 compared with September of last year, with 42 DOM in September of 2022 versus last September'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