Residential real estate sales in the Central Okanagan fell 47% in April compared to March, with 205 sold in April versus March's 383. April is typically a busy month for real estate; however, due to COVID-19 restrictions, sales this April were down 52% compared to April of 2019, which came to 424 for the region. As BC undergoes its restart plan and things start returning to their previous state as much as they can, the real estate market is expected to simultaneously but slowly recover.
Although the amount of real estate sales was impacted by COVID-19, the average price of a single-detached residential home in the Central Okanagan went in the other direction, increasing by 2.3% this April compared to April of last year, coming in at $713,450 compared to April of 2019's $697,241. The average price of a townhome also went up compared to last year, coming to $498,853, a 5.4% increase from April of 2019's $471,881. Conversely, the average price of condos decreased by 18% in April to $335,673 from last year's $409,629.
The number of new residential listings decreased 40% from March, with 553 new listings in April compared to March's 916. New listings this April were 49% lower than April of 2019's 1,075.
The average days on market (DOM) decreased 5% in April to 62 DOM from March's 65 and was 9% less than April of 2019's 68 DOM.
If you have any questions on these numbers or would like to discuss buying or selling a home in the Central Okanagan, feel free to email Jeff Creamer at firstname.lastname@example.org or call 250-575-7112. Receive weekly updates on the Central Okanagan real estate market and other useful real estate information and tips by following Jeff on Facebook, Instagram and Twitter.