In December, residential real estate sales in the Central Okanagan decreased 31% from November 2019, with 271 sold in December versus November's 383. While down from last month, December residential real estate sales were up by 33% from December of 2018's 194. The strong increase in sales from last year over the last few months is a strong indicator of market recovery.
The average price of a single-detached residential home in the Central Okanagan slightly increased by 1.7% in December, coming in at $679,304 versus December of 2018's $668,199. The average price of townhomes also experienced a slight increase, coming in at $489,376, a 2.3% increase from last year's $478,500. The average price of condos increased 20% in December to $363,855 from last December's $297,189.
The number of new residential listings decreased by 45% from November, with 308 new listings in December compared to November's 486. New listings were mostly on par with December of 2018's 312. The low number of new listings from last month is typical for December, the busiest holiday month of the year.
The average days on market (DOM) increased by 10% in December to 84 DOM from November's 76 and was 9% higher than last December's 77 DOM.
If you have any questions on these statistics or would like to discuss next steps in buying or selling a home in the Central Okanagan, feel free to email Jeff Creamer at email@example.com or call 250-575-7112. Enjoy weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram and Twitter.