Residential real estate sales in the Central Okanagan Real Estate Market are up in February by 38% from last month but are down 23% from February of last year. This increase in sales from the previous few months is typical for this time of year.
Average price for single-detached residential decreased by 1.4% to $669,073 from February 2018. The average price for townhouses remained flat, while average price for condos decreased by 11.3% from last year. The largest shift in average price for condos can be attributed to the volume of new condos coming on the market as well as a shift towards the construction of smaller, more affordable units. As the region still lacking in affordable, single-detached homes, and two-parent families with children represent the largest group of home buyers, the average price for single-detached residential has remained mostly consistent from last year.
February saw only a slight decrease in the number of new listings from January (660 versus 664 in January) and increased 1.8% from February of last year's 648. Average days on market (DOM) decreased 16% to 69 from last month's 80 but increased 15% from February of last year's 59.
If you have any questions on the information above or would like to set up a consultation, please feel free to contact Jeff Creamer, professional real estate specialist, by filling out this form, by emailing jeff@shopkelownahomes.com or by calling direct at 250-575-7112.