Central Okanagan Real Estate Market Statistics: February 2021

Single-Detached Residential Homes

Real estate sales of single-detached residential homes in the Central Okanagan experienced record highs in February of 2021, increasing 136% from February of last year, with 288 homes sold in February 2021 versus February of 2020's 122. Sales increases in recreational and vacation homes have greatly contributed to these sales increases, with people creating vacation opportunities within BC due to COVID-19 restrictions. 

The number of new listings of single-detached homes in the Central Okanagan increased by 22% this February from February of 2020, with 349 new listings this February compared to last February's 287. Shortage of inventory has been an issue with supply struggling to meet demand.

The average price of single-detached residential homes in the Central Okanagan increased 23% in February 2021 compared to February of last year, coming in at $904,926 versus February of 2020's $734,787.

The average days on market (DOM) of single-detached residential homes in the Central Okanagan decreased 42% in February 2021 compared to this time last year, with 43 DOM in February 2021 versus February of 2020's 74 DOM.

Townhomes

Townhome sales in the Central Okanagan were 146% higher in February 2021 than February of last year, with 123 townhomes sold this February versus last February's 50. 

The number of new townhome listings in the Central Okanagan decreased by 5% this February compared to this time last year, with 124 listings in February of 2021 versus February of 2020's 131.

The average price of townhomes in the Central Okanagan increased by 22% this February compared to February of last year, coming in at $615,419 this February compared to last February's $503,487.

The average days on market (DOM) of townhomes in the Central Okanagan decreased 27% in February 2021 compared to this time last year, with 44 DOM in February 2021 versus February of 2020's 60 DOM.

Condos

Central Okanagan condo sales were 108% higher in February of 2021 compared to February of last year, with 183 sold this February compared to February of 2020's 88. 

The number of new condo listings in the Central Okanagan increased by 36% from this time last year, with 240 listings in February of 2021 versus February of 2020's 177.

The average price of condos in the Central Okanagan increased by 17% this February compared to February of last year, coming in at $411,807 in February of 2021 compared to February of 2020's $351,814.

The average days on market (DOM) of condos in the Central Okanagan decreased 8% in February 2021 compared to this time last year, with 66 DOM in February 2021 versus February of 2020's 72 DOM.

Questions? Or would you like to discuss next steps on buying or selling a home? Feel free to reach out to Jeff Creamer by email at jeff@shopkelownahomes.com or by phone at 250-575-7112.

Source: Association of Interior Realtors