Residential real estate sales in June of 2020 made a big comeback in the Central Okanagan compared to May, with 483 sold compared to May's 278. Home sales in June of 2020 were also up by 7% from June of 2019, which came to 451. The Central Okanagan real estate market seems to be recovering after the COVID-19 slowdown and may recover quicker than originally thought; however, it's best to remain "cautiously optimistic" as the pandemic is not yet over.
The average price of a single-detached residential home in the Central Okanagan increased by 8% in June of 2020 compared to June of last year, coming to $748,428 compared to June of 2019's $692,246. The average price of a townhome increased compared to last year, coming to $524,638, a 3.2% increase from June of 2019's $508,397. The average price of a condo decreased by 3.2% in June of 2020 to $339,241 from June of 2019's $350,506.
The number of new residential listings increased 34% in June of 2020 compared to May, with 1,033 new listings in June compared to May's 772. New listings this June were also 8% higher than June of 2019's 961.
The average days on market (DOM) decreased 10% in June of 2020 to 66 DOM versus May's 73 but was 16% higher than last year's 57 DOM.
If you have any questions on these numbers or would like to discuss next steps in buying or selling a home in the Central Okanagan, feel free to contact Jeff Creamer by email at email@example.com or by phone at 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.