Central Okanagan residential real estate sales experienced a 26% increase in March compared to February, with 383 sold in March versus February's 283. March residential real estate sales were also up by 10% from March of 2019's 343. Although sales increased in March, many of these deals were most likely in-progress prior to the outbreak of COVID-19, which will most likely result in a market slowdown in the coming months. Realtors are still able to facilitate real estate transitions utilizing technology while social distancing restrictions are in effect.
The average price of a single-detached residential home in the Central Okanagan experienced a slight decrease of .6% this March compared to March of last year, coming in at $718,009 compared to March of 2019's $722,265. The average price of a townhome also went up compared to last year, coming to $516,250, a 4% increase from March of 2019's $494,884. The average price of condos decreased by 12% in March to $331,953 from last year's $371,338.
The number of new residential listings increased 26% from February, with 916 new listings in March compared to February's 677. New listings this March were 2% higher than March of 2019's 898.
The average days on market (DOM) decreased 14% in March to 65 DOM from February's 74 and was 3% less than March of 2019's 67 DOM.
If you have any questions about the data or would like to discuss next steps in 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.