Residential real estate sales in the Central Okanagan saw a slight increase in May over May of 2018 and a 17% increase to 509 from last month's 424.
The average price for a single-detached home decreased by 4.7% to $689,469 compared to May of 2018's $723,309. The average price for townhomes decreased by 4.3% to $489,555 from last year's $511,364, while the average price of condos increased by 4.5% to $357,184 from $341,761 at this time last year.
The number of new residential listings in the Central Okanagan increased by 5.7% to 1,137 over April's 1,075, but were only 1% less than last May's 1,149. This increase in listings from April to May is typical for the onset of the warmer, summer months.
May saw a quicker turnaround in residential sales over last month, with the average days on market (DOM) at 59 versus April's 68, a 13% decrease. DOM in May increased 28% compared to May of 2018's 46 DOM.
If you have any questions about the Central Okanagan real estate market or would like to take the next step in buying or selling a home, feel free to contact Jeff Creamer by phone at 250-575-7112 or email at jeff@shopkelownahomes.com. Receive weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram and Twitter.
