Residential real estate sales made a slight comeback in May in the Central Okanagan compared to April, with 278 sold compared to April's 205. Due to COVID-19 restrictions, sales in May were down 45% from May of last year, which were 508.
Although real estate sales in May were impacted by COVID-19, the average price of a single-detached residential home in the Central Okanagan increased by 5% this May compared to May of last year, coming in at $724,767 compared to May of 2019's $689,469. The average price of a townhome went down slightly compared to last year, coming to $480,139, a 1.9% decrease from May of 2019's $489,555. The average price of a condo decreased by 10% in May to $321,526 from last year's $357,184.
The number of new residential listings increased 40% in May compared to April, with 772 new listings in May compared to April's 553. New listings this May were 32% lower than May of 2019's 1,137.
The average days on market (DOM) significantly increased by 17% in May to 73 DOM versus April's 62 and was 24% higher than May of 2019's 59 DOM.
If you have any questions on these real estate market statistics 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 firstname.lastname@example.org 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.