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 jeff@shopkelownahomes.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.

Central Okanagan Real Estate Market Statistics: May 2020