Residential real estate sales in the Central Okanagan real estate market experienced a 3% decrease from October to November 2019, with 371 sold in November versus October's 383. While sales are slightly down from last month, sales were up by 28% from last November's 279.
The average price of a single-detached residential home in the Central Okanagan increased 14% in November, coming in at $752,004 compared to last November's $650,763. The average price of townhomes also rose, coming in at $534,407, a 4% increase from last year's $513,223. The average price of condos increased 19% to $402,589 from November of 2018's $331,317. These significant price increases are due to an increase in sales of high-end properties within the region.
The number of new residential listings in the Central Okanagan real estate market decreased by 27% compared to last month, with 640 in October compared to November's 486, and were down by 12% from November of 2018's 547. This downswing in the number of new listings is typical for the months near the end of the year.
The average days on market (DOM) in the Central Okanagan real estate market decreased in November by 1% to 75 DOM from October's 76 and was 17% higher than last November's 63 DOM.
If you would like to discuss the numbers above or 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. Enjoy weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram and Twitter.