Central Okanagan residential real estate sales decreased by 6% from September to October 2019, with 383 sold in October versus September's 406. While less than last month, sales this month are up by 2% from last October's 376. As we head into the colder months and the holiday season, we typically see a decline in home sales due to people wanting to wait until better weather to move as well as making other things a financial priority until after the New Year.
The average price of single-detached residential increased in October by 2% to $681,861 compared to last October's $667,490. The average price of townhomes was $500,407, which remained mostly on par with last year's $502,549. The average price of condos decreased 9% to $318,155 from October of 2018's $347,837.
The number of new residential listings in the Central Okanagan real estate market decreased by 14% compared to last month, with 640 in October versus 733 in September, and were down by 11% from October of 2018's 716.
The average days on market (DOM) increased in October by 4% to 76 DOM from September's 73 and was 22% higher than last October's 61 DOM.
If you have any questions on the statistics or if you would like to discuss next steps in buying or selling a home in the Central Okanagan, feel free to email Jeff Creamer at jeff@shopkelownahomes.com or call 250-575-7112. Enjoy weekly updates on the Central Okanagan real estate market by following Jeff on Facebook, Instagram and Twitter.
