August 10, 2022

CENTRAL OKANAGAN MARKET UPDATE JULY 2022

CATEGORIES: Market Statistics

Millennial Developments uses data-driven analytics to identify opportunities that offer the ability for preferred return on investment, providing superior risk-adjusted returns and defined exit strategies for investors. We believe that informed clients make the best investors, so we share monthly updates on Central Okanagan real estate to make sure you’re always on top of the market.

TOWNHOMES

52 Townhome style homes sold in the Central Okanagan in July 2022. This represents a decrease of 25 unit sales, or -32% when compared to the 77 sales observed last month. When comparing the current months sales (52 sales) to the 98 sales observed in July of 2021, sales have decreased by 46 units, or -47%.

281 Townhome style homes were available for purchase in the Central Okanagan in July 2022; this represents a decrease of 9 units, or -3% when compared to the 290 units observed in inventory last month. When comparing this months inventory (281 units) to the 137 units of available inventory observed in July of 2021, inventory has increased by 144 units, or 105%.

$707,297 is the average price for a Townhome style home sold in July 2022; this represents an increase of $12,503 in the average sales price, or 1.8% when compared to the average price of sales observed last month ($694,794). When comparing the current months average sale price ($707,297) to the average sale price $675,794 observed in July of 2021, the sale price has increased by $31,503, or 5%.

33 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in July of 2022. This represents an increase of 8 days, or 32% when compared to the average of 25 days to sell a single family home observed last month. When comparing the current months average days on market (33 days) to the average of 42 days on market observed in July of 2021, the average days to sell a home have decreased by 9 days, or -21%.

When looking at July YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 4th.

CONDOS

85 Condominium style homes sold in the Central Okanagan in July 2022. This represents a decrease of 17 unit sales, or -17% when compared to the 102 sales observed last month. When comparing the current months sales (85 sales) to the 176 sales observed in July of 2021, sales have decreased by 91 units, or -52%.

461 Condominium style homes were available for purchase in the Central Okanagan in July 2022; this represents an increase of 53 units, or 13%, when compared to the 408 units observed in inventory last month. When comparing this months inventory (461 units) to the 274 units of available inventory observed in July of 2021, inventory has increased by 187 units, or 68%.

$517,384 is the average price for a Condominium style home sold in July 2022; this represents an increase of $11,972 in the average sales price, or 2.4% when compared to the average price of sales observed last month ($505,412). When comparing the current months average sale price ($517,384) to the average sale price $434,484 observed in July of 2021, the sale price has increased by $82,900, or 19%.

36 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in July of 2022. This represents an increase of 3 days, or 9% when compared to the average of 33 days to sell a single family home observed last month. When comparing the current months average days on market (36 days) to the average of 36 days on market observed in July of 2021, the average days to sell a home have seen no change.

When looking at July YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 3rd.

 

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