May 9, 2023

CENTRAL OKANAGAN MARKET UPDATE APRIL 2023

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

71 Townhome style homes sold in the Central Okanagan in April 2023. This represents an increase of 13 unit sales, or 22% when compared to the 58 sales observed last month. When comparing the current months sales (71 sales) to the 95 sales observed in April of 2022, sales have decreased by 24 units, or -25%.

289 Townhome style homes were available for purchase in the Central Okanagan in April 2023; this represents an increase of 19 units, or 7%, when compared to the 270 units observed in inventory last month. When comparing this months inventory (289 units) to the 178 units of available inventory observed in April of 2022, inventory has increased by 111 units, or 62%.

$696,114 is the average price for a Townhome style home sold in April 2023; this represents an increase of $16,973 in the average sales price, or 2.5% when compared to the average price of sales observed last month ($679,141). When comparing the current months average sale price ($696,114) to the average sale price $774,601 observed in April of 2022, the sale price has decreased by $78,487, or -10%.

49 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in April of 2023. This represents an increase of 7 days, or 17% when compared to the average of 42 days to sell a townhome observed last month. When comparing the current months average days on market (49 days) to the average of 19 days on market observed in April of 2022, the average days to sell a home have increased by 30 days, or 158%.

When looking at April YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.

CONDOMINIUMS

133 Condominium style homes sold in the Central Okanagan in April 2023. This represents an increase of 3 unit sales, or 2% when compared to the 130 sales observed last month. When comparing the current months sales (133 sales) to the 168 sales observed in April of 2022, sales have decreased by 35 units, or -21%.

476 Condominium style homes were available for purchase in the Central Okanagan in April 2023; this represents a decrease of 18 units, or -4%, when compared to the 494 units observed in inventory last month. When comparing this months inventory (476 units) to the 281 units of available inventory observed in April of 2022, inventory has increased by 195 units, or 69%.

$490,683 is the average price for a Condominium style home sold in April 2023; this represents an increase of $11,853 in the average sales price, or 2.5% when compared to the average price of sales observed last month ($478,830). When comparing the current months average sale price ($490,683) to the average sale price $548,560 observed in April of 2022, the sale price has decreased by $57,877, or -11%.

49 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in April of 2023. This represents a decrease of 8 days, or -14% when compared to the average of 57 days to sell a condominium observed last month. When comparing the current months average days on market (49 days) to the average of 27 days on market observed in April of 2022, the average days to sell a home have increased by 22 days, or 81%.

When looking at April YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 5th.

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