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 the Central Okanagan real estate to make sure you’re always on top of the market.
76 townhome-style homes sold in the Central Okanagan in August 2021. This represents a decrease of 24 unit sales, or -24% when compared to the 100 sales observed last month. When comparing the current month’s sales (76 sales) to the 109 sales observed in August of 2020, sales have decreased by 33 units, or -30%.
143 townhome-style homes were available for purchase in the Central Okanagan in August 2021; this represents an increase of 6 units, or 4%, when compared to the 137 units observed in inventory last month. When comparing this month’s inventory (143 units) to the 364 units of available inventory observed in August of 2020, inventory has decreased by 221 units, or -61%.
$686,626 is the average price for a townhome-style home sold in August 2021; this represents an increase of $6,948 in the average sales price, or 1% when compared to the average price of sales observed last month ($679,678). When comparing the current month’s average sale price ($686,626) to the average sale price $583,173 observed in August of 2020, the sale price has increased by $103,453, or 18%.
36 days is the average time it takes to sell a townhome-style home in the Central Okanagan based on observed in sales in August of 2021. This represents a decrease of 5 days, or -12% when compared to the average of 41 days to sell a single-family home observed last month. When comparing the current month’s average days on market (36 days) to the average of 69 days on market observed in August of 2020, the average days to sell a home have decreased by 69 days, or -12%.
When looking at August YTD townhome sales for each respective year since 2015, 2021 sales currently rank 1st.
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167 condominium-style homes sold in the Central Okanagan in August 2021. This represents a decrease of 10 unit sales, or -6% when compared to the 177 sales observed last month. When comparing the current month’s sales (167 sales) to the 146 sales observed in August of 2020, sales have increased by 21 units, or 14%. 240 condominium-style homes were available for purchase in the Central Okanagan in August 2021; this represents a decrease of 34 units, or -12%, when compared to the 274 units observed in inventory last month. When comparing this month’s inventory (240 units) to the 667 units of available inventory observed in August of 2020, inventory has decreased by 427 units, or -64%. $447,896 is the average price for a condominium-style home sold in August 2021; this represents an increase of $13,494 in the average sales price, or 3.1% when compared to the average price of sales observed last month ($434,402). When comparing the current month’s average sale price ($447,896) to the average sale price $370,620 observed in August of 2020, the sale price has increased by $77,276, or 21%. 31 days is the average time it takes to sell a condominium-style home in the Central Okanagan based on observed in sales in August of 2021. This represents a decrease of 5 days, or -14%, when compared to the average of 36 days to sell a single-family home observed last month. When comparing the current month’s average days on market (31 days) to the average of 69 days on market observed in August of 2020, the average days to sell a home have decreased by 69 days, or -14%. When looking at August YTD Condominium sales for each respective year since 2015, 2021 sales currently rank 1st. |
Millennial Developments is bringing exciting new developments to both the townhome and condominium market with The Nest at Finday, featuring three-storey townhouses with spacious layouts, and Five Crossings, A collection of smart suites and 1 and 2 bedroom living environments designed to simplify life and maximize lifestyle. Register today for more information about either of these new residential products.
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