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.
54 Townhome style homes sold in the Central Okanagan in August 2022. This represents an increase of 2 unit sales, or 4% when compared to the 52 sales observed last month. When comparing the current months sales (54 sales) to the 76 sales observed in August of 2021, sales have decreased by 22 units, or -29%.
291 Townhome style homes were available for purchase in the Central Okanagan in August 2022; this represents an increase of 10 units, or 4%, when compared to the 281 units observed in inventory last month. When comparing this months inventory (291 units) to the 143 units of available inventory observed in August of 2021, inventory has increased by 148 units, or 103%.
$746,631 is the average price for a Townhome style home sold in August 2022; this represents an increase of $39,334 in the average sales price, or 5.6% when compared to the average price of sales observed last month ($707,297). When comparing the current months average sale price ($746,631) to the average sale price $686,626 observed in August of 2021, the sale price has increased by $60,005, or 9%.
57 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 2022. This represents an increase of 24 days, or 73% 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 (57 days) to the average of 31 days on market observed in August of 2021, the average days to sell a home have increased by 26 days, or 84%.
When looking at August YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 4th.
126 Condominium style homes sold in the Central Okanagan in August 2022. This represents an increase of 41 unit sales, or 48% when compared to the 85 sales observed last month. When comparing the current months sales (126 sales) to the 167 sales observed in August of 2021, sales have decreased by 41 units, or -25%.
497 Condominium style homes were available for purchase in the Central Okanagan in August 2022; this represents an increase of 36 units, or 8%, when compared to the 461 units observed in inventory last month. When comparing this months inventory (497 units) to the 240 units of available inventory observed in August of 2021, inventory has increased by 257 units, or 107%.
$682,653 is the average price for a Condominium style home sold in August 2022; this represents an increase of $165,269 in the average sales price, or 31.9% when compared to the average price of sales observed last month ($517,384). When comparing the current months average sale price ($682,653) to the average sale price $447,896 observed in August of 2021, the sale price has increased by $234,757, or 52%.
40 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 2022. This represents an increase of 4 days, or 11% when compared to the average of 36 days to sell a single family home observed last month. When comparing the current months average days on market (40 days) to the average of 36 days on market observed in August of 2021, the average days to sell a home have increased by 4 days, or 11%.
When looking at August YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 4th.
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