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.
36 Townhome style homes sold in the Central Okanagan in December 2022. This represents an increase of 2 unit sales, or 6% when compared to the 34 sales observed last month. When comparing the current months sales (36 sales) to the 53 sales observed in December of 2021, sales have decreased by 17 units, or -32%.
220 Townhome style homes were available for purchase in the Central Okanagan in December 2022; this represents a decrease of 73 units, or -25% when compared to the 293 units observed in inventory last month. When comparing this months inventory (220 units) to the 83 units of available inventory observed in December of 2021, inventory has increased by 137 units, or 165%.
$723,784 is the average price for a Townhome style home sold in December 2022; this represents a decrease of $53,212 in the average sales price, or -6.8% when compared to the average price of sales observed last month ($776,996). When comparing the current months average sale price ($723,784) to the average sale price $697,817 observed in December of 2021, the sale price has increased by $25,967, or 4%.
62 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in December of 2022. This represents an increase of 11 days, or 22% when compared to the average of 51 days to sell a townhome observed last month. When comparing the current months average days on market (62 days) to the average of 40 days on market observed in December of 2021, the average days to sell a home have increased by 22 days, or 55%.
When looking at December YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 6th.
47 Condominium style homes sold in the Central Okanagan in December 2022. This represents a decrease of 25 unit sales, or -35% when compared to the 72 sales observed last month. When comparing the current months sales (47 sales) to the 109 sales observed in December of 2021, sales have decreased by 62 units, or -57%.
371 Condominium style homes were available for purchase in the Central Okanagan in December 2022; this represents a decrease of 72 units, or -16%, when compared to the 443 units observed in inventory last month. When comparing this months inventory (371 units) to the 189 units of available inventory observed in December of 2021, inventory has increased by 182 units, or 96%.
$525,740 is the average price for a Condominium style home sold in December 2022; this represents a decrease of $11,284 in the average sales price, or -2.1% when compared to the average price of sales observed last month ($537,024). When comparing the current months average sale price ($525,740) to the average sale price $509,335 observed in December of 2021, the sale price has increased by $16,405, or 3%.
57 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in December of 2022. This represents an increase of 6 days, or 12% when compared to the average of 51 days to sell a condominium observed last month. When comparing the current months average days on market (57 days) to the average of 31 days on market observed in December of 2021, the average days to sell a home have increased by 26 days, or 84%.
When looking at December YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 4th.
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