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.
99 Townhome style homes sold in the Central Okanagan in February 2022. This represents an increase of 32 unit sales, or 48% when compared to the 67 sales observed last month. When comparing the current months sales (99 sales) to the 123 sales observed in February of 2021, sales have decreased by 24 units, or -20%.
76 Townhome style homes were available for purchase in the Central Okanagan in February 2022; this represents a decrease of 18 units, or -19% when compared to the 94 units observed in inventory last month. When comparing this months inventory (76 units) to the 175 units of available inventory observed in February of 2021, inventory has decreased by 99 units, or -57%.
$767,120 is the average price for a Townhome style home sold in February 2022; this represents an increase of $59,675 in the average sales price, or 8.4% when compared to the average price of sales observed last month ($707,445). When comparing the current months average sale price ($767,120) to the average sale price $615,491 observed in February of 2021, the sale price has increased by $151,629, or 25%.
29 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in February of 2022. This represents a decrease of 11 days, or -28% when compared to the average of 40 days to sell a single family home observed last month. When comparing the current months average days on market (29 days) to the average of 44 days on market observed in February of 2021, the average days to sell a home have decreased by 15 days, or -34%.
When looking at February YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 2nd.
167 Condominium style homes sold in the Central Okanagan in February 2022. This represents an increase of 64 unit sales, or 62% when compared to the 103 sales observed last month. When comparing the current months sales (167 sales) to the 183 sales observed in February of 2021, sales have decreased by 16 units, or -9%.
198 Condominium style homes were available for purchase in the Central Okanagan in February 2022; this represents no real change in inventory when comparing it to the prior month. When comparing this months inventory (198 units) to the 381 units of available inventory observed in February of 2021, inventory has decreased by 183 units, or -48%.
$525,350 is the average price for a Condominium style home sold in February 2022; this represents a decrease of $7,557 in the average sales price, or -1.4% when compared to the average price of sales observed last month ($532,907). When comparing the current months average sale price ($525,350) to the average sale price $411,807 observed in February of 2021, the sale price has increased by $113,543, or 28%.
33 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in February of 2022. This represents a decrease of 10 days, or -23% when compared to the average of 43 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 66 days on market observed in February of 2021, the average days to sell a home have decreased by 33 days, or -50%.
When looking at February YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 2nd.
Comments