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.
39 Townhome style homes sold in the Central Okanagan in February 2023. This represents an increase of 3 unit sales, or 8% when compared to the 36 sales observed last month. When comparing the current months sales (39 sales) to the 98 sales observed in February of 2022, sales have decreased by 59 units, or -60%.
242 Townhome style homes were available for purchase in the Central Okanagan in February 2023; this represents an increase of 12 units, or 5%, when compared to the 230 units observed in inventory last month. When comparing this months inventory (242 units) to the 76 units of available inventory observed in February of 2022, inventory has increased by 166 units, or 218%.
$760,867 is the average price for a Townhome style home sold in February 2023; this represents an increase of $40,969 in the average sales price, or 5.7% when compared to the average price of sales observed last month ($719,898). When comparing the current months average sale price ($760,867) to the average sale price $765,070 observed in February of 2022, the sale price has decreased by $4,203, or -1%.
42 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in February of 2023. This represents a decrease of 14 days, or -25% when compared to the average of 56 days to sell a townhome home observed last month. When comparing the current months average days on market (42 days) to the average of 25 days on market observed in February of 2022, the average days to sell a home have increased by 17 days, or 68%.
When looking at February YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.
74 Condominium style homes sold in the Central Okanagan in February 2023. This represents an increase of 22 unit sales, or 42% when compared to the 52 sales observed last month. When comparing the current months sales (74 sales) to the 167 sales observed in February of 2022, sales have decreased by 93 units, or -56%.
465 Condominium style homes were available for purchase in the Central Okanagan in February 2023; this represents an increase of 40 units, or 9%, when compared to the 425 units observed in inventory last month. When comparing this months inventory (465 units) to the 198 units of available inventory observed in February of 2022, inventory has increased by 267 units, or 135%.
$469,511 is the average price for a Condominium style home sold in February 2023; this represents a decrease of $662 in the average sales price, or -0.1% when compared to the average price of sales observed last month ($470,173). When comparing the current months average sale price ($469,511) to the average sale price $525,350 observed in February of 2022, the sale price has decreased by $55,839, or -11%.
76 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in February of 2023. This represents an increase of 11 days, or 17% when compared to the average of 65 days to sell a condominium observed last month. When comparing the current months average days on market (76 days) to the average of 33 days on market observed in February of 2022, the average days to sell a home have increased by 43 days, or 130%.
When looking at February YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 7th.
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