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 January 2023. This represents no change in unit sales when compared to the prior month. When comparing the current months sales (36 sales) to the 67 sales observed in January of 2022, sales have decreased by 31 units, or -46%.
230 Townhome style homes were available for purchase in the Central Okanagan in January 2023; this represents an increase of 10 units, or 5%, when compared to the 220 units observed in inventory last month. When comparing this months inventory (230 units) to the 94 units of available inventory observed in January of 2022, inventory has increased by 136 units, or 145%.
$719,898 is the average price for a Townhome style home sold in January 2023; this represents a decrease of $3,886 in the average sales price, or -0.5% when compared to the average price of sales observed last month ($723,784). When comparing the current months average sale price ($719,898) to the average sale price $707,445 observed in January of 2022, the sale price has increased by $12,453, or 2%.”
“56 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in January of 2023. This represents a decrease of 6 days, or -10% when compared to the average of 62 days to sell a townhome home observed last month. When comparing the current months average days on market (56 days) to the average of 37 days on market observed in January of 2022, the average days to sell a home have increased by 19 days, or 51%.
When looking at January YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.
52 Condominium style homes sold in the Central Okanagan in January 2023. This represents an increase of 5 unit sales, or 11% when compared to the 47 sales observed last month. When comparing the current months sales (52 sales) to the 103 sales observed in January of 2022, sales have decreased by 51 units, or -50%.
425 Condominium style homes were available for purchase in the Central Okanagan in January 2023; this represents an increase of 54 units, or 15%, when compared to the 371 units observed in inventory last month. When comparing this months inventory (425 units) to the 198 units of available inventory observed in January of 2022, inventory has increased by 227 units, or 115%.
$470,173 is the average price for a Condominium style home sold in January 2023; this represents a decrease of $55,567 in the average sales price, or -10.6% when compared to the average price of sales observed last month ($525,740). When comparing the current months average sale price ($470,173) to the average sale price $533,004 observed in January of 2022, the sale price has decreased by $533,004, or -12%.
65 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in January of 2023. This represents an increase of 8 days, or 14% when compared to the average of 57 days to sell a condominium observed last month. When comparing the current months average days on market (65 days) to the average of 43 days on market observed in January of 2022, the average days to sell a home have increased by 22 days, or 51%.
When looking at January YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 7th.
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