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.
70 Townhome style homes sold in the Central Okanagan in July 2023. This represents a decrease of 13 unit sales, or -16% when compared to the 83 sales observed last month. When comparing the current months sales (70 sales) to the 51 sales observed in July of 2022, sales have increased by 19 units, or 37%.
327 Townhome style homes were available for purchase in the Central Okanagan in July 2023; this represents an increase of 30 units, or 10%, when compared to the 297 units observed in inventory last month. When comparing this months inventory (327 units) to the 281 units of available inventory observed in July of 2022, inventory has increased by 46 units, or 16%.
$768,500 is the benchmark price for a Townhome style home sold in July 2023; This represents a decrease of $-17,400 in the average sales price, or -2.2% when compared to the benchmark price observed last month ($785,900). When comparing the current months benchmark price ($768,500) to the benchmark price $791,452 observed in July 2023 of -1, the benchmark price has decreased by $-22,952, or -2.9%.
38 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in July of 2023. This represents a decrease of 11 days, or -22% when compared to the average of 49 days to sell a townhome home observed last month. When comparing the current months average days on market (38 days) to the average of 33 days on market observed in July of 2022, the average days to sell a home have increased by 5 days, or 15%.
When looking at July YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.
124 Condominium style homes sold in the Central Okanagan in July 2023. This represents a decrease of 18 unit sales, or -13% when compared to the 142 sales observed last month. When comparing the current months sales (124 sales) to the 85 sales observed in July of 2022, sales have increased by 39 units, or 46%.
527 Condominium style homes were available for purchase in the Central Okanagan in July 2023; this represents an increase of 28 units, or 6%, when compared to the 499 units observed in inventory last month. When comparing this months inventory (527 units) to the 461 units of available inventory observed in July of 2022, inventory has increased by 66 units, or 14%.
$514,900 is the benchmark price for a Condominium style home sold in July 2023; This represents a decrease of $-18,200 in the average sales price, or -3.4% when compared to the benchmark price observed last month ($533,100). When comparing the current months benchmark price ($514,900) to the benchmark price $517,487 observed in of -1, the benchmark price has decreased by $-2,587, or -0.5%.
46 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in July of 2023. This represents an increase of 1 day, or 2% when compared to the average of 45 days to sell a condominium observed last month. When comparing the current months average days on market (46 days) to the average of 36 days on market observed in July of 2022, the average days to sell a home have increased by 10 days, or 28%.
When looking at July YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 5th.
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