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.
83 Townhome style homes sold in the Central Okanagan in March 2022. This represents a decrease of 16 unit sales, or -16% when compared to the 99 sales observed last month. When comparing the current months sales (83 sales) to the 148 sales observed in March of 2021, sales have decreased by 65 units, or -44%.
128 Townhome style homes were available for purchase in the Central Okanagan in March 2022; this represents an increase of 52 units, or 68%, when compared to the 76 units observed in inventory last month. When comparing this months inventory (128 units) to the 152 units of available inventory observed in March of 2021, inventory has decreased by 24 units, or -16%.
$860,573 is the average price for a Townhome style home sold in March 2022; this represents an increase of $93,453 in the average sales price, or 12.2% when compared to the average price of sales observed last month ($767,120). When comparing the current months average sale price ($860,573) to the average sale price $640,589 observed in March of 2021, the sale price has increased by $219,984, or 34%.
29 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in March of 2022. This represents no real change in the average days on market when compared to the prior month. When comparing the current months average days on market (29 days) to the average of 39 days on market observed in March of 2021, the average days to sell a home have decreased by 10 days, or -26%.
When looking at March YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 2nd.
201 Condominium style homes sold in the Central Okanagan in March 2022. This represents an increase of 34 unit sales, or 20% when compared to the 167 sales observed last month. When comparing the current months sales (201 sales) to the 267 sales observed in March of 2021, sales have decreased by 66 units, or -25%.
245 Condominium style homes were available for purchase in the Central Okanagan in March 2022; this represents an increase of 47 units, or 24%, when compared to the 198 units observed in inventory last month. When comparing this months inventory (245 units) to the 373 units of available inventory observed in March of 2021, inventory has decreased by 128 units, or -34%.
$550,328 is the average price for a Condominium style home sold in March 2022; this represents an increase of $24,978 in the average sales price, or 4.8% when compared to the average price of sales observed last month ($525,350). When comparing the current months average sale price ($550,328) to the average sale price $429,369 observed in March of 2021, the sale price has increased by $120,959, or 28%.
29 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in March of 2022. This represents a decrease of 4 days, or -12% when compared to the average of 33 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 42 days on market observed in March of 2021, the average days to sell a home have decreased by 13 days, or -31%.
When looking at March YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 2nd.
Millennial Developments is bringing exciting new developments to both the townhome and condominium market with The Nest at Findlay, featuring three-storey townhouses with spacious layouts, and Five Crossings, a collection of suites, 1 and 2 bedroom living environments designed to simplify life and maximize lifestyle. Register today for more information about either of these new residential products.
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