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.
58 Townhome style homes sold in the Central Okanagan in March 2023. This represents an increase of 19 unit sales, or 49% when compared to the 39 sales observed last month. When comparing the current months sales (58 sales) to the 83 sales observed in March of 2022, sales have decreased by 25 units, or -30%.
270 Townhome style homes were available for purchase in the Central Okanagan in March 2023; this represents an increase of 28 units, or 12%, when compared to the 242 units observed in inventory last month. When comparing this months inventory (270 units) to the 128 units of available inventory observed in March of 2022, inventory has increased by 142 units, or 111%.
$679,141 is the average price for a Townhome style home sold in March 2023; this represents a decrease of $81,726 in the average sales price, or -10.7% when compared to the average price of sales observed last month ($760,867). When comparing the current months average sale price ($679,141) to the average sale price $860,573 observed in March of 2022, the sale price has decreased by $181,432, or -21%.
42 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in March of 2023. 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 (42 days) to the average of 29 days on market observed in March of 2022, the average days to sell a home have increased by 13 days, or 45%.
When looking at March YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 7th.
130 Condominium style homes sold in the Central Okanagan in March 2023. This represents an increase of 56 unit sales, or 76% when compared to the 74 sales observed last month. When comparing the current months sales (130 sales) to the 201 sales observed in March of 2022, sales have decreased by 71 units, or -35%.
494 Condominium style homes were available for purchase in the Central Okanagan in March 2023; this represents an increase of 29 units, or 6%, when compared to the 465 units observed in inventory last month. When comparing this months inventory (494 units) to the 245 units of available inventory observed in March of 2022, inventory has increased by 249 units, or 102%.
$478,830 is the average price for a Condominium style home sold in March 2023; this represents an increase of $9,319 in the average sales price, or 2% when compared to the average price of sales observed last month ($469,511). When comparing the current months average sale price ($478,830) to the average sale price $550,328 observed in March of 2022, the sale price has decreased by $71,498, or -13%.
57 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in March of 2023. This represents a decrease of 19 days, or -25% when compared to the average of 76 days to sell a condominium observed last month. When comparing the current months average days on market (57 days) to the average of 29 days on market observed in March of 2022, the average days to sell a home have increased by 28 days, or 97%.
When looking at March YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 5th.”
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