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.
91 Townhome style homes sold in the Central Okanagan in May 2022. This represents a decrease of 4 unit sales, or -4% when compared to the 95 sales observed last month. When comparing the current months sales (91 sales) to the 122 sales observed in May of 2021, sales have decreased by 31 units, or -25%.
213 Townhome style homes were available for purchase in the Central Okanagan in May 2022; this represents an increase of 35 units, or 20%, when compared to the 178 units observed in inventory last month. When comparing this months inventory (213 units) to the 163 units of available inventory observed in May of 2021, inventory has increased by 50 units, or 31%.
$768,155 is the average price for a Townhome style home sold in May 2022; this represents a decrease of $6,446 in the average sales price, or -0.8% when compared to the average price of sales observed last month ($774,601). When comparing the current months average sale price ($768,155) to the average sale price $652,933 observed in May of 2021, the sale price has increased by $115,222, or 18%.
26 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in May of 2022. This represents an increase of 7 days, or 37% when compared to the average of 19 days to sell a single family home observed last month. When comparing the current months average days on market (26 days) to the average of 23 days on market observed in May of 2021, the average days to sell a home have increased by 3 days, or 13%.
When looking at May YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 3rd.
164 Condominium style homes sold in the Central Okanagan in May 2022. This represents a decrease of 4 unit sales, or -2% when compared to the 168 sales observed last month. When comparing the current months sales (164 sales) to the 233 sales observed in May of 2021, sales have decreased by 69 units, or -30%.
303 Condominium style homes were available for purchase in the Central Okanagan in May 2022; this represents an increase of 22 units, or 8%, when compared to the 281 units observed in inventory last month. When comparing this months inventory (303 units) to the 339 units of available inventory observed in May of 2021, inventory has decreased by 36 units, or -11%.
$518,637 is the average price for a Condominium style home sold in May 2022; this represents a decrease of $29,923 in the average sales price, or -5.5% when compared to the average price of sales observed last month ($548,560). When comparing the current months average sale price ($518,637) to the average sale price $437,245 observed in May of 2021, the sale price has increased by $81,392, or 19%.
25 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in May of 2022. This represents a decrease of 2 days, or -7% when compared to the average of 27 days to sell a single family home observed last month. When comparing the current months average days on market (25 days) to the average of 30 days on market observed in May of 2021, the average days to sell a home have decreased by 5 days, or -17%.
When looking at May YTD Condominium sales for each respective year since 2015, 2022 sales currently rank 2nd.
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