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.
97 Townhome style homes sold in the Central Okanagan in May 2023. This represents an increase of 26 unit sales, or 37% when compared to the 71 sales observed last month. When comparing the current months sales (97 sales) to the 91 sales observed in May of 2022, sales have increased by 6 units, or 7%.
263 Townhome style homes were available for purchase in the Central Okanagan in May 2023; this represents a decrease of 26 units, or -9% when compared to the 289 units observed in inventory last month. When comparing this months inventory (263 units) to the 213 units of available inventory observed in May of 2022, inventory has increased by 50 units, or 23%.
$705,962 is the average price for a Townhome style home sold in May 2023; this represents an increase of $9,848 in the average sales price, or 1.4% when compared to the average price of sales observed last month ($696,114). When comparing the current months average sale price ($705,962) to the average sale price $768,155 observed in May of 2022, the sale price has decreased by $62,193, or -8%.
41 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in May of 2023. This represents a decrease of 8 days, or -16% 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 (41 days) to the average of 26 days on market observed in May of 2022, the average days to sell a home have increased by 15 days, or 58%.
When looking at May YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 6th.”
143 Condominium style homes sold in the Central Okanagan in May 2023. This represents an increase of 10 unit sales, or 8% when compared to the 133 sales observed last month. When comparing the current months sales (143 sales) to the 164 sales observed in May of 2022, sales have decreased by 21 units, or -13%.
484 Condominium style homes were available for purchase in the Central Okanagan in May 2023; this represents an increase of 8 units, or 2%, when compared to the 476 units observed in inventory last month. When comparing this months inventory (484 units) to the 303 units of available inventory observed in May of 2022, inventory has increased by 181 units, or 60%.
$524,882 is the average price for a Condominium style home sold in May 2023; this represents an increase of $34,199 in the average sales price, or 7% when compared to the average price of sales observed last month ($490,683). When comparing the current months average sale price ($524,882) to the average sale price $518,637 observed in May of 2022, the sale price has increased by $6,245, or 1%.
52 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in May of 2023. This represents an increase of 3 days, or 6% when compared to the average of 49 days to sell a condominium observed last month. When comparing the current months average days on market (52 days) to the average of 25 days on market observed in May of 2022, the average days to sell a home have increased by 27 days, or 108%.
When looking at May YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 5th.
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