December 9, 2021

CENTRAL OKANAGAN MARKET UPDATE NOVEMBER 2021

CATEGORIES: Market Statistics

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 the Central Okanagan real estate to make sure you’re always on top of the market.

TOWNHOMES

“67 Townhome style homes sold in the Central Okanagan in November 2021. This represents a decrease of 24 unit sales, or -26% when compared to the 91 sales observed last month. When comparing the current months sales (67 sales) to the 106 sales observed in November of 2020, sales have decreased by 39 units, or -37%.

108 Townhome style homes were available for purchase in the Central Okanagan in November 2021; this represents a decrease of 28 units, or -21% when compared to the 136 units observed in inventory last month. When comparing this months inventory (108 units) to the 241 units of available inventory observed in November of 2020, inventory has decreased by 133 units, or -55%.

$692,420 is the average price for a Townhome style home sold in November 2021; this represents an increase of $14,748 in the average sales price, or 2.2% when compared to the average price of sales observed last month ($677,672). When comparing the current months average sale price ($692,420) to the average sale price $583,920 observed in November of 2020, the sale price has increased by $108,500, or 19%.”

51 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in November of 2021. This represents an increase of 15 days, or 42% when compared to the average of 36 days to sell a single family home observed last month. When comparing the current months average days on market (51 days) to the average of 63 days on market observed in November of 2020, the average days to sell a home have increased by 12 days, or 42%.

When looking at November YTD Townhome sales for each respective year since 2015, 2021 sales currently rank 1st.

Condos

163 Condominium style homes sold in the Central Okanagan in November 2021. This represents an increase of 9 unit sales, or 6% when compared to the 154 sales observed last month. When comparing the current months sales (163 sales) to the 164 sales observed in November of 2020, sales have decreased by 1 units, or -1%.

222 Condominium style homes were available for purchase in the Central Okanagan in November 2021; this represents a decrease of 17 units, or -7%, when compared to the 239 units observed in inventory last month. When comparing this months inventory (222 units) to the 460 units of available inventory observed in November of 2020, inventory has decreased by 238 units, or -52%.

$502,251 is the average price for a Condominium style home sold in November 2021; this represents an increase of $9,625 in the average sales price, or 2% when compared to the average price of sales observed last month ($492,626). When comparing the current months average sale price ($502,251) to the average sale price $361,082 observed in November of 2020, the sale price has increased by $141,169, or 39%.

31 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed in sales in November of 2021. This represents a decrease of 6 days, or -16% when compared to the average of 37 days to sell a single family home observed last month. When comparing the current months average days on market (31 days) to the average of 62 days on market observed in November of 2020, the average days to sell a home have decreased by 62 days, or -16%.

When looking at November YTD Condominium sales for each respective year since 2015, 2021 sales currently rank 1st.

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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