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.
45 Townhome style homes sold in the Central Okanagan in October 2023. This represents an increase of 3 unit sales, or 7% when compared to the 42 sales observed last month. When comparing the current months sales (45 sales) to the 45 sales observed in October of 2022, sales have seen no change.
330 Townhome style homes were available for purchase in the Central Okanagan in October 2023; this represents a decrease of 17 units, or -5% when compared to the 347 units observed in inventory last month. When comparing this months inventory (330 units) to the 319 units of available inventory observed in October of 2022, inventory has increased by 11 units, or 3%.
$739,100 is the benchmark price for a Townhome style home sold in October 2023; This represents a decrease of $-23,000 in the average sales price, or -3% when compared to the benchmark price observed last month ($762,100). When comparing the current months benchmark price ($739,100) to the benchmark price $775,551 observed in October 2023 of -1, the benchmark price has decreased by $-36,451, or -4.7%.
47 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed sales in October of 2023. This represents a decrease of 7 days, or -13% when compared to the average of 54 days to sell a townhome home observed last month. When comparing the current months average days on market (47 days) to the average of 53 days on market observed in October of 2022, the average days to sell a home have decreased by 6 days, or -11%.
When looking at October YTD Townhome sales for each respective year since 2015, 2023 sales currently rank 7th.
76 Condominium style homes sold in the Central Okanagan in October 2023. This represents an increase of 4 unit sales, or 6% when compared to the 72 sales observed last month. When comparing the current months sales (76 sales) to the 94 sales observed in October of 2022, sales have decreased by 18 units, or -19%.
534 Condominium style homes were available for purchase in the Central Okanagan in October 2023; this represents an increase of 3 units, or 1%, when compared to the 531 units observed in inventory last month. When comparing this months inventory (534 units) to the 460 units of available inventory observed in October of 2022, inventory has increased by 74 units, or 16%.
$517,300 is the benchmark price for a Condominium style home sold in October 2023; This represents an increase of $36,200 in the benchmark price, or 7.5% when compared to the benchmark price observed last month ($481,100). When comparing the current months benchmark price ($517,300) to the benchmark price $486,642 observed in of -1, the benchmark price has increased by $30,658, or 6.3%.
52 Days is the Average time it takes to sell a Condominium style home in the Central Okanagan based on observed sales in October of 2023. This represents a decrease of 6 days, or -10% when compared to the average of 58 days to sell a condominium observed last month. When comparing the current months average days on market (52 days) to the average of 54 days on market observed in October of 2022, the average days to sell a home have decreased by 2 days, or -4%.
When looking at October YTD Condominium sales for each respective year since 2015, 2023 sales currently rank 6th.
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