November 26, 2022

CENTRAL OKANAGAN MARKET UPDATE OCTOBER 2022

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

TOWNHOMES

45 Townhome style homes sold in the Central Okanagan in October 2022. This represents a decrease of 2 unit sales, or -4% when compared to the 47 sales observed last month. When comparing the current months sales (45 sales) to the 91 sales observed in October of 2021, sales have decreased by 46 units, or -51%.

319 Townhome style homes were available for purchase in the Central Okanagan in October 2022; this represents an increase of 24 units, or 8%, when compared to the 295 units observed in inventory last month. When comparing this months inventory (319 units) to the 136 units of available inventory observed in October of 2021, inventory has increased by 183 units, or 135%.

$671,290 is the average price for a Townhome style home sold in October 2022; this represents a decrease of $107,504 in the average sales price, or -13.8% when compared to the average price of sales observed last month ($778,794). When comparing the current months average sale price ($671,290) to the average sale price $677,672 observed in October of 2021, the sale price has decreased by $677,672, or -1%.

53 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in October of 2022. This represents an increase of 10 days, or 23% when compared to the average of 43 days to sell a single family home observed last month. When comparing the current months average days on market (53 days) to the average of 36 days on market observed in October of 2021, the average days to sell a home have increased by 17 days, or 47%.

When looking at October YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 5th.

CONDOS

94 Condominium style homes sold in the Central Okanagan in October 2022. This represents a decrease of 8 unit sales, or -8% when compared to the 102 sales observed last month. When comparing the current months sales (94 sales) to the 155 sales observed in October of 2021, sales have decreased by 61 units, or -39%.

460 Condominium style homes were available for purchase in the Central Okanagan in October 2022; this represents a decrease of 35 units, or -7%, when compared to the 495 units observed in inventory last month. When comparing this months inventory (460 units) to the 239 units of available inventory observed in October of 2021, inventory has increased by 221 units, or 92%.

$525,020 is the average price for a Condominium style home sold in October 2022; this represents a decrease of $60,644 in the average sales price, or -10.4% when compared to the average price of sales observed last month ($585,664). When comparing the current months average sale price ($525,020) to the average sale price $492,384 observed in October of 2021, the sale price has increased by $32,636, or 7%.

53 Days is the Average time it takes to sell a Townhome style home in the Central Okanagan based on observed in sales in October of 2022. This represents an increase of 10 days, or 23% when compared to the average of 43 days to sell a single family home observed last month. When comparing the current months average days on market (53 days) to the average of 36 days on market observed in October of 2021, the average days to sell a home have increased by 17 days, or 47%.

When looking at October YTD Townhome sales for each respective year since 2015, 2022 sales currently rank 5th.

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