Okanagan Real Estate Stats
Kelowna & Okanagan Real Estate Stats, Reports and Updates
2022 Okanagan Real Estate Statistics:
Central Okanagan real estate stats will be posted a few days after the month ends.
Local Residential Market Demand Outpacing Housing Supply
KELOWNA, B.C. – October 6th, 2022. Residential real estate sales for the month of September in the region saw a similar slowing down as all other markets in the province, reports the Association of Interior REALTORS® (the Association).
A total of 1,084 residential unit sales were recorded across the Association region in September, down 37.3% compared to the number of units sold during September 2021.
“We are seeing that the Bank of Canada’s interest rate tightening in the last few months is keeping some buyers on the sidelines although demand remains strong,” says the Association of Interior REALTORS® President Lyndi Cruickshank, adding “with no mortgage rate relief anticipated any time soon, some potential homeowners are constrained from being able to enter the real estate market.”
New residential listings saw a 6.9% decrease within the region compared to the same month last year with 2,081 new listings recorded. The overall inventory saw a 60.2% hike compared to the inventory available in September 2021 with 7,775 units currently on the market.
“While inventory levels have been climbing, it is still far below pre-pandemic listings levels and far below where it needs to for the needle to move into a balanced market. Pent-up demand is still outpacing supply; however, the increased levels now offer buyers greater options and opportunities than they experienced in early 2022,” notes Cruickshank.
Local Residential Market Activity Picking Up As We Head Into Fall KELOWNA, B.C. – September 6th, 2022.
Residential Market Activity Below Normal for Month of July KELOWNA, B.C. – August 5th, 2022. Residential real estate sales for the month of July in the region slid down to pre-pandemic activity, reports the Association of Interior REALTORS® (the Association).
Mortgage Rate Hike Dampening Residential Market Activity
Residential Real Estate Market Value Remains Steady As Sales Dip Slightly KELOWNA, B.C. – June 3rd, 2022. Residential real estate sales for the month of May suggests market activity on a path of normalizing in the region while demand still remains high, reports the Association of Interior REALTORS® (the Association).
KELOWNA, B.C. – May 4th, 2022. Residential real estate sales for the month of April showing signs of settling down after more than a year of historical high sales in the region reports the Association of Interior REALTORS® (the Association).
Residential Real Estate Market Heading Into Seasonally Busy Spring Fling KELOWNA, B.C. – April 5th, 2022.
Residential Real Estate Market Showing Strong Start to the Year
Single-Family Residential Homes
Central Okanagan real estate sales of single-family residential homes decreased 17% in January 2022 compared to January of 2021, with 157 homes sold in January 2022 versus January of 2021’s 190.
The number of new listings of single-family homes in the Central Okanagan increased 5% this January since January of 2021, with 225 new listings this January compared to last January’s 214.
The average price of Central Okanagan single-family homes increased 24% in January 2022 compared to January of last year, coming in at $1,096,289 versus January of 2021’s $887,868.
The average days on market (DOM) of single-family homes in the Central Okanagan decreased 38% in January 2022 compared to this time last year, with 37 DOM in January 2022 versus January of 2021’s 60 DOM.
Townhomes
Central Okanagan townhome sales decreased 12% in January 2022 compared to January of 2021, with 67 townhomes sold this January versus last January’s 76.
The number of new townhome listings in the Central Okanagan decreased by 33% this January compared to this time last year, with 84 new listings this January compared to last January’s 125.
The average price of townhomes increased by 19% this January in the Central Okanagan compared to January of last year, coming in at $707,445 this January compared to last January’s $593,398.
The average days on market (DOM) of townhomes in the Central Okanagan decreased 43% in January 2022 compared to January of last year, with 40 DOM in January 2022 compared to January of 2021’s 70 DOM.
Condos
Central Okanagan condo sales in January of 2022 were only 1% higher than January of last year, with 107 sold this January compared to January of 2021’s 106.
The number of new condo listings in the Central Okanagan in January 2022 decreased 31% compared to this time last year, with 128 new condo listings in January of 2022 versus 185 in January of 2021.
The average prices of Central Okanagan condos increased 42% this January compared to January of 2021, coming in at $532,907 in January of 2022 compared to last January’s $375,846.
The average days on market (DOM) of condos in the Central Okanagan fell 38% in January 2022 compared to January of last year, with 43 DOM in January 2022 versus January of 2021’s 69 DOM.
2021 Okanagan Real Estate Statistics:
Central Okanagan real estate stats will be posted a few days after the month ends.
Okanagan December 2021 Summary
Local Real Estate Market Sees Strong Sales Despite Record Low Supply
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KELOWNA, B.C. – January 5th, 2022.
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Residential real estate across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region finished off the year with record-high sales, reports the Association of Interior REALTORS®.
Residential sales for the entire Association region for December 2021 saw a downtick of 25% over December 2020, clocking in at 654 units sold while still surpassing the previous recorded historical high.
“Even with a typical seasonal slowdown, sales across the region surpassed 2016’s record high,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “the lack of supply continues to be a challenge for buyers as inventory lags behind demand.”
The supply of active residential listings saw a drop of 40% across the Association region compared to the 2,894 active listings during December 2020, with new listings also showing a 24% decrease over December 2020’s 695 units.
“The number of active listings continues to fall short of buyer’s demand at historical levels, making it unlikely for buyers to see a softening on prices as we head into the new year,” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions closed the year with double-digit percentage increases in year-over-year comparisons across all home categories.
In the South Peace River Region, where benchmark pricing is not available, the average price for single-family homes and mobile homes increased 44.5% and 56.9% respectively.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan November 2021 Summary
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan October 2021 Summary
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan September 2021 Summary
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan August 2021 Summary
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan July 2021 Summary
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Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region saw a decrease in sales despite very high demand that is still outpacing supply, reports the Association of Interior REALTORS®.
“We live in a very desirable region, so it’s no surprise that high buyer demand has remained consistent into the summer months,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “while sales are down compared to last month, this is likely due to lack of inventory coupled with normal seasonality of the real estate market.”
Residential sales for the month of July for the entire Association region totalled 1,143, a decrease of 17% from June’s unusually high 1,381 sales. The year-over-year comparison showed a decrease of 20% from July 2020’s total sales of 1,428.
The supply of active residential listings decreased 47% across the Association region compared to the 5,792 active listings of July last year.
“There is a gap in active listings supply compared to the amount of demand that we are experiencing. It will be interesting to see if this gap between supply and demand will be lessened in the coming months” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions continue to increase double-digit percentages in year-over-year comparisons in all home categories.
In the South Okanagan, where benchmark pricing is currently not available, average sale prices were also up double-digit percentages in year-over-year comparisons in all home categories. In the South Peace River Region, average sale prices increased for both mobile homes and condominiums yet decreased in the single- family home category compared to July 2020.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan June 2021 Summary
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Residential sales for the month of June for the entire Association region totalled 1,381, down from May’s 1,482 sales. The same area also saw a 32% increase in year-over-year comparisons, however that is still in comparison to the restrictive months of the pandemic.
“The market is still very much a hot market, maybe just not boiling hot anymore,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “like the weather this past week, it went from 40 plus degrees to a more comfortably warm 30 something degrees, which is still warm by all accounts.”
The supply of active residential listings increased from May’s 2,554 to 3,126 current listings across the Association region yet dropped 46% compared to June 2020.
“As more and more consumers get fully vaccinated, and with the Province in Step 3 of the re-opening plan, we might see more inventory come on market as anxiety around listing homes may be easing for sellers who weren’t comfortable to do so during COVID restrictions,” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions kept their double-digit percentage increases streak in year-over-year comparisons in all home categories.
In the South Okanagan, where benchmark pricing is currently not available, average sales prices were also up year-over-year in all home categories with condominiums seeing the highest percentage increase of 55%. In the South Peace River Region, average sale prices for single-family homes and condominiums dropped slightly while the average price for mobile homes increased to $109,200 compared to June 2020.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan May 2021 Summary:
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May 2021 Okanagan Summary
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Residential sales for the month of May for the entire Association region totalled 1,482, down from April’s 1,719 sales. The same area also saw significant percentage increase in year-over-year comparisons, however that is still in comparison to the worst months of the pandemic.
“There is a slight reduction in pressure that is creating a calming effect for a healthier market for both buyers and sellers,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “we are seeing an easing up on the gas pedal that has been going above the speed limit, to now moving within a reasonable pace.”
“While the market may be slowing down from an all-time record, it does not mean the market has softened, it means the buyer frenzy has calmed down slightly,” says Heizmann. The supply of active residential listings dropped slightly from April’s 2,818 to 2,554 current listings across the Association region.
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions once again saw double-digit percentage increases in year-over-year comparisons in all home categories categories. In the South Okanagan, where benchmark pricing is currently not available, average sales prices were also up year-over-year in all home categories with single-family homes seeing the highest percentage increase of 42%.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan April 2021 Summary:
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Local Real Estate Market Still Strong Despite Supply Drought KELOWNA, B.C. – May 4th, 2021.
Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region at record high despite low inventory of listings, reports the Association of Interior REALTORS®.
Residential sales for the month of April for the entire Association region totalled 1,719 sales. The same area also saw a significant percentage increase compared to the same period last year, however that increase is in direct relation to the quarantine experienced throughout the month of April 2020 and not a true reflection of accurate market changes.
“We can’t look at the data as we normally would as this time last year we were in the thick of our first lockdown due to the pandemic,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “what we can look at is what is currently happening and currently supply is still not catching up to demand. We are in a supply drought when it comes to listings.”
The total number of active residential listings remained low for April with only 2,818 across the Association region. “Despite the supply drought the market remains strong and is starting to rationalize,” says Heizmann. “With vaccine roll outs underway, once more and more people get vaccinated and we get some mobility and comfort back, hopefully we see more homes come on market.”
The benchmark price for homes in the Central Okanagan, North Okanagan, South Okanagan and Shuswap/Revelstoke regions saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes categories.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan March 2021 Summary:
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Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region are still seeing the effects of the pandemic, reports the Association of Interior REALTORS®.
Residential sales for the month of March were up 146% with 1,763 units sold compared to March 2020s 708 units. The South Peace River and the Shuswap/ Revelstoke regions saw the highest increase in sales with a 225% and 223% upswing compared to the same time last year.
“With economic recovery underway, low mortgage rates and the persistent pandemic effect of buyers looking for more space, it’s no surprise that local real estate is still seeing a boom,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “while the pandemic has increased demand it also created a huge shock to the supply side of things that will take a long time to get back to a healthy inventory level.”
The total number of active residential listings for March from Revelstoke to Peachland was down 46% compared to March 2020’s listings of 1,814. In the South Okanagan region, overall listings dropped 52% over last March’s 1,255, while the South Peace River saw a 16% decrease compared to last year’s 345 listings.
“Buyers are struggling to find homes and the lack of supply is putting upward pressure on pricing,” says Heizmann. “It is really important to work with a local REALTOR® who not only understand the market but also that buyers are looking for homes for their families, not just a house to live in.”
The benchmark price for homes in the Central Okanagan, North Okanagan, and Shuswap/Revelstoke regions saw double-digit percentage increases in year-over-year comparisons in the single-family and townhomes categories.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan February 2021 Summary:
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Local Real Estate Market Sees Increase of Sales Promoting Vacation Lifestyle
KELOWNA, B.C. – March 2nd, 2021. Residential real estate sales across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region continues to outperform forecasts with another record high month, reports the Association of Interior REALTORS®.
The total number of sales in February was up 116% with 1,212 units sold compared to February 2020’s sales of 561. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of sales with a 130% surge compared to the same time last year.
“We are seeing a noticeable increase on various types of recreation and vacation homes sales suitable for all seasons,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “due to COVID- related travel restrictions and limitations more and more inter-provincial buyers are taking the opportunity to create vacation opportunities within B.C.”
Active residential listings for February from Revelstoke to Peachland was marginally down with 1,763 compared to January’s 1,776 listings and far below February 2020’s inventory of 2,996. In the South Okanagan region overall listings dropped 4% over January’s 666, while the South Peace River saw a 2% decrease compared to January’s 304 listings.
“Shortage of supply is still an issue with inventory struggling to meet demand, particularly when it comes to single-family homes” says Heizmann.
The benchmark price for homes in the Central Okanagan, North Okanagan and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with single-family homes seeing the greatest increase for another consecutive month.
In the South Okanagan, where benchmark pricing is not yet available, average sales prices were up year-over- year in the townhomes and single-family categories, while average sale prices for single-family homes in the South Peace River increased 8% in comparison to February 2020 prices.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
Okanagan January 2021 Summary:
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Strong Start to New Year for Local Residential Real Estate Market
KELOWNA, B.C. – February 3rd, 2021.
Residential real estate sales once again hit a record high in the first month of 2021 across the region from Revelstoke to Eastgate Manning Park and into the South Peace River region, reports the Association of Interior REALTORS®.
The total number of sales in January was up 60% with 796 units sold compared to January 2020’s sales of 497. In the Shuswap and Revelstoke region property sales where up 50% from 40 units in 2020 to 60 in January 2021. The South Okanagan region, stretching from Summerland to Eastgate Manning Park saw the highest increase of dollar volume with a 136% hike compared to the same time last year.
“Hikes in sale dollar volume is another impact of COVID-19 as buyers are seeking out larger spaces to improve their living conditions,” says the Association of Interior REALTORS® President Kim Heizmann, adding that “larger homes naturally also come with a larger price tag.
However, we are still seeing an upward pressure on pricing driven by a shortage of inventory that is unable to meet consumer demand.”
Active residential listings for January from Revelstoke to Peachland remained on par with December 2020’s listings but remained short 37% compared to January 2020’s inventory of 2,806. In the South Okanagan region overall listings remained low as decreases were noted in all housing categories. Inventory for condominiums remains low in the South Peace River region with a 27% decrease compared to the same period last year.
“A chronic shortage of new condominium developments in areas such as the South Peace River region or Revelstoke makes it even harder for inventory to meet demand, particularly when such areas are driven by recreational property purchases,” says Heizmann.
The benchmark price for single-family homes in the Central Okanagan, North Okanagan, and Shuswap/Revelstoke regions saw increases in year-over-year comparisons with the most notable increase being in 14% in the single-family category.
Source: Association of Interior REALTORS®
PLEASE NOTE: Average prices indicate market trending only. They do not reflect actual prices which vary from house to house and area to area. The Median sale price is the midpoint of sales during the month. The Average and Median Sold Prices are for Single Family Homes and do not include Residential Waterfront Properties.
