December Real Estate Sales Statistics – Kelowna and The Central Okanagan
December real estate sales in Kelowna continued to decline compared to the same time last year. Rising interest rates continue to throttle prospective buyers from a financing standpoint, putting additional stress on sellers. 572 residential unit sales were recorded across the region in December. This number represents a 42.8% decrease in sales compared to the number of units sold during December 2021.
Overall real estate inventory in Kelowna saw a 93.5% spike. There are 6,001 units currently listed for sale on the market at the close of December 2022. Signs point to an increase in inventory available in the coming months as we move toward spring.
Benchmark prices for single-family homes in Central Okanagan, saw moderate decreases in year-over-year comparisons. The benchmark price for a single-family home is now $1,002,400. Townhomes and Condos saw increases in the benchmark price to $726,300 and $502,800 respectively.
The days on market required to sell your Central Okanagan home increased significantly from 65 days to 75 days.
December Real Estate Data – Kelowna