January 2023 Real Estate Sales Statistics – Kelowna and The Central Okanagan
January 2023 real estate sales in Kelowna were down by almost half in the first month of the sales year. There were 552 residential unit sales recorded across the region. 63 of those were single-family homes in Central Okanagan. A further 36 traded hands in the townhome market. Condos and Apartments make up the difference with 52 units sold during January 2023.
Inventory on the other hand continues to rise. In fact, Central Okanagan saw its housing inventory climb by 99.8%. Despite what looks like a healthy number of units available in the region at 6,208, high mortgage rates continue to sideline buyers.
Even the average number of days on the market to sell a home in the region continues to rise. We have seen that number steadily climb over the last few months, and it now stands at 86 days. Whereas, last month it took an average of 75 days to sell a home. This number is indicative of more buyers taking their time with their purchases. It’s also indicative of a slower-to-move mortgage approval process.
If you need to get a new mortgage before you buy a home for sale in Kelowna, then we suggest starting early. The trend is emerging that it is taking borrowers longer to secure the financing they need to follow through with their home purchase. Starting your pre-approval process early helps you to secure the place you want in a more timely fashion.
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 changed from month to month from $1,002,400 down to $976,800. Townhomes and Condos saw the benchmark price at $741,600 and $492,900 respectively.
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January 2023 Real Estate Data – Kelowna