Central Okanagan Real Estate Market Update - August 2022

The Central Okanagan Residential Market in July 2022 saw a further increase in inventory and a softening of sales prices from the previous month. 
Here are a few highlights from the recent Association of Interior REALTORS® statistical report:
  • Available months of inventory (available single family properties/number of sales) increased to 9.08 months. This is a growth from 6.54 months in June and 1.57 months in March. This is an incredible increase in listings in a short period of time. 

  • There were 124 sales in July 2022, compared to 160 the month before, and 301 in March 2022

  • The average sale price in July 2022 was $1,077,432, compared to $1,166,575 in June 2022 and saw a decline of over $200,000 from the March 2022 peak of $1,281,050.

  • The July 2022 average sale price of $1,077,432 is up slightly from the average sale price of last summer/fall (July 2021: $1,011,514/November 2021 $1,063,419)

  • The list to sale ratio in July 2022 was 26.5%, meaning that 1 in 4 homes listed on the market sold in the month of July. 

  • Of the single family homes that sold, the average days on market was 37

These are the facts from the board’s most recent statistical release on Single Family Residential properties. If you have any questions, would like me to dive deeper into any of these areas or have questions on condos or townhomes, or to book your free market consultation, please let me know. 
Below is a snapshot of the current market as of July 31, 2022.  The average price on this graphic, as well as Days on Market and List to Sale Price ratio, are the YTD selling price and reflects pricing that includes the March peak while the other figures are the year over year numbers.