Michael A. Jones - PREC* | Royal LePage Kelowna
July was an interesting month, marking a slight return to overall momentum. Sales rose month-over-month, largely spurred by increased condo sales, representing a market driven by first-time buyers and people downsizing. Buyers acted despite steady rates. Inventory remains high, but well-priced homes are selling. A potential Bank of Canada rate cut in September adds optimism to the future, even as the summer market begins its seasonal wind-down. For now, here's what happened in July.
The Central Okanagan includes Peachland, West Kelowna, Kelowna, and Lake Country.
Overall Market Activity
- Total Sales: 482 (up 5.2% from June)
- Sales Volume: $376.3M (up 4.5%)
- Active Listings: 4,481 (down 1.0%)
- New Listings: 1,184 (down 8.2%)
- List-to-Sell Ratio: 96.7% (up slightly)
- Days to Sell (Avg): 68 (up from 65)
Sales volume climbed while new listings fell, creating more overall competition. Homes are still moving, but buyers are taking more time. Market balance is steady as we head toward fall.
Property Type Breakdown
Single Family Homes (Excludes Lakefront & Acreage)
- Sales: 198 (up 7.0% YoY)
- Average Price: $1,053,775 (up 2.1% YoY)
- HPI Price: $1,045,000 (up 1.0% YoY)
- Median Price: $919,750 (down 3.2% YoY)
- Days to Sell: 55 (up from 51 YoY)
- New Listings: 477 (down 2.7% YoY)
Month-over-month insight: Sales declined from June, a sign the single-family segment is tapering into late summer. Despite solid yearly gains, short-term demand looks soft. If the Bank of Canada cuts rates next month, expect a bump in detached home interest before fall slowdown sets in.
Townhomes
- Sales: 61 (down 3.1% YoY)
- Average Price: $705,256 (down 3.3% YoY)
- HPI Price: $724,700 (up 1.6% YoY)
- Median Price: $660,000 (down 3.6% YoY)
- Days to Sell: 54 (up slightly YoY)
- New Listings: 146 (down 1.3% YoY)
Month-over-month insight: Townhome sales dipped slightly, but pricing remained firm. Year-over-year HPI growth suggests stable value. Expect steady movement through September, especially if inventory tightens further.
Condo/Apartments
- Sales: 115 (down 1.7% YoY)
- Average Price: $491,058 (up 3.1% YoY)
- HPI Price: $504,500 (up 1.1% YoY)
- Median Price: $437,000 (down 2.9% YoY)
- Days to Sell: 67 (up from 56 YoY)
- New Listings: 265 (up 3.9% YoY)
Month-over-month insight: Condos saw the biggest gain in sales volume. Despite a slight dip in median price, year-over-year HPI growth reflects steady demand. Younger buyers and investors continue driving activity, and momentum may hold through early fall.
This report is for informational purposes only. Always consult with a licensed professional before making real estate decisions.
Market Takeaway
July’s performance shows a market that’s staying active without overextending. Detached home sales cooled off slightly, while condos picked up steam. Buyers remain engaged, but they’re taking more time. A September rate cut could spark fresh demand, though it’s far from guaranteed. As the summer season winds down, expect activity to slow, but not stall, heading into fall.
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