January turned out to be a strange month for Real Estate. Here's a summary of the the latest market information for Kelowna & the surrounding Central Okanagan: 

 

THE MARKET

 

Sales & Listings

 

There were a total of 189 homes sold during January 2023. This is a 13-home decrease from last month.

 

And while listings were quite low in December of 2022 (only 312), January saw 719 new listings pop onto the market. Local inventory, including in Vernon & north Okanagan, is up up up! Sadly, that puts a clear Buyer's Market label on the Real Estate situation in Central Okanagan.

 

Surprisingly, homes are still selling reasonably close to the listing price.  We're seeing homes selling between 3% - 5% under list.  However, don't be deceived: there were a handful of homes that sold over asking.

 

Prices

 

Home prices shifted again in January.

 

Single Family Homes in Kelowna Averaged $947,774 (Median $860,000). Compared to December, January's average decreased by 7.28%, the median by 2.48%. The HPI (Home Price Index) declared a Benchmark price of $976,800. 

 

Townhomes in Kelowna Averaged $719,989 (Median $706,000). Compared to December, January's average decreased by 0.52%, whereas the median increased by 11.74%. The HPI declared a Benchmark price of $741,600.

 

Condos & Apartments in Kelowna Averaged $470,173 (Median $451,500 ). Compared to December, January's average decreased by 10.56%, the median by 4.28%. The HPI declared a Benchmark price of $492,900.

 

CONCLUSION

 

What, if anything, can we discern from these numbers? Well, we know that prices and sales have both decreased since the BOC started raising rates last year. However, it remains quite clear that prices in Kelowna and Central Okanagan dropped.  The biggest drops were in Single Family Home prices, which have finally dipped below $1 million, and Condos which saw a price drop of 10.56%. What will be in store for next month?  Send me your guess.

 

If you'd like to discuss the real estate market further or to start your home-buying journey, please email me at michaeljones@yourkelownahomes.com or call me at 250-258-4663. 

 

 

 

 

 

 

 

 

 

 

 

*All statistics are from The Association of Interior Realtors and/or the Canadian Real Estate Association, all interpretations are my own. The market is subject to change, so before making any decisions based on these interpretations, please contact your preferred Realtor to discuss. Keep in mind, all market reports are based on the previous month's stats.