December 1, 2022 - In this month's Kelowna Market Watch report, REALTOR® Darcy Nyrose provides a synopsis for what's currently happening in the Kelowna real estate market. Sales volume is down across the board in November (vs October 2022 and Nov. 2021). Interestingly, while single family home average sale price is down slightly over both last month and last year, condo and townhome pricing is up.
With respect to townhomes, one reason for this is because there were several luxury townhome sales (there were 4 sales over $1-million) and with so few sales overall for the month, this definitely brings the average sale price up.
In the condo market, we saw 3 condos sell for over $2-million (the most expensive was downtown on Manhattan for $2.4-million) and one sell over $1-million.
Watch as Darcy Nyrose shares what happened in the Kelowna Real Estate Market in November 2022
We've started to see a nice rise in inventory numbers since the summer (up 104% over November last year). And while inventory has dropped slightly since October, it's normal to see a dip in inventory over the winter months. Sales are down over last year and last month, but pricing is up slightly.
We've seen a nice bump in inventory over the summer and fall, and while we're down slightly over October, we're up considerably (175%) over this time last year. Although buyers have more selection, we're not seeing an increase in sales volume - townhome sales are down 24% over last month and 49% over this time last year. That being said, pricing is up over last month and last year, thanks to some luxury townhome purchases.
Single family home inventory is up 103% over this time last year; however inventory is down 13% over last month. The number of sales is also down - 54% over this time last year and 11% over last month. With this, we've also seen the average sale price creep down slightly (1% over last year and 3% over last month).
If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today!