Home » Kelowna Real Estate Stats - Market Update - Here's What Happened in May 2022

Kelowna Real Estate Stats - Market Update - Here's What Happened in May 2022

June 1, 2022

Kelowna Real Estate Stats & Trends - Your Market Report With Kelowna Realtor Darcy Nyrose

In this month's report, Darcy Nyrose recaps market activity and explains how a sellers, balanced, and buyers market is determined. For the past 2-years and counting, the Kelowna real estate market has firmly been considered a "Seller's Market".  Which property type is the first to begin to balance? And will the trend continue? Watch as Darcy Nyrose explains what is happening in Kelowna's real estate market.

Kelowna Real Estate Market By The Numbers

Kelowna Condo Real Estate Market Stats

Inventory, while still down over last year, has been steadily increasing in 2022 and is up 8% over last month. Sales are down considerably over last year, and while pricing is up over last year, it has dropped since last month with an average sale price now at $518,637.

Condos are still considered to be a Seller's Market with approx. almost 2 months of inventory.

Kelowna Townhome Real Estate Market Stats

Townhome inventory is well-up over last year and last month; however sales have yet to follow suit - sales are down 4% over last month and 25% over last year. Pricing is fairly stable over last month, with an average sale price of $768,155.

Townhomes are still considered to be a Seller's Market with approx. 2 months of inventory.

Kelowna Single Family Home Real Estate Market Stats

Single Family home inventory rose considerably over last month (24%) and last year (51%); however sales numbers are still quite low - down 5% over last month and 32% over May of 2021. Pricing has also dropped over last month (by 9%); however, it is up 9% over May of 2021.

Single Family Homes have moved into a balanced market with approx. 4 months of inventory.

 

If you're looking to buy or sell Kelowna real estate, contact Nyrose & Associates today! 

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