KELOWNA – Real estate sales volumes in both the North and Central Okanagan jumped in October, statistics announced by the Association of Interior Realtors reveal.
The Central Okanagan saw a total of 409 units sold in October, representing a significant 42.01% increase compared to 288 units in October, 2023, as well as 934 new listings, a slight increase of 1.97% from the 916 in October 2023.
The total sales volume for October 2024 reached $351,304,349, a 60.14% increase from $219,373,049 in October 2023.
In the North Okanagan, 156 units were sold, up from 152 in October, 2023, and there were 247 new listings, down 8.86% from 271 in October 2023. Sales volume rose significantly by 20.10% to $122,226,947 from $101,773,121 in October 2023.
The Central Okanagan market demonstrated both growth and stability, appealing to a wide variety of buyers, the Association pointed out. The notable increase in both units sold and sales volume highlights sustained demand, especially for high-value properties. The increase in days to sell reflects a market that is gradually adjusting to its growing inventory, with buyers taking their time to evaluate a wider array of properties.
The residential sector saw 179 units sold with an average price of $1,086,399 and a median price of $930,000. With 1,419 active listings, the residential market remains competitive, with high-end buyers actively participating. Condos and apartments recorded 93 sales, an indication of continued interest in affordable urban living options. The average price reached $489,042, while the median price was $442,500, with 711 active listings adding to buyer choice.
Townhouses in Central Okanagan maintained steady demand, with 58 units sold. The average price was $715,513, and the median price was $679,000. Active listings for townhouses numbered 422, suggesting solid supply in this market segment. There were 16 lot sales, with an average price of $525,525 and a median price of $365,000.
The North Okanagan market highlighted a stable sales volume but a decrease in new listings and longer selling periods. The rise in average sales prices reflects the appeal of premium properties, indicating that North Okanagan remains attractive for mid-to high-end buyers and investors.
Residential homes saw 68 sales, with an average price of $767,455 and a median price of $720,000. With 401 active listings, the residential market remains robust, attracting interest from both locals and investors.
The condos and apartments category had 9 sales, with an average price of $341,444 and a median price of $320,000. Condos and apartments offer a more affordable entry point, which is appealing in North Okanagan’s rising market. There are 85 active listings available, adding choice for potential buyers.
Townhouses recorded 21 sales at an average price of $468,667 and a median price of $430,000. With 94 active listings, townhouses continue to be a popular choice, offering a mix of affordability and convenience.
There were 8 lot sales, with an average price of $353,563 and a median price of $303,500.
Comparing September to October 2024, Central Okanagan listings decreased by 1.14% from 1,046 in September to 934 in October, and the number of units sold increased significantly by 42.97%, from 286 in September to 409 in October. The sales volume jumped 60.94 percent, from $218,216,581 in September to $351,304,349 in October, and the days it took to sell a property decreased from 66 days in September to 58 days in October.
For the same time period in the North Okanagan, new listings decreased by 5.21% from 260 in September to 247 in October, while units sold increased by 40.54%, from 111 in September to 156 in October.
Sales volume increased by 44.65%, from $84,500,890 in September to $122,226,947 in October, and the number of days to sell increased from 75 days in September to 89 days in October.
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