MARKET UPDATE | MARCH 2020


How is the market? Here is your March 2020 Central Okanagan Market Stats!⁣


RESIDENTIAL
Benchmark Price – $667,600 (↑0.81%)
Avg. Days on Market – 63 (↑7.48%)
New Listings – 419 (↓6.05%)⁣
Current Inventory – 903 (↓11.03%)⁣
Total Sales – 176 (↑23.95%)⁣
Months of Inventory – 5.13
Market – Balanced

Benchmark prices in the residential market are up 0.81% year to date. New listings have decreased 6.05%, while total sales have increased 23.95%. Current inventory has decreased 11.03%. This has caused months of inventory to move to 5.13, representing a balanced market.⁣

CONDO⁣
Benchmark Price: $401,500 (↑5.63%)
Avg. Days on Market – 59 (↓8.62%)
New Listings – 249 (↑4.12%)⁣
Current Inventory – 561 (↑2.75%)⁣
Total Sales – 91 (↑3.40%)⁣
Months of Inventory – 6.16
Market – Balanced

Benchmark prices in the condo market are up 5.63% year to date. New listings have increased 4.12%, while total sales have increased 3.40%. Current inventory has increased 2.75%. This has caused months of inventory to move to 6.16, representing a balanced market.⁣

TOWNHOUSES⁣
Benchmark Price – $473,300 (↓0.31%)
Avg. Days on Market – 73 (↓12.60%)
New Listings – 146 (↓5.58%)⁣
Current Inventory – 346 (↓11.51%)⁣
Total Sales – 74 (↑13.29%)⁣
Months of Inventory – 4.68
Market – Seller’s Market

Benchmark prices in the townhouse market are down 0.31% year to date. New listings have decreased 5.58%, while total sales have increased 13.29%. Current inventory has decreased 11.51%. This has caused months of inventory to move to 4.68, representing a seller’s market.⁣

Total listings (supply) are down 5%, while total sales (demand) is up 15%.

If you are thinking about buying or selling Real Estate in 2020/2021, let’s chat??.⁣



Kyle B. Janzen, B.Comm
t: (778) 215-2784⁣
e: kylebjanzen@gmail.com⁣

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