MARKET UPDATE | AUGUST 2020


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

RESIDENTIAL
Benchmark Price – $692,800 (↑3.24%)
Avg. Days on Market – 61 (↑8.28%)
New Listings – 374 (↓12.93%)⁣
Total Sales – 336 (↑11.92%)⁣
Current Inventory – 961 (↓25.68%)⁣
Months of Inventory – 3.03
Market – Seller's Market

Benchmark prices in the residential market are up 3.24
% year to date. New listings have decreased 12.93%, while total sales have increased 11.92%. Current inventory has decreased 25.68%. This has caused months of inventory to move to 3.03, representing a seller's market.

CONDO⁣
Benchmark Price: $393,600 (↑3.66
%)
Avg. Days on Market – 69 (↑6.08%)
New Listings – 218 (↓1.73%)⁣
Total Sales – 146 (↓11.12%)⁣
Current Inventory – 667 (↑11.91%)⁣
Months of Inventory – 4.57
Market – Balanced Market

Benchmark prices in the condo market are up 3.66
% year to date. New listings have decreased 1.73%, while total sales have also decreased 11.12%. Current inventory has increased 11.91%. This has caused months of inventory to move to 4.57, representing a balanced market.⁣

TOWNHOUSES⁣
Benchmark Price – $478,700 (↑1.06
%)
Avg. Days on Market – 70 (↑1.12%)
New Listings – 141 (↓9.28%)⁣
Total Sales – 110 (↓0.18%)⁣
Current Inventory – 364 (↓1.89%)⁣
Months of Inventory – 3.31
Market – Seller's Market

Benchmark prices in the townhouse market are up 1.06
% year to date. New listings have decreased 9.28%, while total sales have also decreased 0.18%. Current inventory has decreased 1.89%. This has caused months of inventory to move to 3.31, representing a seller's market.

Total listings (supply) are down 10%, while total sales (demand) are up 4%.

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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