The 2022 Year in Review

The real estate market in Kelowna and the Central Okanagan in 2022 was characterized by a decrease in sales largely driven by the substantial increase in interest rates of 4% but continued to see an increase in the average sales price with low inventory. The total value of sold real estate was up from 2020, with the values rising and despite 1000 fewer but down in 2022 compared to 2020 but down from 2021. Despite the decrease in sales, and increase in interest rates the average sale prices are still rising, which is a positive trend for property owners in solidifying the equity they have in their homes. It will be interesting to see how the market evolves in 2023, but the current trend of rising average sales prices is a positive sign for the region.

Total Sales

It is no surprise but the real estate market in the Central Okanagan experienced a slowdown in sales in 2022, with a total of 5,022 sales recorded, compared to 7,911 in 2021 and 6,104 in 2020. You can see the trend over the last 10 years.

Average Sale Price

Despite this decrease in sales, the average sales price saw a significant increase, reaching $885,640 in 2022, up from $765,609 in 2021 and $643,449 in 2020.

For 2022 the average list price is over $1M with the average sale price coming in at $885,000

Total Volume

The total value of sold real estate in 2022 was $4.4B, which was an increase from $3.9B in 2020, but a significant decrease compared to 2021's total of $6B. This is quite interesting as it indicates that despite the decrease in sales, the average sales price of properties in Kelowna and the Central Okanagan are still rising, which is a positive trend for property owners in the area. This can be attributed to the region's growing popularity as a tourist destination and the increasing demand for vacation homes.

Single-Family

Single-family home sales were 2,240 in 2022 compared to 3,586 in 2021 and 2,971 in 2020. The average sale price has increased to $1,234,438 in 2022 which is up from 2020 -$872,407 and 2021 $1,069,684. 2022 saw 5,439 new single-family listings which is up from 4665 in 2021 as home sellers had to adjust to the changing market by taking homes off the market and relisting to generate more activity.

Townhomes

Townhome sales were 780 in 2022 compared to 1,157in 2021 and 1,026 in 2020. The average sale price has increased to $754,029 in 2022 which is up from 2021 of $545,227 and 2020 $652,584. 2022 saw 1,484 new townhome listings which which was very similar to 2021 of 1,358 and 2020 of 1,499.

Condo

Condo sales in 2022 dropped by a third to 1,430 down from 2,178 in 2021 but was up slightly from 2020 of 1,328. Average sale prices have increased to $548,394 which is up from $447,329 in 2021 and $366,724 in 2020.

Coming Next Week- Addressing the question of How healthy is the market? Looking into where are buyers coming from, how many are cash sales, or highly leveraged and sneak peak into 2023.