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January 2023 Statistics


New month, new year, same story. In January we saw yet another rate increase of 0.25%, which is predicted to be the last. With rate decreases predicted by the end of the year, it may be an indication that we may be at the bottom of the market right now. Sales in January were at a 10-year low of 166 total sales. Having options to buy is still an issue, which is impacting the number of sales. Currently there are 1842 active listings, which is down 14% from the 10-year average. With the low inventory, prices have remained relatively stable.


Total Sales

Sales 166

New Listings 646

Current Inventory 1,842

Median Days to Sell 60

Average Days to Sell 71

Months of Inventory 11.10

Average Sale Price $793,739

Median Sale Price $700,000

Total Volume Sold $131,760,612


Single Family

Sales 70

New Listings 258

Current Inventory 856

Median Days to Sell 81

Average Days to Sell 87

Months of Inventory 12.23

Average Sale Price $1,117,811

Median Sale Price $884,000

Total Volume Sold $78,246,753


Townhomes

Sales 36

New Listings 104

Current Inventory 231

Median Days to Sell 38

Average Days to Sell 56

Months of Inventory 6.42

Average Sale Price $719,898

Median Sale Price $706,000

Total Volume Sold $25,916,338


Strata

Sales 52

New Listings 182

Current Inventory 428

Median Days to Sell 57

Average Days to Sell 65

Months of Inventory 8.23

Average Sale Price $470,173

Median Sale Price $451,500

Total Volume Sold $24,449,021


Overall, it was a slow month on the real estate sales side of things as you can see in the numbers and the charts that all the sales for each category over the last 10 years are down to near the 10-year lows. We have hopefully seen the last interest rate increase. As we move into the Spring months, we will likely see more activity, with new fresh inventory, as a lot of the homes on the market right now are old inventory (homes relisted) still from November/December. In January, with brand new inventory coming on the market we have been seeing a surge of multiple offers again for the ones that are priced correctly.

Have a great week, reach out with any questions.


Mark and Maddie



Coming Next Week- Andrew Ramlo- State of the Real Estate Market in the Okanagan


Community Connection

What’s happening in our community?


For all the details:

- Kelowna click HERE.

- West Kelowna click HERE

- Peachland click HERE





Mark Coons

PERSONAL REAL ESTATE CORPORATION


Maddie Coons

REALTOR®









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