April townhome sales across the Central Okanagan came in at 60, down from 67 last year and about 18% below the 10-year average. Listings sit at 617, down 5.2% year-over-year, which works out to roughly 7 months of inventory, putting the segment in buyer market territory.
Of the 60 townhomes that sold, about 17% needed a price drop before finding a buyer, and overall days on market are sitting at 71 based on the final list price, closer to 100 days when you factor in relisted properties. Buyers and sellers are negotiating about 3% off the last list price on average.
On pricing, the benchmark townhome price is $724,000, down about 13.7% from the March 2022 peak, though interest rates and overall cost of living have shifted since then too. $724,000 today typically buys a newer, three-bedroom townhome in the Central Okanagan.
Buyers have more choice and more time to be selective in the townhome segment right now than they've had in years. If you're considering buying or selling a townhome in Kelowna, I'm happy to help you find the right fit. Reach out any time.
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