the kelowna rennie advance | December 2024

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published December 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of December 4, 2024. All data from Association of Interior REALTORS® & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere277 M LS salesin theCentralO kanagan in N ovem ber,a12% decrease m onth-over-m onth thatwasles than thetypical16% O ctober-to-N ovem berdecline.D etached salesweredown m onth-over-m onth (-22%,to133),asweretownhom esales(-11%,to49),while condosaleswereup m arginaly(+3%,to94). • Saleswereup 24% relativeto N ovem ber2023,thesecond consecutivem onth ofyear-over-year increase.TheCentralO kanagan hasnotseen two consecutivem onthlyincreasessinceJuly2023. Condosaleswereup 52%,folowed bytownhom es(+32%)and detached hom es(+11%). • Saleswerestil 19% below theprior10-yearN ovem beraverageof340,though thiswastheclosest thatsaleshavebeen to theirm onthlyaveragesinceJune2023 (-7% ).Year-to-date,salesof3,338 were30% below theprior10-yearaverageof4,778.

CENTRALOKANAGAN THERENNIEADVANCE sales

NOVEMBER 2024

500

+ 11% vsN ov2023

400

300

185 10 yrNovAvg

200

DETACHED sales

100

133

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 28% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 32% vsN ov2023

200

150

54 10 yrNovAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 10% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 52% vsN ov2023

300

250

200

99 10 yrNovAvg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber4,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Therewere561 new M LS listingsin N ovem ber,adeclineof27% m onth-over-m onth thatwas greaterthan thetypical22% O ctober-to-N ovem berdecrease.Stil,new listingsrem ained elevated in ahistoricalcontextat15% abovetheprior10-yearN ovem beraverageof489. • N ew condo listingswerethefurthestaboveaverage(+32%,to 184),which wasin linewith townhom es(+32%,to 110).In contrast,new detached hom elistingswereslightlybelow average (-1.6%,to258). • Relativeto lastN ovem ber,new listingsweredown 8% with al hom etypesseeing adecrease: condos(-11%),detached hom es(-9%),and townhom es(-2%).

CENTRALOKANAGAN THERENNIEADVANCE new listings

NOVEMBER 2024

800

- 9% vsN ov2023

700

600

500

400

262 10 yrNovAvg

300

200

DETACHED new listings

258

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

- 1.6% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 2% vsN ov2023

300

250

200

83 10 yrNovAvg

150

100

110

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 32% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 11% vsN ov2023

300

250

200

184

139 10 yrNovAvg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 32% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • Activelistingsfolowed theirtypicalseasonaltrend,declining 11% m onth-over-m onth to 2,423, which wasin linewith thetypicalO ctober-to-N ovem berdecreaseof10%.Stil,thiswasthem ost inventoryforthem onth ofN ovem bersince2013 (2,549 listings). • Totalinventorywas41% aboveitsprior10-yearN ovem beraverageof1,720.Condoinventory wasup them ost(+53%,to666),folowed bytownhom es(+45%,to384)and detached hom es (+35%,to1,347). • Therewere8.7 m onthsofinventory(M O I)acros theregion in N ovem ber,in linewith 8.6 in O ctober.Thedetached hom esegm entwasin aselersm arketwith an M O Iof10.1,whileboth the townhom eand condosegm entswerein balanced m arketter itorywith M O Isof7.8 and 7.1, respectively.

CENTRALOKANAGAN THERENNIEADVANCE inventory

NOVEMBER 2024

+ 9% vsN ov2023

1,000 1,250 1,500 1,750 2,000

1,347

1,000 10 yrNovAvg

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 35% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

600

+ 13% vsN ov2023

500

400

384

300

265 10 yrNovAvg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 45% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

800

+ 15% vsN ov2023

700

600

666

500

400

434 10 yrNovAvg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 53% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)weredown 2.6%.Them edian sold pricefortownhom eswasdown them ostat7% (to $640k)folowed bya4% increasefordetached hom es(to$930k).M edian condopricesincreased 2% (to$450k). • O n ayear-over-yearbasis,m edian sold pricesw ereup 1.5% (averaged acros hom etypes).M edian condopriceswereup 11%,whilem edian detached hom eand townhom epricesweredown 4% and 3% year-over-year,respectively. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

NOVEMBER 2024

$1,200,000

Central Okanagan

$1,000,000

$930,000

$800,000

$600,000

- 4% vsN ov2023

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

$1,000,000

Central Okanagan

$800,000

$600,000

$640,000

$400,000

- 3% vsN ov2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

$600,000

Central Okanagan

$500,000

$450,000

$400,000

$300,000

+ 11% vsN ov2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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