city of kelowna CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 10.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.1% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2022
▲ 24% VS 2022
▼ 7% VS 2022
▼ 29% VS 2022
There were 430 condo listings in the City of Kelowna in November, 9% above October and 24% higher than November 2022. November condo sales decreased by 28% month-over-month, to 41, and were 29% below November 2022. The months of inventory for condos in the City of Kelowna, at 10.5, reflected a buyers' market. The condo median price in November was $396,500, a 19% decrease from October and 1.8% above November 2022. The average sold price was $457,210, 14% below last month; the average PSF sale price was $501, down 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$501 $457,210 $396,500 10.5 41 430
$501 $493,786 $389,500 600% 58 348
0.1% -7% 1.8% 75% -29% 24%
$512 $529,891 $488,000 6.9 57 393
-2% -14% -19% 52% -28% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
430
403
402
41
381
348
347
393
385
36
356
345
343
316
284
28
117
115
110
84
110
57
96
39
58
41
60
58
40
$488K
$475K
$476K
$462K
$460K
$459K
$455K
$454K
$450K
$433K
$424K
$397K
$390K
Nov-22
Oct-23
Nov-23
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
150
24+
4+ bdrms
23.0
1
20.0
3
100
3 bdrms
47
11.5
9.0
50
21
2 bdrms
276
4.3
1.0
0
17
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 14 161 11.5 2 93 46.5 2 46 23.0 1 20 20.0 1 9 9.0 0 18 n/a 2 2 1.0 19 81 4.3
<2 bdrms
106
Copyright © December 13, 2023 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 13, 2023. 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. 10 ●
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