downtown kelowna CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 11.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 28% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 45% VS 2022
▼ 22% VS 2022
▼ 21% VS 2022
There were 223 condo listings in Downtown Kelowna in November, 6% above October and 45% higher than November 2022. November condo sales decreased by 10% month-over-month, to 19, and were 21% below November 2022. The months of inventory for condos in Downtown Kelowna, at 11.7, reflected a buyers' market. The condo median price in November was $390,000, a 24% decrease from October and 3% above November 2022. The average sold price was $457,342, 28% below last month; the average PSF sale price was $458, down 28% 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
$458 $457,342 $390,000 11.7 19 223
$636 $585,833 $379,900 642% 24 154
-28% -22% 3% 83% -21% 45%
$647 $633,652 $515,000 10.0 21 211
-29% -28% -24% 17% -10% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
210
223
44
220
211
205
161
182
154
149
171
165
35
154
121
29
43
43
42
29
21
15
11
24
37
19
25
24
21
$580K
$550K
$520K
$525K
$515K
$498K
$491K
$496K
$480K
$480K
$475K
$390K
$380K
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.
60
24+
24+
4+ bdrms
50
40
1
3 bdrms
24
30
12.4
20
8.0
11
2 bdrms
135
10
3.3
1.0
0
7
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 5 62 12.4 1 58 58.0 1 36 36.0 0 14 n/a 1 8 8.0 0 13 n/a 2 2 1.0 9 30 3.3
<2 bdrms
64
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. 13 ●
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