the Kelowna rennie review | December 2023

city of kelowna DETACHED - NOVEMBER 2 0 2 3

MONTHS OF INVENTORY 9.7 BUYERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 18% VS 2022

▲ 2% VS 2022

▼ 3% VS 2022

▼ 1.1% VS 2022

There were 854 detached listings in the City of Kelowna in November, 11% below October and 18% higher than November 2022. November detached home sales increased by 33% month-over-month, to 88, and were 2% above November 2022. The months of inventory for detached in the City of Kelowna, at 9.7, reflected a buyers' market. The detached median price in November was $989,000, a 0.7% decrease from October and 1.1% below November 2022. The average sold price was $1,152,813, 6% below last month and down 3% to November 2022.

THIS MONTH No. $1,152,813 $989,000 9.7 88 854

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,190,111 $999,950 844% 86 726

-3% -1.1% 15% 2% 18%

$1,222,289 $996,000 14.5 66 958

-6% -0.7% -33% 33% -11%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

925

49

873

970

958

854

909

726

681

777

41

706

628

587

586

29

181

156

135

124

90

67

66

45

86

145

88

125

93

$1.06M $1.04M $1.00M $1.02M $1.04M

$1000K

$996K

$990K $1.03M $1.05M $1.03M

$989K

$885K

Nov-22

Oct-23

Nov-23

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

160

140

24+

24+

22.0

21.5

120

19.6

100

80

13.0

60

8.0

40

5.5

5.4

20

2.9

0

<$600K

$600-799K

$800-999K

$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M

$3M+

MOI INVENTORY SALES

2 11 5.5

18 52 2.9

25 136 5.4

19 152 8.0

11 143 13.0

5 98 19.6

3 66 22.0

2 64 32.0

2 43 21.5

1 89 89.0

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.

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