the kelowna rennie advance | May 2024

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

published May 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

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

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

Copyright © May 1, 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 May 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • TheCentralO kanagan recorded 358 M LS salesin April,28% below theprior10-yearaveragefor them onth (499).IgnoringApril2020and theonsetoftheCovid-19pandem ic,thiswasthe slowestAprilsince2013 (338 M LS sales). • Totalsalesdid clim b 19% m onth-over-m onth (M oM ),which wasgreaterthan thetypical M arch-to-Aprilincreaseof5%.D etached salesrosethem ost(up 27% M oM to190)folowed by condos(up 20% M oM to102),whiletownhom esalesrosem arginaly(by2% M oM to66). • Thatsaid,thebum p in saleswasnotenough to aleviateoveral softnes in activityacros the region.Totalsalesweredown 17% year-over-yearwith condosleadingthewayata30% annual decline,folowed bydetached hom es(-13%)and townhom es(flat).

CENTRALOKANAGAN THERENNIEADVANCE sales

APRIL2024

500

- 13% vsApr2023

400

300

281 10 yrAprAvg

200

190

DETACHED sales

100

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

- 32% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

- vsApr2023

200

150

81 10 yrAprAvg

100

TOWNHOME sales

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

- 19% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

- 30% vsApr2023

300

250

200

136 10 yrAprAvg

150

100

CONDO sales

102

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

- 25% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright© May1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay1,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • Therewere1,009new M LS listingsin April,an 8% decreasefrom M arch (1,095).Thiswasa notabledivergencefrom otherprim arym arketsin BC wherenew listingssaw double-digit percentageincreasesin A pril.Thatdecline,how ever,m oreclosely resem bled theseasonaltrend fortheCentralO kanagan which hasatypicalM arch-to-Aprildecreaseof4%.Thesharp risein new listingselsewherewaswel aboveaverageforthistim eofyear. • Alhom etypessaw adeclinein new listingsm onth-over-m onth,led bycondos(down 13% to256) and folowed bytownhom es(down 6% to157)and detached hom es(down 6% to596). • Likesales,viewing m onth-over-m onth trendsin isolation hidesam oresubstantialand opposite long-term trend.In thiscase,totalnew listingsfortheregion w erequiteelevated in A pril,up 33% year-over-yearand 17% higherthan theprior10-yearAprilaverage.

CENTRALOKANAGAN THERENNIEADVANCE new listings

APRIL2024

800

+ 40% vsApr2023

700

600

596

500

400

517 10 yrAprAvg

300

200

DETACHED new listings

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

+ 15% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 18% vsApr2023

300

250

200

138 10 yrAprAvg

150

157

100

TOWNHOME new listings

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

+ 14% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 30% vsApr2023

300

250

256

200

206 10 yrAprAvg

150

100

CONDO new listings

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

+ 24% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Therewere2,640 activeM LS listingslastm onth,thehighestinventorylevelin anym onth going back toJuly2019 (2,658).Com pared topriorAprildata,inventorywas35% abovethe past-decadeAprilaverage(1,959)and hasn’tbeen thishigh since2014 (2,841). • Totalinventorygrew 10% m onth-over-m onth,slightlyhigherthan thetypicalM arch-to-April expansion of7%.D etached hom einventorywasup 15% (to1,538),folowed bytownhom es(6% to 395)and condos(4% to707).O n ayear-over-yearbasis,totalinventorywasup by45% led by condos(47%)and folowed bydetached hom es(46%)and townhom es(39%). • M onthsofinventory(M O I)declined form osthom etypes.Thedetached hom esegm entrem ained in buyers’m arketter itoryatan M O Iof8.1,whilethetownhom eand condosegm entswere considered balanced w ith M O Isof6.0 and 6.9,respectively.

CENTRALOKANAGAN THERENNIEADVANCE inventory

APRIL2024

+ 46% vsApr2023

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

1,538

1,160 10 yrAprAvg

250 500 750

DETACHED inventory

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

+ 33% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

600

+ 39% vsApr2023

500

400

395

300

296 10 yrAprAvg

200

TOWNHOME inventory

100

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

+ 33% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

800

+ 47% vsApr2023

700

707

600

500

400

502 10 yrAprAvg

300

200

CONDO inventory

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

+ 41% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)rose5%.Them edian sold priceforcondosincreased them ostat8%,versus6% for detached hom esand 1.5% fortownhom es. • O n ayear-over-yearbasis,m edian sold priceappreciation wasm orem odest,up an averageof2% acros hom etypes.Them edian sold priceforcondoswasup 6% folowed bydetached hom esat 4%.M edian sold pricesfortownhom esbucked thetrend with a3% declineyear-over-year. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

APRIL2024

$1,200,000

Central Okanagan

$1,000,000

$980,000

$800,000

$600,000

+ 4% vsApr2023

$400,000

DETACHED median salesprice

$200,000

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

● April

$1,000,000

Central Okanagan

$800,000

$680,000

$600,000

$400,000

- 3% vsApr2023

TOWNHOME median salesprice

$200,000

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

● April

$600,000

Central Okanagan

$500,000

$475,000

$400,000

$300,000

+ 6% vsApr2023

$200,000

CONDO median salesprice

$100,000

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

● April

●

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.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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