the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN
published August 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 August 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere353 M LS salesin theCentralO kanagan in July,a1.4% m onth-over-m onth decline thatwasles than thetypicalJune-to-Julydecreaseof4% .D etached salesfel by9% (to 183)and townhom esalesfel by3% (to58),whilecondossaw a14% m onth-over-m onth increase(to111). • Salesactivityrem ained subdued overal at29% below itsprior10-yearJulyaverage(of498).Al hom etypessaw salesactivitywel below average,led bydetached (-33% )and folowed by townhom es(-29%)and condos(-21%). • In thelast11 years,onlyJulyof2022 saw fewersales(at293).Atthattim e,theBank ofCanada w asaggres ively hiking interestratesto quel inflation,increasing itskey policy rateby 50 basis pointsin June,folowed byanother100 basispointsin July.
CENTRALOKANAGAN THERENNIEADVANCE sales
JULY 2024
500
- 9% vsJul2023
400
300
271 10 yr JulAvg
200
183
DETACHED sales
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 33% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
- 11% vsJul2023
200
150
82 10 yr JulAvg
100
TOWNHOME sales
50
58
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 29% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
- 13% vsJul2023
300
250
200
141 10 yr JulAvg
150
100
111
CONDO sales
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 21% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●
highlights • N ew M LS listingsdeclined forthesecond consecutivem onth,down 16% m onth-over-m onth to 941.Thiswasm orethan thetypicalJune-to-Julydecreaseof13%. • N ew listingsactivity rem ained elevated from ahistoricalperspectiveat14% abovetheprior 10-yearJulyaverage(of824).Al hom etypessaw aboveaveragenew listingsactivity:townhom es (+22% to148),detached hom es(+13% to549),and condos(+12% to234). • N ew listingsw ererelatively flatyear-over-year(up 1.2% ),butvaried acros hom etypes:detached hom es(+7%),townhom es(-11%),and condos(-3%).
CENTRALOKANAGAN THERENNIEADVANCE new listings
JULY 2024
800
+ 7% vsJul2023
700
600
500
549
400
486 10 yr JulAvg
300
200
DETACHED new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100
+ 13% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
- 11% vsJul2023
300
250
200
122 10 yr JulAvg
150
148
100
TOWNHOME new listings
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 22% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
- 3% vsJul2023
300
250
234
200
208 10 yr JulAvg
150
100
CONDO new listings
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 12% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 4 ●
highlights • ActiveM LS listingsrem ained abovethe3,000-m ark threshold forthesecond consecutivem onth despiteasm al 1.8% m onth-over-m onth declineto3,086.Thiswasthem ostactivelistingsforthe m onth ofJulysince2013(3,270). • Totalinventorywas39% aboveitsprior10-yearJulyaverage(of2,220),led bytownhom es(+44% to450),and folowed bydetached hom es(+39% to1,836)and condos(+37% to759). • Al hom esegm entswerebuyers’m arketsin Julywith 8.7 m onthsofinventory(M O I)acros the region (from 8.8 lastm onth).Thedetached hom esegm enthad an M O Iof10.0 (up from 9.2), folowed bytownhom esat7.8(up from 7.6)and condosat6.8(down from 7.2).
CENTRALOKANAGAN THERENNIEADVANCE inventory
JULY 2024
+ 36% vsJul2023
1,000 1,250 1,500 1,750 2,000
1,836
1,324 10 yr JulAvg
250 500 750
DETACHED inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 39% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
600
+ 37% vsJul2023
500
400
450
300
312 10 yr JulAvg
200
TOWNHOME inventory
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 44% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
800
+ 42% vsJul2023
700
759
600
500
400
554 10 yr JulAvg
300
200
CONDO inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100
+ 37% vs10yrJulAvg
﹍ 10 yrJulyAverage
● July
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 5 ●
highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)fel0.6%.Them edian sold pricefortownhom eswasup 1.4% (to$710k),folowed bya0.7% increase(to$449k)fortownhom es.In contrast,them edian sold pricefordetached hom eswas down 4% (to$950k)m onth-over-m onth. • O n ayear-over-yearbasis,m edian sold pricesw eredow n 1.5% (averaged acros hom etypes). M edian condopricesand m edian townhom epricesweredown 3% and 1.3%,respectively,while m edian detached pricesw ereflatyear-over-year. •
CENTRALOKANAGAN THERENNIEADVANCE median prices
JULY 2024
$1,200,000
Central Okanagan
$1,000,000
$950,000
$800,000
$600,000
- vsJul2023
$400,000
DETACHED median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● July
$1,000,000
Central Okanagan
$800,000
$710,000
$600,000
$400,000
- 1% vsJul2023
TOWNHOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● July
$600,000
Central Okanagan
$500,000
$449,000
$400,000
$300,000
- 3% vsJul2023
$200,000
CONDO median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● July
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofAugust2,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 6 ●
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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 August 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. 7
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