the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN
published October 2023
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
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
06 MEDIAN PRICES
07 RENNIE INTELLIGENCE
Copyright © October 5, 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 October 5, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2
CENTRAL OKANAGAN THE RENNIE ADVANCE sales
highlights • There were 264 MLS sales in the Central Okanagan in September, which was down 27% from August’s 359 sales and was the lowest monthly total since February. This was a much steeper drop-off than the typical August-to-September decline in sales (of 7%), with the region’s sales sitting 44% below the long-run September average. • Compared to August, September’s detached home sales were down by 20% (to 147), townhome sales were down by 40% (to 45), and condo sales were down by 28% (to 72). • In addition to the month-to-month drop-off in sales, September’s sales for all home types were lower compared to last year’s historically-low count: by 18% for detached homes, by 13% for townhomes, and by 29% for condos.
SEPTEMBER 2023
500
- 18% vs Sep 2022
400
300
267 10 yr Sep Avg
200
DETACHED sales
100
147
0
- 45% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
- 13% vs Sep 2022
200
150
87 10 yr Sep Avg
100
TOWNHOME sales
50
45
0
- 49% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
- 29% vs Sep 2022
300
250
200
150
120 10 yr Sep Avg
100
CONDO sales
0 50
72
- 40% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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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3
CENTRAL OKANAGAN THE RENNIE ADVANCE new listings
highlights • There were 949 new MLS listings last month, which was a 23% increase compared to August. This is in contrast to the typical August-to-September decrease of 5%, with last month’s new listings coming in at 26% more than the past-decade September average (of 752), and 19% higher than one year ago. • On a month-over-month basis, new listings for all home types were higher: detached listings were up by 23% (to 553), townhome listings were up by 29% (to 178) and condo listings were up 10% (to 218). • September’s new listings were up on a year-over-year basis for all home types as well, with detached listings 19% higher than last September, while townhome and condo listings were 29% and 10% higher, respectively.
SEPTEMBER 2023
0 100 200 300 400 500 600 700 800
+ 19% vs Sep 2022
553
442 10 yr Sep Avg
DETACHED new listings
+ 25% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
+ 29% vs Sep 2022
300
250
200
150
134 10 yr Sep Avg
178
100
TOWNHOME new listings
0 50
+ 32% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
+ 10.1% vs Sep 2022
300
250
200
218
150
176 10 yr Sep Avg
100
CONDO new listings
0 50
+ 24% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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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4
CENTRAL OKANAGAN THE RENNIE ADVANCE inventory
highlights • There were 2,519 active MLS listings last month—the highest of any month since June 2020. Compared to August, inventory increased substantially in September (by 7%), whereas the typical seasonal pattern is a 5% decline. Total listings at the end of last month were 9% above the past-decade September average (of 2,302), and were 9% higher than one year ago. • On a month-over-month basis, inventory for all home types was higher: detached inventory was up by 9%, townhome inventory by 12%, and condo inventory by 8%. On a year-over-year basis, detached, townhome, and condo inventory were all higher by 19%, 19%, and 9%, respectively. • Overall market conditions shifted into buyers’ territory in September, with 9.5 months of inventory (MOI). The detached and townhome markets favoured buyers, with MOIs of 10.5 and 9.4, respectively, while the condo market was balanced, with an MOI of 7.6. All home types saw an expansion of MOI in September versus August.
SEPTEMBER 2023
1,000 1,250 1,500 1,750 2,000
+ 19% vs Sep 2022
1,548
1,399 10 yr Sep Avg
0 250 500 750
DETACHED inventory
+ 11% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
600
+ 19% vs Sep 2022
500
400
423
300
375 10 yr Sep Avg
200
TOWNHOME inventory
100
0
+ 32% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
0 100 200 300 400 500 600 700 800
+ 8.9% vs Sep 2022
548
528 10 yr Sep Avg
CONDO inventory
+ 4% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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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5
CENTRAL OKANAGAN THE RENNIE ADVANCE median prices
highlights • On a month-over-month basis, the Central Okanagan saw a decrease in median sold prices by 5% (on average across home types). Detached home and townhome median sold prices both declined in September, by 12% and 8% respectively. Condo prices, on the other hand, rose by 3% last month. • On a year-over-year basis, median sold prices were lower, by 5% on average across types. In September, the median sold price for all home types was lower, by 11% for detached homes, 3% for townhomes, and 2% for condos.
•
SEPTEMBER 2023
$1,200,000
Central Okanagan
$1,000,000
$800,000
$830,000
$600,000
- 11% vs Sep 2022
$400,000
DETACHED median sales price
$200,000
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
$1,000,000
Central Okanagan
$800,000
$600,000
$650,000
$400,000
- 3% vs Sep 2022
TOWNHOME median sales price
$200,000
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
$600,000
Central Okanagan
$500,000
$460,000
$400,000
$300,000
- 2% vs Sep 2022
$200,000
CONDO median sales price
$100,000
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
Copyright © October 5, 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 October 5, 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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Copyright © October 5, 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 October 5, 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. 7
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