the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET
published October 2023
table of contents
Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
2 Copyright ©️ 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 16,, 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 2 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
sagging sales and surplus sellers in september The Central Okanagan’s housing market bucked seasonal trends in September, with sales falling sharply alongside growing listings as high interest rates continue to impart an outsized impact.
September, compared to 6.6 in August (an MOI of less than 5 reflects a sellers’ market; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). As we move through the remainder of the year expect these broader trends to continue, namely that high interest rates will continue to dictate (far more than seasonality) the ebbs and flows of market activity. Looking ahead to October, the typical pattern is another month of decreasing listings. But with each passing month, more and more homeowners will continue to feel the pinch of high rates, either through sustained high variable rates or via contract renewal. So instead, expect to see elevated listings and higher-than-typical inventory for the remainder of the year.
September is a month that typifies transition: from summer to fall and back-to-school, it represents a time of change for many. And with those changes, Kelowna residents are often more focused on their day-to-day routines, and less focused on participating in their local real estate market. As a result, the typical August-to-September pattern is a decline in each of the main metrics tracked: sales counts, new listings, and inventory. Last month, however, was a notable departure from that typical seasonality, as macroeconomic trends—specifically high interest rates—were the main drivers of activity, bringing fewer buyers and more sellers to market. Let’s start with sales counts: last month there were 264 MLS transactions in the Central Okanagan, which represents a 27% decrease from August vs. the typical 7% decline. It was also 44% less than the past 10-year
September average, 20% fewer than one year ago, and the lowest total of any month since February. Meanwhile, there was a notable increase in new listings last month, with September’s total of 949 up 23% from August (the typical pattern is a 5% decline). That’s also 19% above last September and 26% above the long-run September average, as more would-be sellers entered the market. With fewer sales and more listings last month, inventory was able to expand at a time when it normally contracts. The 2,519 listings available at the end of September were up 7% from August (compared to the typical 5% decline), and were 17% higher than last year. In fact, inventory reached its highest level since July 2020, and is now 9% above the past-decade average. This combination of increasing supply and drop in demand yielded a substantial increase in the months- of-inventory metric (MOI) again, to 9.5 in
3 Copyright ©️ 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 16,, 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 2 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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604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
Copyright ©️ 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 16, 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 2 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. 4
central okanagan DETACHED - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 10.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 21% VS 2022
▼ 24% VS 2022
▼ 14% VS 2022
▼ 17% VS 2022
There were 1,466 detached listings in the Central Okanagan in September, 7% above August and 21% higher than September 2022. September detached home sales decreased by 18% month-over-month, to 136, and were 17% below September 2022. The months of inventory for detached in the Central Okanagan, at 10.8, reflected a buyers' market. The detached median price in September was $841,250, a 17% decrease from August and 14% below September 2022. The average sold price was $1,007,707, 10% below last month and down 24% to September 2022.
THIS MONTH No. $1,007,707 $841,250 10.8 136 1,466
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,323,637 $974,000 743% 163 1,211
-24% -14% 45% -17% 21%
$1,119,070 $1,010,000 8.3 165 1,376
-10% -17% 29% -18% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,392
50
1,466
1,297
1,376
1,181
1,211
1,020
1,011
42
1,163
1,058
38
898
821
824
262
244
194
134
127
126
90
163
70
136
192
192
165
$1.04M
$974K
$975K
$973K
$971K $970K $1.01M
$950K
$933K
$925K
$900K
$884K
$841K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
24+
24+
22.4
200
150
14.0
11.3
10.0
100
50
3.1
3.1
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
26 80 3.1
35 107 3.1
25 251 10.0
23 259 11.3
11 246 22.4
5 136 27.2
3 97 32.3
0 98 n/a
5 70 14.0
3 122 40.7
Copyright © October 16, 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 16, 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.
●
5
central okanagan TOWNHOME - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 9.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 20% VS 2022
▼ 8% VS 2022
▼ 4% VS 2022
▼ 13% VS 2022
There were 424 townhome listings in the Central Okanagan in September, 12% above August and 20% higher than September 2022. September townhome sales decreased by 40% month-over-month, to 45, and were 13% below September 2022. The months of inventory for townhomes in the Central Okanagan, at 9.4, reflected a buyers' market. The townhome median price in September was $650,000, a 8% decrease from August and 4% below September 2022. The average sold price was $705,024, 3% below last month; the average PSF sale price was $426, down 5% 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
$426 $705,024 $650,000 9.4 45 424
$438 $767,696 $675,000 681% 52 354
-3% -8% -4% 38% -13% 20%
$450 $728,199 $703,500 5.1 75 379
-5% -3% -8% 86% -40% 12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
46
424
383
367
348
342
354
379
349
321
37
315
293
35
274
256
124
75
70
56
38
38
36
88
52
80
80
45
49
$737K
$720K
$706K
$710K
$710K
$700K
$705K
$704K
$675K
$665K
$653K
$643K
$650K
Sep-22
Aug-23
Sep-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.
6
80
24+
4+ bdrms
91
21.5
60
17.0
21
3 bdrms
13.5
210
40
7.3
16
2 bdrms
5.7
20
119
3.9
0
2
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 85 85.0 2 43 21.5 0 37 n/a 1 17 17.0 2 27 13.5 14 54 3.9 13 74 5.7 12 87 7.3
4
Copyright © October 16, 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 16, 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. 6 ●
central okanagan CONDO - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 7.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▼ 10% VS 2022
▼ 1.6% VS 2022
▼ 29% VS 2022
There were 547 condo listings in the Central Okanagan in September, 8% above August and 9% higher than September 2022. September condo sales decreased by 28% month-over-month, to 72, and were 29% below September 2022. The months of inventory for condos in the Central Okanagan, at 7.6, reflected a balanced market. The condo median price in September was $464,000, a 4% increase from August and 1.6% below September 2022. The average sold price was $531,634, 8% above last month; the average PSF sale price was $514, up 0.9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 101 503
% Change
No. 100 508
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$514 $531,634 $464,000 7.6 72 547
-12% -10% -1.6% 53% -29% 9%
0.9% 8% 4% 50% -28% 8%
$586 $588,830 $471,500 498%
$509 $493,395 $447,950 5.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
50
547
511
500
475
503
535
447
508
435
485
481
469
374
37
36
143
141
130
124
100
94
72
101
134
47
72
74
52
$472K
$470K
$472K
$465K
$468K
$464K
$460K
$463K
$452K
$449K
$448K
$434K
$408K
Sep-22
Aug-23
Sep-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.
200
24+
4+ bdrms
6
150
8
3 bdrms
73
100
11.8
11.5
8.3
8.0
51
50
6.1
2 bdrms
5.0
330
0
13
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 21 106 5.0 34 206 6.1 9 106 11.8 2 60 30.0 3 25 8.3 0 13 n/a 2 23 11.5 1 8 8.0
<2 bdrms
138
Copyright © October 16, 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 16, 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 ●
city of kelowna DETACHED - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 10.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2022
▼ 21% VS 2022
▼ 4% VS 2022
▼ 22% VS 2022
There were 979 detached listings in the City of Kelowna in September, 7% above August and 18% higher than September 2022. September detached home sales decreased by 26% month-over-month, to 90, and were 22% below September 2022. The months of inventory for detached in City of Kelowna, at 10.9, reflected a buyers' market. The detached median price in September was $980,000, a 5% decrease from August and 4% below September 2022. The average sold price was $1,146,883, 3% below last month and down 21% to September 2022.
THIS MONTH No. $1,146,883 $980,000 10.9 90 979
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 115 831
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-21% -4% 51% -22% 18%
122 915
-3% -5% 45% -26% 7%
$1,179,097 $1,033,677 7.5
$1,455,168 $1,025,000 723%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
930
45
979
871
835
42
915
831
723
680
780
37
708
629
583
584
182
160
132
122
87
89
64
115
45
90
128
120
94
$1.07M
$1.02M $1.06M
$1000K
$998K
$997K $1.06M $1.06M $1.02M $1.03M
$980K
$940K
$915K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
23.0
22.4
150
20.0
100
13.5
10.2
7.9
50
2.5
2.1
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
11 23 2.1
19 48 2.5
18 143 7.9
18 184 10.2
9 180 20.0
5 112 22.4
3 69 23.0
0 74 n/a
4 54 13.5
3 92 30.7
Copyright © October 16, 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 16, 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.
●
8
city of kelowna TOWNHOME - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.6% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 25% VS 2022
▼ 3% VS 2022
▼ 12% VS 2022
There were 294 townhome listings in the City of Kelowna in September, 12% above August and 25% higher than September 2022. September townhome sales decreased by 35% month-over-month, to 36, and were 12% below September 2022. The months of inventory for townhomes in City of Kelowna, at 8.2, reflected a buyers' market. The townhome median price in September was $670,500, a 6% decrease from August and 3% above September 2022. The average sold price was $738,531, 0.8% above last month; the average PSF sale price was $430, down 6% 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
$430 $738,531 $670,500 8.2 36 294
$437 $761,547 $650,000 573% 41 235
-1.6% -3% 3% 42% -12% 25%
$459 $732,835 $715,500 4.8 55 263
-6% 0.8% -6% 71% -35% 12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
294
255
237
234
263
218
235
228
35
212
34
199
183
181
179
93
62
55
52
43
33
67
29
41
24
36
48
36
$737K
$728K
$715K
$716K
$712K
$708K
$693K
$675K
$671K
$661K
$650K
$643K
$640K
Sep-22
Aug-23
Sep-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
6
24+
4+ bdrms
60
50
40
18
3 bdrms
13.5
154
30
11.0
9.0
20
11
2 bdrms
5.8
4.8
4.4
76
10
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 9 40 4.4 11 53 4.8 10 58 5.8 1 60 60.0 2 27 13.5 0 27 n/a 1 11 11.0 2 18 9.0
4
Copyright © October 16, 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 16, 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. 9 ●
city of kelowna CONDO - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 6.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2022
▲ 0.5% VS 2022
▼ 3% VS 2022
▼ 28% VS 2022
There were 403 condo listings in the City of Kelowna in September, 4% above August and 0.5% higher than September 2022. September condo sales decreased by 33% month-over-month, to 58, and were 28% below September 2022. The months of inventory for condos in City of Kelowna, at 6.9, reflected a balanced market. The condo median price in September was $459,000, a 3% increase from August and 3% below September 2022. The average sold price was $541,037, 9% above last month; the average PSF sale price was $515, up 0.0% 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
$515 $541,037 $459,000 6.9 58 403
$579 $531,246 $471,500 501% 80 401
-11% 1.8% -3% 39% -28% 0.5%
$515 $494,737 $446,900 4.4 87 386
0% 9% 3% 57% -33% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
381
48
403
401
403
348
347
386
316
366
356
345
343
284
35
34
118
110
87
74
113
109
57
80
96
37
58
55
43
$475K
$472K
$471K
$465K
$460K
$455K
$459K
$454K
$443K
$447K
$435K
$430K
$387K
Sep-22
Aug-23
Sep-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.
140
24+
4+ bdrms
1
120
100
5
3 bdrms
80
52
11.0
60
10.6
8.0
42
40
2 bdrms
5.8
5.0
258
3.6
20
0
11
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 25 145 5.8 8 85 10.6 1 45 45.0 3 24 8.0 0 13 n/a 2 22 11.0 1 5 5.0 18 64 3.6
<2 bdrms
92
Copyright © October 16, 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 16, 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. 10 ●
downtown kelowna DETACHED - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 12.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 38% VS 2022
▼ 7% VS 2022
▼ 1.7% VS 2022
▼ 25% VS 2022
There were 114 detached listings in Downtown Kelowna in September, no change to August and 1.7% lower than September 2022. September detached home sales decreased by 36% month-over-month, to 9, and were 25% below September 2022. The months of inventory for detached in Downtown Kelowna, at 12.7, reflected a buyers' market. The detached median price in September was $1,025,000, a 0.4% decrease from August and 7% below September 2022. The average sold price was $977,889, 19% below last month and down 38% to September 2022.
THIS MONTH No. $977,889 $1,025,000 12.7 9 114
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,568,021 $1,107,500 967% 12 116
-38% -7% 31% -25% -1.7%
$1,205,311 $1,028,677 8.1 14 114
-19% -0.4% 56% -36% 0%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
114
49
112
116
114
119
114
97
110
44
93
90
81
78
76
29
24
17
16
14
13
11
10
7
7
12
4
9
14
$1.17M
$1.11M
$1.05M
$1.04M
$1.03M $1.02M
$980K
$945K
$929K
$906K
$890K
$880K
$825K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
30
16.0
25
11.0
20
8.0
15
10
2.7
5
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
0 1 n/a
3 8 2.7
1 8 8.0
3 33 11.0
2 32 16.0
0 12 n/a
0 5 n/a
0 5 n/a
0 4 n/a
0 6 n/a
Copyright © October 16, 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 16, 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.
●
0
downtown kelowna TOWNHOME - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 39.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2022
▲ 80% VS 2022
▼ 31% VS 2022
▼ 75% VS 2022
There were 79 townhome listings in Downtown Kelowna in September, 8% above August and 80% higher than September 2022. September townhome sales decreased by 67% month-over-month, to 2, and were 75% below September 2022. The months of inventory for townhomes in Downtown Kelowna, at 39.5, reflected a buyers' market. The townhome median price in September was $687,500, a 22% decrease from August and 2% above September 2022. The average sold price was $687,500, 29% below last month; the average PSF sale price was $465, down 23% 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
$465 $687,500 $687,500 39.5 2 79
$481 $989,875 $671,000 550% 8 44
-3% -31% 2% 618% -75% 80%
$604 $965,650 $880,000 12.2 6 73
-23% -29% -22% 225% -67% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
134
79
67
73
52
50
49
52
44
45
35
31
29
18
23
9
7
6
6
61
5
5
4
4
4
8
7
2
37
$975K
$880K
$830K
$825K
$800K
$760K
$757K
$735K
$700K
$688K
$671K
$665K
$652K
Sep-22
Aug-23
Sep-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.
25
10.0
4+ bdrms
11
20
1
3 bdrms
15
47
10
1
2.0
2 bdrms
19
5
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 10 10.0 0 3 n/a 0 4 n/a 0 11 n/a 1 2 2.0 0 7 n/a 0 15 n/a 0 27 n/a
2
Copyright © October 16, 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 16, 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. 1 ●
downtown kelowna CONDO - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 11.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2022
▲ 10% VS 2022
▲ 32% VS 2022
▼ 39% VS 2022
There were 221 condo listings in Downtown Kelowna in September, 7% above August and 32% higher than September 2022. September condo sales decreased by 35% month-over-month, to 20, and were 39% below September 2022. The months of inventory for condos in Downtown Kelowna, at 11.1, reflected a buyers' market. The condo median price in September was $549,000, a 13% increase from August and 10% above September 2022. The average sold price was $699,675, 22% above last month; the average PSF sale price was $647, up 4% 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
$647 $699,675 $549,000 11.1 20 221
$719 $600,691 $499,999 509% 33 168
-10% 16% 10% 117% -39% 32%
$620 $573,703 $485,000 6.6 31 206
4% 22% 13% 66% -35% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
210
56
221
206
161
168
154
182
149
171
165
155
154
121
33
46
44
43
28
31
23
33
13
13
20
30
26
25
22
$549K
$542K
$545K
$528K
$509K
$510K
$500K
$492K
$485K
$480K
$480K
$475K
$399K
Sep-22
Aug-23
Sep-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.
50
24+
4+ bdrms
40
3
30
3 bdrms
13.5
32
10.0
20
8.7
8.5
7.4
13
2 bdrms
5.0
10
130
0
4
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 54 13.5 1 36 36.0 2 20 10.0 0 11 n/a 2 17 8.5 1 5 5.0 3 26 8.7 7 52 7.4
<2 bdrms
59
Copyright © October 16, 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 16, 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 ●
west kelowna DETACHED - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 26% VS 2022
▲ 8% VS 2022
▼ 29% VS 2022
▼ 14% VS 2022
There were 348 detached listings in West Kelowna in September, 5% above August and 26% higher than September 2022. September detached home sales increased by 33% month-over-month, to 40, and were 8% above September 2022. The months of inventory for detached in West Kelowna, at 8.7, reflected a buyers' market. The detached median price in September was $719,900, a 23% decrease from August and 14% below September 2022. The average sold price was $693,204, 33% below last month and down 29% to September 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$693,204 $719,900 8.7 40 348
$973,568 $832,500 746% 37 276
-29% -14% 17% 8% 26%
$1,039,184 $940,000 11.1 30 333
-33% -23% -22% 33% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
328
63
348
312
333
276
253
275
227
217
248
186
171
167
39
37
66
61
46
34
30
30
23
22
62
40
37
48
33
$987K
$940K
$931K
$925K
$900K
$896K
$857K
$842K
$842K
$833K
$810K
$799K
$720K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
70
24+
60
50
14.8
40
12.3
30
20
10
2.8
2.2
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
13 37 2.8
15 33 2.2
6 74 12.3
4 59 14.8
2 53 26.5
0 20 n/a
0 20 n/a
0 16 n/a
0 13 n/a
0 23 n/a
Copyright © October 16, 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 16, 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.
●
14
west kelowna TOWNHOME - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 9.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 13% VS 2022
▼ 9% VS 2022
▼ 1.3% VS 2022
0.0% VS 2022
There were 79 townhome listings in West Kelowna in September, 10% above August and 1.3% lower than September 2022. September townhome sales decreased by 47% month-over-month, to 8, and were the same in September 2022. The months of inventory for townhomes in West Kelowna, at 9.9, reflected a buyers' market. The townhome median price in September was $612,500, a 3% increase from August and 9% below September 2022. The average sold price was $593,125, 9% below last month; the average PSF sale price was $423, up 5% 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
$423 $593,125 $612,500 9.9 8 79
$433 $680,469 $675,000 1000% 8 80
-2% -13% -9% -1.3% 0% -1.3%
15 72
5% -9% 3% 106% -47% 10%
$401 $652,667 $595,000 4.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
64
80
84
79
71
71
69
65
72
59
50
58
58
44
43
29
25
33
15
13
10
6
5
5
15
8
8
13
12
$757K
$760K
$738K
$723K
$700K
$685K
$675K
$680K
$670K
$655K
$613K
$595K
$560K
Sep-22
Aug-23
Sep-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.
20
10.0
4+ bdrms
18
15
8.0
3
3 bdrms
32
10
3.0
4
2 bdrms
5
29
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 12 3.0 2 16 8.0 2 20 10.0 0 15 n/a 0 6 n/a 0 5 n/a 0 1 n/a 0 4 n/a
Copyright © October 16, 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 16, 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. 15 ●
west kelowna CONDO - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 9.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.8% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 71% VS 2022
▼ 8% VS 2022
▼ 4% VS 2022
▼ 11% VS 2022
There were 77 condo listings in West Kelowna in September, 20% above August and 71% higher than September 2022. September condo sales decreased by 11% month-over-month, to 8, and were 11% below September 2022. The months of inventory for condos in West Kelowna, at 9.6, reflected a buyers' market. The condo median price in September was $464,000, a 8% increase from August and 4% below September 2022. The average sold price was $475,813, 12% above last month; the average PSF sale price was $441, up 5% 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
$441 $475,813 $464,000 9.6 8 77
$444 $515,067 $485,000 500% 9 45
-0.8% -8% -4% 93% -11% 71%
$419 $426,599 $430,000 7.1 9 64
5% 12% 8% 35% -11% 20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
73
50
77
69
62
64
43
61
61
50
59
47
45
35
41
36
21
21
18
11
10
9
18
6
9
4
8
11
9
$520K
$500K
$502K
$485K
$478K
$467K
$465K
$464K
$448K
$433K
$430K
$415K
$398K
Sep-22
Aug-23
Sep-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.
40
24+
4+ bdrms
30
3 bdrms
3
20
8
10
5.9
2 bdrms
51
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 27 27.0 7 41 5.9 0 4 n/a 0 5 n/a
<2 bdrms
23
Copyright © October 16, 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 16, 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. 16 ●
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