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 ●
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