the kelowna rennie advance | February 2024

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

published February 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

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 © February 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 February 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 talied only161 M LS salesin January,am arginaldecreasefrom D ecem ber’s162,and the8th consecutivem onth ofdecliningtransaction countsin theregion. Thiswasthesecond-lowestJanuarysalescountin thepastten years(after2023),and was35% below thepast-decadeJanuary average. • The0.6% drop in saleslastm onth wasles than thetypicalD ecem ber-to-Januarydeclineof9%. D etached hom esalesfel by9%,townhom esalesweredown 3%;condosales,on theotherhand, roseby19%. • January’scountofdetached hom esaleswashigherthan in January2023by6% and condosby2%, whilethatoftownhom eswaslowerby21%.

CENTRALOKANAGAN THERENNIEADVANCE sales

JANUARY2024

500

+ 19% vsJan2023

400

300

123 10 yr Jan Avg

200

DETACHED sales

100

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

- 35% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

- 21% vsJan2023

200

150

52 10 yr Jan Avg

100

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 42% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 2% vsJan2023

300

250

200

71 10 yr Jan Avg

150

100

CONDO sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 28% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

Copyright© February1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary1,2024.Aldatafrom As ociationof InteriorREALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom a rennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere532 new listingslastm onth,which wasa91% increasecom pared with D ecem ber.This wasslightlym orethan thetypicalD ecem ber-to-Januaryincreaseof86% ,though lastm onth’snew listingsw ere1.5% below thepast-decadeJanuary average(of540).N ew listingsw erealso 8% lowerthan oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerehigher:detached listingswere up by108% (to282),townhom elistingswereup by30% (to95),and condolistingswereup 100% (to 166). • O n ayear-over-yearbasis,detached,townhom e,and condo inventorieswereal lower(by0.4% , 17% ,and 13% ,respectively).

CENTRALOKANAGAN THERENNIEADVANCE new listings

JANUARY2024

800

- vsJan2023

700

600

500

400

282 10 yr Jan Avg

300

200

271

DETACHED new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100

- 4% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

- 17% vsJan2023

300

250

200

104 10 yr Jan Avg

150

100

TOWNHOME new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 9% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

- 13% vsJan2023

300

250

200

154 10 yr Jan Avg

150

166

100

CONDO new listings

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

+ 8% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • Therewere1,794 activeM LS listingslastm onth,a3% declinefrom D ecem ber.Thisdrop ran counterto thetypicalseasonalincreaseof6% ,with end-of-m onth listingsstil siting 16% above thepast-decadeD ecem beraverage(of1,551)and 18% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryforal hom etypesdeclined:detached hom eand townhom einventorywereboth down by4%,whilecondoinventorywasdown by1.2%.On a year-over-yearbasis,detached,townhom e,and condo inventorieswereal higher(by17% ,30% , and 13% ,respectively). • O veral m arketconditionsfavoured buyersin D ecem ber,with 11.1 m onthsofinventory(M O I). Each segm entalsofavoured buyers:detached M O Iwas12.1,townhom eM O Iwas11.2,and condoM OIwas9.6.

CENTRALOKANAGAN THERENNIEADVANCE inventory

JANUARY2024

+ 17% vsJan2023

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

869 10 yr Jan Avg

967

250 500 750

DETACHED inventory

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 11% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

600

+ 30% vsJan2023

500

400

300

269 10 yr Jan Avg

337

200

TOWNHOME inventory

100

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

+ 26% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

800

+ 13% vsJan2023

700

600

500

490

400

414 10 yr Jan Avg

300

200

CONDO inventory

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

+ 18% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • O n am onth-over-m onth basis,theCentralO kanagan saw an increasein m edian sold pricesof4% (averaged acros hom etypes).Thedetached hom em edian sold pricedecreased in January (from D ecem ber)by7%,whiletownhom eand condopricesincreased by4% and 16%,respectively. • O n ayear-over-yearbasis,m edian sold priceswerehigherby1.5% ,on average,acros types.In D ecem ber,them edian sold pricesfordetached hom esand townhom eswerelowerby3% and 6%, respectively,com pared to thatofJanuary2023,whilecondoswere14% higher. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

JANUARY2024

$1,200,000

Central Okanagan

$1,000,000

$880,000

$800,000

$600,000

- 3% vsJan2023

$400,000

DETACHED median salesprice

$200,000

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

● January

$1,000,000

Central Okanagan

$800,000

$600,000

$658,000

$400,000

- 6% vsJan2023

TOWNHOME median salesprice

$200,000

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

● January

$600,000

Central Okanagan

$500,000

$400,000

$300,000

+ 14% vsJan2023

$200,000

CONDO median salesprice

$100,000

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

● January

●

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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