city of kelowna CONDO - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▲ 24% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
There were 490 condo listings in the City of Kelowna in October, 5% below September and 29% higher than October 2023. October condo sales increased by 17% month-over-month, to 68, and were 24% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 7.2, re(ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$495 $517,248 $456,930 7.2 68 490
$517 $531,942 $488,000 6.9 55 379
-4% -3% -6% 5% 24% 29%
$482 $463,408 $420,500 8.9 58 516
3% 12% 9% -19% 17% -5%
The condo median price in October was $456,930, a 9% increase from September and 6% below October 2023. The average sold price was $517,248, 12% above last month; the average PSF sale price was $495, up 3% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
570
564
49
601
512
581
526
490
516
43
416
417
379
358
356
29
103
91
88
50
40
37
31
68
55
75
69
65
58
$537K
$488K
$475K
$458K
$455K
$457K
$450K
$442K
$440K
$434K
$430K
$421K
$395K
Oct-23
Sep-24
Oct-24
▶ 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.
24+
200
23.7
4+ bdrms
2
150
5
3 bdrms
60
100
8.0
7.2
7.0
50
5.3
50
2 bdrms
308
2.5
0
13
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 2 5 2.5 17 122 7.2 39 207 5.3 3 71 23.7 4 32 8.0 2 14 7.0 0 9 n/a 1 30 30.0
<2 bdrms
120
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 November 12, 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. 10 ●
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