the Kelowna rennie advance | December 2023

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

published December 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 © December 1, 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 December 1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • Therewere202 M LS salesin theCentralO kanagan in N ovem ber,which wasdown 14% from O ctober’s234 salesbutin linewith theusualseasonalcontraction of16% between O ctoberand N ovem ber.N otably,therewerefewersalesin N ovem berthan in anym onth sinceJanuary,with lastm onth’stalysiting43% below thelong-run N ovem beraverage. • Com pared toO ctober,therewerefewersalesofboth townhom esand condosin N ovem ber,down by30% and 27% respectively,whiledetached hom esalesincreased by4% . • N ovem ber’scountoftownhom esaleswashigherthan in N ovem ber2022by6%,whilethatof detached hom esand condoswaslowerby12% and 26%,respectively.

CENTRALOKANAGAN THERENNIEADVANCE sales

NOVEMBER 2023

500

- 12% vsN ov2022

400

300

190 10 yrNovAvg

200

DETACHED sales

100

110

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

- 42% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 6% vsN ov2022

200

150

66 10 yrNovAvg

100

TOWNHOME sales

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

- 43% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 26% vsN ov2022

300

250

200

98 10 yrNovAvg

150

100

CONDO sales

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

- 45% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© Decem ber1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,2023.Aldatafrom As ociationof InteriorREALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom a ren ieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere600 new listingsin N ovem ber,which wasa15% decreasecom pared with O ctober. Thiswasles erthan thetypicalO ctober-to-N ovem berdeclineof23%,with lastm onth’snew listingssiting25% abovethepast-decadeN ovem beraverage(of480).N ew listingswerealso 27% higherthan oneyearago. • O n am onth-over-m onth basis,new listingsfordetached hom esweredown by30% (to274),while new townhom elistingswereup by3% (to123)and new condolistingsincreased by1.5% (to203). • N ovem ber’snew listingswerehigherthan oneyearearlierforeach hom etype:detached hom esby 13%,townhom esby45%,and condosby40%.

CENTRALOKANAGAN THERENNIEADVANCE new listings

NOVEMBER 2023

800

+ 13% vsN ov2022

700

600

500

400

259 10 yrNovAvg

300

200

274

DETACHED new listings

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

+ 6% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 45% vsN ov2022

300

250

200

91 10 yrNovAvg

150

100

123

TOWNHOME new listings

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

+ 35% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 40% vsN ov2022

300

250

200

203

129 10 yrNovAvg

150

100

CONDO new listings

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

+ 57% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • Therewere2,219 activeM LS listingslastm onth— a4% declinefrom O ctober.Thisdrop wasles than thetypicalseasonal11% shrinkagein totallistings,with end-of-m onth listingssiting 25% abovethepast-decadeN ovem beraverage(of1,768)and 23% higherthan oneyearago. • O n am onth-over-m onth basis,inventorywaslowerfordetached hom esby10%,m eanwhile townhom esand condosbucked theseasonaltrend asinventorygrew by1.5% and 6%,respectively. O n ayear-over-yearbasis,detached,townhom e,and condo inventorieswereal higher— by21%, 18% ,and 29% ,respectively. • O veral m arketconditionsfavoured buyersin N ovem ber,with 11.0 m onthsofinventory(M O I). Al segm entsfavoured buyers:detached (with an M O Iof11.3),townhom e(10.5),and condo (10.7).

CENTRALOKANAGAN THERENNIEADVANCE inventory

NOVEMBER 2023

+ 21% vsN ov2022

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

1,241

1,020 10 yrNovAvg

250 500 750

DETACHED inventory

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

+ 22% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

600

+ 18% vsN ov2022

500

400

300

303 10 yrNovAvg

200

TOWNHOME inventory

100

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

+ 35% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

800

+ 29% vsN ov2022

700

600

578

500

400

445 10 yrNovAvg

300

200

CONDO inventory

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

+ 30% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • O n am onth-over-m onth basis,theCentralO kanagan saw adecreasein m edian sold pricesof9% (averaged acros hom etypes).Each hom etype’sm edian sold pricedecreased in N ovem berversus O ctober:fordetached hom esthem edian sold pricewasdown 1.3%,fortownhom esitwasdown 6%,andforcondositwasdown20%. • O n ayear-over-yearbasis,m edian sold pricesw erelow erby 5% ,on average,acros types.In N ovem ber,them edian sold pricefordetached hom eswashigherby2% com pared tothatof N ovem ber2022,whilethatoftownhom esand condoswere12% and 4% lower,respectively. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

NOVEMBER 2023

$1,200,000

Central Okanagan

$1,000,000

$945,000

$800,000

$600,000

+ 2% vsN ov2022

$400,000

DETACHED median salesprice

$200,000

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

● November

$1,000,000

Central Okanagan

$800,000

$600,000

$660,000

$400,000

- 12% vsN ov2022

TOWNHOME median salesprice

$200,000

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

● November

$600,000

Central Okanagan

$500,000

$400,000

$392,500

$300,000

- 4% vsN ov2022

$200,000

CONDO median salesprice

$100,000

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

● November

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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