the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published May 2024
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 ©️ May 8, 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 May 8, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
it ’ s spring in kelowna , but sales are in hibernation A large rise in total sales in April wasn’t enough to mask broader softness in the Central Okanagan market, which has been especially weak from a per-capita perspective. The flipside is above average inventory and a range of options that buyers haven’t seen in years.
the first four months of the year. That was 8% below the same period in 2020 on a per-capita basis and 20% below 2013, even though those two years saw fewer sales (albeit slightly) than 2024 on an absolute basis. The flipside of sluggish sales activity has been a robust expansion of inventory. The region saw 3,460 new listings hit the market between January and April, bringing total active listings to 2,640 at the end of April. That marked a 45% increase from April 2023 (1,820 listings) and was 35% above the prior-decade average for the month (1,959 listings). All-in-all, there were 7.0 months of inventory (MOI), up from the prior-decade April average of 4.7 and well above anything seen in more recent memory (4.2 in April 2023, 2.4 in April 2022, and 1.4 in April 2021). So, while it has been an exceptionally slow start to the year for the Central Okanagan housing market (especially when viewed through a per- capita lens), inventory levels have built up to more healthy levels not seen in several years. Those locals looking to upgrade their current living situation and those looking to become locals will be pleased to see a wide range of options to choose from.
There were some signs of improving sales momentum in the Central Okanagan in April, but looking at activity levels more holistically points to continued softness across the region. For starters, the 377 MLS sales last month represented a 26% increase from March’s 300 sales and was well north of the typical March- to-April increase of 5% observed over the past 10 years. However, when considering how limited activity has been so far through 2024, a higher-than-normal 26% jump in sales was nowhere near enough to dig the market out of its prolonged slump: last month’s sales were down 12% from April 2023 (429 sales) and were 24% below the past-decade April average (499 sales). Zooming out beyond just April really puts into context the current state of the market. Total sales from January to April of this year totalled 1,065, only slightly outpacing the 1,030 sales through the first four months of 2020 (remember that sales ground to a near
halt in April 2020?). In fact, excluding the onset of the pandemic, you’d have to go back to 2013 to find a slower first four months of the year (1,001 sales). When considering average January-to-April sales of 1,570 over the past 10 years, 2024 is 32% behind pace. It’s notable that while a look at the change in the absolute number of sales year-to-year paints a rather glum picture for activity so far in 2024, Kelowna has been one of the fastest-growing metropolitan areas in Canada in recent years. Not surprising, that; as we know, the region offers impressive beauty and a wide range of activities (think powder-covered ski slopes and lakeside vineyards), which partly explains such robust growth. According to BC Stats, the population in the Central Okanagan swelled by nearly 60,000 between 2013-2023 to reach 247,216. Perhaps we’ll save the details for a future article, but some quick back-of-the- envelope math shows that year-to-date sales came in at 4.31 per 1,000 residents through
3 Copyright ©️ May 8, 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 May 8, 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 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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Celeste Ziegler Real Estate Advisor
604.861.6672 cziegler@rennie.com rennie.com/celesteziegler
4 Copyright ©️ May 8, 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 May 8, 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 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.
central okanagan DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 7.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 46% VS 2023
▼ 4% VS 2023
▼ 11% VS 2023
There were 1,538 detached listings in the Central Okanagan in April, 15% above March and 46% higher than April 2023. April detached home sales increased by 29% month-over-month, to 194, and were 11% below April 2023. The months of inventory for detached in the Central Okanagan, at 7.9, reflected a balanced market.
THIS MONTH No. $1,070,085 $992,500 7.9 194 1,538
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,112,629 $947,000 4.8 218 1,054
-4% 5% 64% -11% 46%
$1,096,006 $925,000 8.9 150 1,342
-2% 7% -11% 29% 15%
The detached median price in April was $992,500, a 7% increase from March and 5% above April 2023.
The average sold price was $1,070,085, 2% below last month and down 4% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,538
36
1,412
1,372
35
1,349
1,342
35
1,282
1,241
1,320
1,154
1,054
1,074
1,014
971
258
246
166
130
218
120
106
106
194
88
86
200
150
$1.03M
$993K
$971K
$975K
$964K
$968K
$964K
$950K
$947K
$947K
$926K
$925K
$880K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
24+
24+
250
22.1
21.4
21.2
200
150
12.7
100
5.7
4.3
50
4.0
3.4
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+ 1 124 124.0
MOI INVENTORY SALES
11 37 3.4
28 119 4.3
63 255 4.0
52 294 5.7
21 267 12.7
7 155 22.1
5 107 21.4
5 106 21.2
1 74 74.0
Copyright © May 8, 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 May 8, 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. 5 ●
central okanagan TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.7% VS 2023
▲ 39% VS 2023
▲ 12% VS 2023
▼ 3% VS 2023
There were 395 townhome listings in the Central Okanagan in April, 6% above March and 39% higher than April 2023. April townhome sales increased by 14% month-over-month, to 74, and were 12% above April 2023. The months of inventory for townhomes in the Central Okanagan, at 5.3, reflected a balanced market. The townhome median price in April was $676,000, a 0.9% increase from March and 3% below April 2023. The average sold price was $710,718, 0.1% above last month; the average PSF sale price was $440, up 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
$440 $710,718 $676,000 5.3 74 395
$432 $698,881 $699,500 4.3 66 285
1.9% 1.7% -3% 24% 12% 39%
$414 $709,776 $669,900 5.8 65 374
6% 0.1% 0.9% -7% 14% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 395 374
36
354
340
34
328
31
335
332
322
285
308
295
292
281
89
84
65
57
74
49
66
37
35
30
28
65
46
$720K
$715K
$700K
$700K
$680K
$679K
$676K
$670K
$670K
$656K
$660K
$660K
$662K
Apr-23
Mar-24
Apr-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.
100
7
16.5
4+ bdrms
80
69
60
44
10.4
3 bdrms
9.5
217
8.8
40
6.1
23
2 bdrms
20
105
2.7
2.6
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 9 94 10.4 12 73 6.1 5 44 8.8 2 33 16.5 2 19 9.5 0 16 n/a 20 53 2.7 24 63 2.6
4
Copyright © May 8, 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 May 8, 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. 6 ●
central okanagan CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 6.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 6% VS 2023
▲ 47% VS 2023
▼ 25% VS 2023
There were 707 condo listings in the Central Okanagan in April, 4% above March and 47% higher than April 2023.
April condo sales increased by 28% month-over-month, to 109, and were 25% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 145 481
% Change
No.
% Change
The months of inventory for condos in the Central Okanagan, at 6.5, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
109 707
-4% 4% 6% 96% -25% 47%
$481 $467,898 $438,500 8.0 85 680
6% 10% 8% -19% 28% 4%
The condo median price in April was $475,000, a 8% increase from March and 6% above April 2023. The average sold price was $516,431, 10% above last month; the average PSF sale price was $510, up 6% to last month.
$510 $516,431 $475,000 6.5
$530 $494,882 $450,000 3.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 707
41
680
578
545
535
36
585
34
543
481
511
507
497
490
485
139
127
145
74
65
109
62
55
135
43
94
85
76
$500K
$491K
$475K
$471K
$461K
$464K
$464K
$450K
$451K
$450K
$439K
$430K
$410K
Apr-23
Mar-24
Apr-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.
300
16.0
4+ bdrms
4
250
200
12
3 bdrms
9.0
88
150
7.6
6.2
6.0
6.0
5.6
100
75
2 bdrms
453
50
0
22
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 12 6.0 27 151 5.6 51 315 6.2 20 119 6.0 7 53 7.6 1 16 16.0 1 9 9.0 0 32 n/a
<2 bdrms
162
Copyright © May 8, 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 May 8, 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. 7 ●
city of kelowna DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.4% VS 2023
▲ 50% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
There were 1,058 detached listings in the City of Kelowna in April, 13% above March and 50% higher than April 2023. April detached home sales increased by 28% month-over-month, to 136, and were 6% below April 2023. The months of inventory for detached in the City of Kelowna, at 7.8, reflected a balanced market.
THIS MONTH No. $1,109,333 $1,030,000 7.8 136 1,058
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 145 706
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-3% 0.4% 60% -6% 50%
106 935
-5% 8% -12% 28% 13%
The detached median price in April was $1,030,000, a 8% increase from March and 0.4% above April 2023.
$1,162,217 $955,000 8.8
$1,146,338 $1,026,000 4.9
The average sold price was $1,109,333, 5% below last month and down 3% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,058
37
970
957
935
925
35
873
854
34
909
777
706
749
708
670
181
156
124
106
93
88
145
74
136
66
64
63
125
$1.03M
$1.03M $1.06M $1.04M $1.00M $1.02M $1.04M
$1.01M
$996K
$993K
$989K
$955K
$915K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
24.0
24+
22.3
150
100
11.6
50
4.8
4.0
3.5
2.5
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
3 12 4.0
18 45 2.5
43 151 3.5
42 203 4.8
17 197 11.6
5 132 26.4
4 89 22.3
3 72 24.0
0 59 n/a
1 98 98.0
Copyright © May 8, 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 May 8, 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. 8 ●
city of kelowna TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 54% VS 2023
▲ 48% VS 2023
▼ 2% VS 2023
There were 292 townhome listings in the City of Kelowna in April, 7% above March and 54% higher than April 2023. April townhome sales increased by 23% month-over-month, to 65, and were 48% above April 2023. The months of inventory for townhomes in the City of Kelowna, at 4.5, reflected a sellers' market. The townhome median price in April was $675,000, a 2% increase from March and 2% below April 2023. The average sold price was $706,552, 0.5% below last month; the average PSF sale price was $446, up 7% 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
$446 $706,552 $675,000 4.5 65 292
$422 $679,969 $690,000 4.3 44 189
6% 4% -2% 5% 48% 54%
$419 $709,861 $658,900 5.2 53 274
7% -0.5% 2% -13% 23% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
292
274
35
256
253
33
226
243
240
234
233
28
213
189
192
190
72
67
53
65
43
38
44
25
20
50
39
30
29
$710K
$710K
$705K
$690K
$675K
$672K
$675K
$670K
$671K
$660K
$659K
$650K
$635K
Apr-23
Mar-24
Apr-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.
70
7
60
13.5
4+ bdrms
51
12.0
50
38
40
8.5
3 bdrms
8.1
172
30
4.5
20
20
2 bdrms
2.4
2.2
65
10
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 3 36 12.0 2 27 13.5 2 17 8.5 0 10 n/a 19 41 2.2 20 47 2.4 8 65 8.1 11 49 4.5
4
Copyright © May 8, 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 May 8, 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. 9 ●
city of kelowna CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 5.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.5% VS 2023
▲ 4% VS 2023
▲ 58% VS 2023
▼ 19% VS 2023
There were 541 condo listings in the City of Kelowna in April, 2% above March and 58% higher than April 2023.
April condo sales increased by 27% month-over-month, to 93, and were 19% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 115 343
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 5.8, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$512 $511,889 $475,000 5.8 93 541
-6% 0.5% 4% 95% -19% 58%
$480 $460,511 $435,000 7.2 73 528
7% 11% 9% -20% 27% 2%
The condo median price in April was $475,000, a 9% increase from March and 4% above April 2023. The average sold price was $511,889, 11% above last month; the average PSF sale price was $512, up 7% to last month.
$546 $509,470 $455,000 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 541 528
41
431
403
402
36
381
437
394
385
343
369
364
356
28
117
84
115
73
93
57
110
42
40
32
96
60
51
$506K
$488K
$476K
$475K
$462K
$459K
$455K
$454K
$450K
$438K
$435K
$435K
$401K
Apr-23
Mar-24
Apr-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.
250
13.0
4+ bdrms
1
200
9.5
7
150
8.0
3 bdrms
63
5.8
100
5.3
5.0
4.5
68
2 bdrms
50
363
0
18
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 23 104 4.5 46 243 5.3 17 99 5.8 4 38 9.5 1 13 13.0 1 8 8.0 0 31 n/a 1 5 5.0
<2 bdrms
114
Copyright © May 8, 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 May 8, 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 ●
downtown kelowna DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 10.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2023
▲ 32% VS 2023
▲ 70% VS 2023
▼ 7% VS 2023
There were 151 detached listings in Downtown Kelowna in April, 13% above March and 70% higher than April 2023. April detached home sales increased by 40% month-over-month, to 14, and were 7% below April 2023. The months of inventory for detached in Downtown Kelowna, at 10.8, reflected a buyers' market.
THIS MONTH No. $1,096,107 $1,086,500 10.8 14 151
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
15 89
18% 32% 82% -7% 70%
$873,800 $917,500 13.4 10 134
25% 18% -20% 40% 13%
The detached median price in April was $1,086,500, a 18% increase from March and 32% above April 2023.
$927,820 $825,000 5.9
The average sold price was $1,096,107, 25% above last month and up 18% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 151
75
134
118
116
111
100
114
114
60
109
105
89
84
52
77
20
12
10
7
6
15
14
3
1
17
10
9
7
$1.27M
$1.09M
$1.04M
$1.03M $1.02M
$920K
$918K
$901K
$865K
$825K
$799K
$728K
$650K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
14.0
40
11.5
30
9.0
7.1
20
4.5
10
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
2 9 4.5
2 18 9.0
7 50 7.1
2 23 11.5
0 19 n/a
1 14 14.0
0 5 n/a
0 6 n/a
0 7 n/a
Copyright © May 8, 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 May 8, 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. 11 ●
downtown kelowna TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 5.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 40% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.0% VS 2023
▲ 0.9% VS 2023
▲ 57% VS 2023
▲ 600% VS 2023
There were 72 townhome listings in Downtown Kelowna in April, 9% above March and 57% higher than April 2023. April townhome sales increased by 100% month-over-month, to 14, and were 600% above April 2023. The months of inventory for townhomes in Downtown Kelowna, at 5.1, reflected a balanced market. The townhome median price in April was $810,000, a 3% decrease from March and 0.9% above April 2023. The average sold price was $802,786, 1.4% below last month; the average PSF sale price was $521, up 17% 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
14 72
$373 $802,500 $802,500 23.0 2 46
0.9% -78% 600% 57%
$444 $814,357 $835,000 9.4 7 66
17% -1.4% -3% -45% 100% 9%
$521 $802,786 $810,000 5.1
40% 0%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
72
72
45
66
63
60
58
66
56
61
46
48
34
47
45
14
14
7
6
4
4
4
3
2
2
19
9
2
7
$1.04M
$925K
$890K
$855K
$835K
$825K
$812K
$810K
$803K
$800K
$757K
$713K
$700K
Apr-23
Mar-24
Apr-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.
17.0
4+ bdrms
15
16.0
10
11
10
3 bdrms
42
8.0
3
5.0
5
2 bdrms
3.2
3.0
19
0.5
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 16 16.0 5 16 3.2 1 17 17.0 1 3 3.0 1 8 8.0 0 5 n/a 4 2 0.5 1 5 5.0
1
Copyright © May 8, 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 May 8, 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. 12 ●
downtown kelowna CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 7.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2023
▲ 45% VS 2023
▼ 7% VS 2023
▼ 11% VS 2023
There were 240 condo listings in Downtown Kelowna in April, 6% below March and 45% higher than April 2023.
April condo sales increased by 43% month-over-month, to 33, and were 11% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Downtown Kelowna, at 7.3, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$609 $552,348 $525,000 7.3 33 240
$676 $591,462 $520,000 4.5 37 165
-10% -7% 1% 63% -11% 45%
$489 $446,787 $432,000 11.1 23 256
24% 24% 22% -35% 43% -6%
The condo median price in April was $525,000, a 22% increase from March and 1.0% above April 2023. The average sold price was $552,348, 24% above last month; the average PSF sale price was $609, up 24% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
256
41
224
240
220
220
210
36
212
205
185
182
165
177
171
43
43
21
29
23
37
21
21
20
19
33
15
10
25
$580K
$578K
$550K
$520K
$525K
$525K
$515K
$496K
$480K
$458K
$452K
$432K
$390K
Apr-23
Mar-24
Apr-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.
80
9.0
4+ bdrms
1
7.7
7.5
60
6.8
4
3 bdrms
5.0
36
40
3.8
19
20
2 bdrms
147
0
10
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 7 n/a 0 25 n/a 1 5 5.0 8 30 3.8 12 81 6.8 8 60 7.5 3 23 7.7 1 9 9.0
<2 bdrms
56
Copyright © May 8, 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 May 8, 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. 13 ●
west kelowna DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 7.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 42% VS 2023
▼ 11% VS 2023
▼ 4% VS 2023
▼ 20% VS 2023
There were 346 detached listings in West Kelowna in April, 18% above March and 42% higher than April 2023. April detached home sales increased by 25% month-over-month, to 45, and were 20% below April 2023. The months of inventory for detached in West Kelowna, at 7.7, reflected a balanced market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$970,060 $858,500 7.7 45 346
$1,092,460 $890,500 4.3 56 243
-11% -4% 77% -20% 42%
$969,903 $892,500 8.1 36 293
0% -4% -6% 25% 18%
The detached median price in April was $858,500, a 4% decrease from March and 4% below April 2023.
The average sold price was $970,060, 0.0% above last month and down 11% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
346
38
314
298
295
293
270
292
289
266
243
31
29
231
206
206
63
64
62
36
56
31
31
27
25
45
21
18
33
$970K
$945K
$950K
$900K
$891K
$885K
$893K
$870K
$850K
$859K
$820K
$815K
$800K
Apr-23
Mar-24
Apr-24
▶ 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
14.0
30
9.5
9.1
20
5.0
4.6
10
1.8
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
4 7 1.8
9 45 5.0
16 74 4.6
8 73 9.1
4 59 14.8
2 19 9.5
1 14 14.0
1 25 25.0
0 11 n/a
0 19 n/a
Copyright © May 8, 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 May 8, 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. 14 ●
west kelowna TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 8.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 14% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▼ 0.6% VS 2023
▼ 8% VS 2023
▼ 53% VS 2023
There were 56 townhome listings in West Kelowna in April, 5% below March and 12% higher than April 2023. April townhome sales decreased by 13% month-over-month, to 7, and were 53% below April 2023. The months of inventory for townhomes in West Kelowna, at 8.0, reflected a buyers' market. The townhome median price in April was $699,000, a 6% decrease from March and 8% below April 2023. The average sold price was $726,757, 3% above last month; the average PSF sale price was $384, up 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
$384 $726,757 $699,000 8.0 7 56
15 50
-14% -0.6% -8% 140% -53% 12%
$361 $704,413 $742,000 7.4 8 59
6% 3% -6% 8% -13% -5%
$447 $730,800 $757,000 3.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
59
45
53
53
56
50
45
49
47
47
47
46
36
43
39
33
16
13
15
11
8
6
6
4
4
4
4
7
10
$850K
$820K
$816K
$757K
$742K
$723K
$709K
$699K
$684K
$655K
$650K
$635K
$604K
Apr-23
Mar-24
Apr-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.
25
24.0
4+ bdrms
8
20
4
15
3 bdrms
28
13.0
10
3
2 bdrms
20
5
4.0
3.3
3.0
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 24 24.0 1 13 13.0 1 3 3.0 0 2 n/a 1 4 4.0 3 10 3.3
Copyright © May 8, 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 May 8, 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. 15 ●
west kelowna CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 35% VS 2023
▲ 33% VS 2023
▲ 30% VS 2023
▼ 52% VS 2023
There were 90 condo listings in West Kelowna in April, 13% above March and 30% higher than April 2023.
April condo sales increased by 57% month-over-month, to 11, and were 52% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in West Kelowna, at 8.2, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 90
23 69
173% -52% 30%
$461 $484,429 $438,800 11.4 7 80
8% 23% 33% -28% 57% 13%
The condo median price in April was $582,000, a 33% increase from March and 33% above April 2023. The average sold price was $596,027, 23% above last month; the average PSF sale price was $498, up 8% to last month.
$498 $596,027 $582,000 8.2
$445 $440,539 $437,500 3.0
12% 35% 33%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 90
58
81
79
77
77
80
51
69
62
68
66
64
61
59
42
19
23
11
9
19
8
18
7
7
7
7
11
5
$582K
$490K
$465K
$460K
$460K
$458K
$448K
$438K
$439K
$430K
$410K
$400K
$350K
Apr-23
Mar-24
Apr-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.
60
19.7
4+ bdrms
50
40
5 5
3 bdrms
30
7.7
20
4
2 bdrms
66
10
2.5
0.7
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 23 7.7 3 59 19.7 2 5 2.5 3 2 0.7 0 1 n/a
<2 bdrms
19
Copyright © May 8, 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 May 8, 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. 16 ●
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