the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KELOWNA’S HOUSING MARKET
published November 2023
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 ©️ 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 November3, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
taking a pass on the fall market Buyers were once again a scarce commodity within the Central Okanagan’s housing market in October, with high interest rates both continuing to weigh on demand and yielding an inventory level above the long-term average.
housing market (technically) favours buyers, and for the second consecutive month (an MOI of less than 5 reflects a sellers’ market; 5-8 MOI reflects balanced conditions; and an MOI of 8 or more reflects a buyers’ market). With two more months to go in the year, and the Bank of Canada likely to stand pat on its policy rate on December 6th, expect the end of 2023 to continue on the same path as the past two months with below- average sales counts, above-average new listings, and inventory that declines by less than it typically would. All told, this should provide some price relief for those looking to get into the market or move up within it.
We noted in the last edition of the rennie review that macroeconomic conditions— in particular, high interest rates—were the driving force behind the Central Okanagan’s housing market dynamics in September. Fast-forward another month and that remained the central theme in October: buyers once again remained on the sidelines leading to atypical sales counts and inventory levels. To wit, there were 262 MLS transactions in the Central Okanagan in October, and while this was a 4% increase over the previous month’s historically low total, it was still 41% fewer sales than the past 10-year October average. Further, it was 8% less than last October’s total, and the lowest transaction count of any October going back to 2010. On the supply side of the ledger, October’s 738 new listings may have been
22% less than September’s total (which is a sharper decline than the typical seasonal 13% drop), but they were still 13% above the long-run October average, and 2% higher than the same month last year. So with historically-low sales counts, and above-average new listings, inventory declined less than one might expect in October—by 3%, in fact, versus the typical September-to-October shrinkage of 9%, to 2,386 total listings. Inventory finished the month 15% above the long- run October average, 18% higher than the same month last year, and was the second- highest monthly total (behind September) since July 2020. This combination of supply attrition and a marginal increase in demand yielded a substantial reduction in the months- of-inventory (MOI) metric, to 9.1 in October. This means that Kelowna’s
3 Copyright ©️ 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 November3, 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 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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Copyright ©️ 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 November3, 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 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. 4
central okanagan DETACHED - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 10.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 22% VS 2022
▲ 0.7% VS 2022
▼ 16% VS 2022
▼ 2% VS 2022
There were 1,436 detached listings in the Central Okanagan in October, 3% below September and 22% higher than October 2022. October detached home sales decreased by 0.7% month-over-month, to 135, and were 0.7% above October 2022. The months of inventory for detached in the Central Okanagan, at 10.6, reflected a buyers' market. The detached median price in October was $910,000, a 8% increase from September and 2% below October 2022. The average sold price was $1,004,456, 0.3% below last month and down 16% to October 2022.
THIS MONTH No. $1,004,456 $910,000 10.6 135 1,436
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,195,015 $932,500 881% 134 1,181
-16% -2% 21% 0.7% 22%
$1,007,707 $841,250 10.9 136 1,479
-0.3% 8% -2% -0.7% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,398
1,479
50
1,436
1,304
1,386
1,181
1,020
1,011
1,167
41
1,059
898
36
821
824
261
244
194
136
127
126
90
70
134
135
192
192
165
$1.04M
$975K
$973K
$971K $970K $1.01M
$950K
$933K
$925K
$910K
$900K
$884K
$841K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
24+
24+
24+
200
150
13.0
100
10.6
6.4
50
5.2
4.0
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
23 93 4.0
22 115 5.2
37 235 6.4
22 233 10.6
18 234 13.0
5 134 26.8
3 96 32.0
3 101 33.7
0 64 n/a
2 131 65.5
Copyright © November 3, 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 November 3, 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.
●
5
central okanagan TOWNHOME - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 8.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 12% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 8% VS 2022
▲ 11% VS 2022
▼ 9% VS 2022
There were 408 townhome listings in the Central Okanagan in October, 4% below September and 11% higher than October 2022. October townhome sales increased by 13% month-over-month, to 51, and were 9% below October 2022. The months of inventory for townhomes in the Central Okanagan, at 8.0, reflected a buyers' market. The townhome median price in October was $715,000, a 10% increase from September and 8% above October 2022. The average sold price was $751,499, 7% above last month; the average PSF sale price was $445, up 5% 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
$445 $751,499 $715,000 8.0 51 408
$397 $691,160 $664,575 655% 56 367
12% 9% 8% 22% -9% 11%
$426 $705,024 $650,000 9.4 45 425
5% 7% 10% -15% 13% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
425
46
383
408
348
367
342
42
380
349
321
315
293
274
34
256
123
75
70
38
38
36
88
56
80
80
51
49
45
$737K
$720K
$715K
$706K
$710K
$710K
$700K
$705K
$704K
$665K
$653K
$643K
$650K
Oct-22
Sep-23
Oct-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.
80
9
24.0
4+ bdrms
70
91
60
50
27
3 bdrms
194
40
12.5
11.5
9.5
30
9.3
7.8
14
6.9
2 bdrms
20
116
4.3
10
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 6 75 12.5 4 46 11.5 4 37 9.3 2 19 9.5 1 24 24.0 14 60 4.3 10 69 6.9 10 78 7.8
7
Copyright © November 3, 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 November 3, 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. 6 ●
central okanagan CONDO - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 7.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 16% VS 2022
▼ 0.5% VS 2022
▼ 19% VS 2022
There were 543 condo listings in the Central Okanagan in October, 0.5% below September and 16% higher than October 2022. October condo sales increased by 6% month-over-month, to 76, and were 19% below October 2022.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Central Okanagan, at 7.1, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$510 $522,410 $489,000 7.1 76 543
$518 $524,988 $470,000 499% 94 469
-1.5% -0.5% 4% 43% -19% 16%
$514 $531,634 $464,000 7.6 72 546
-0.6% -1.7% 5% -6% 6% -0.5%
The condo median price in October was $489,000, a 5% increase from September and 4% above October 2022. The average sold price was $522,410, 1.7% below last month; the average PSF sale price was $510, down 0.6% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
511
543
50
500
546
475
535
47
447
507
469
435
485
481
374
36
143
141
130
124
100
72
134
94
47
76
74
72
52
$489K
$470K
$472K
$463K
$465K
$468K
$464K
$460K
$452K
$449K
$448K
$434K
$408K
Oct-22
Sep-23
Oct-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.
200
24+
4+ bdrms
7
150
8
3 bdrms
67
100
12.5
11.1
7.9
53
7.0
50
2 bdrms
5.5
4.5
328
0
15
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 15 118 7.9 45 204 4.5 9 100 11.1 2 61 30.5 2 25 12.5 2 11 5.5 0 17 n/a 1 7 7.0
<2 bdrms
141
Copyright © November 3, 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 November 3, 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. 7 ●
city of kelowna DETACHED - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 12.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2022
▼ 18% VS 2022
▼ 8% VS 2022
▼ 14% VS 2022
There were 971 detached listings in the City of Kelowna in October, 1.3% below September and 16% higher than October 2022. October detached home sales decreased by 10% month-over-month, to 81, and were 14% below October 2022. The months of inventory for detached in the City of Kelowna, at 12.0, reflected a buyers' market. The detached median price in October was $970,000, a 1.0% decrease from September and 8% below October 2022. The average sold price was $1,098,673, 4% below last month and down 18% to October 2022.
THIS MONTH No. $1,098,673 $970,000 12.0 81 971
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,336,165 $1,055,000 888% 94 835
-18% -8% 35% -14% 16%
$1,146,883 $980,000 10.9 90 984
-4% -1% 10% -10% -1.3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
932
45
971
872
984
919
835
723
680
780
37
708
36
629
584
583
182
160
132
122
87
89
90
64
45
94
81
128
120
$1.07M
$1.06M
$1000K
$998K
$997K $1.06M $1.06M $1.02M $1.03M
$980K
$970K
$940K
$915K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
24+
23.7
150
100
14.3
11.9
50
5.9
5.6
2.8
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
11 31 2.8
10 59 5.9
24 135 5.6
12 171 14.3
14 166 11.9
4 112 28.0
3 71 23.7
1 76 76.0
0 50 n/a
2 100 50.0
Copyright © November 3, 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 November 3, 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.
●
8
city of kelowna TOWNHOME - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 7.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 7% VS 2022
▲ 20% VS 2022
▼ 9% VS 2022
There were 284 townhome listings in the City of Kelowna in October, 4% below September and 20% higher than October 2022. October townhome sales increased by 8% month-over-month, to 39, and were 9% below October 2022. The months of inventory for townhomes in the City of Kelowna, at 7.3, reflected a balanced market. The townhome median price in October was $705,000, a 5% increase from September and 7% above October 2022. The average sold price was $735,332, 0.4% below last month; the average PSF sale price was $451, up 5% 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
$451 $735,332 $705,000 7.3 39 284
$398 $697,883 $661,000 551% 43 237
13% 5% 7% 32% -9% 20%
$430 $738,531 $670,500 8.2 36 295
5% -0.4% 5% -11% 8% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
295
44
284
255
40
234
264
237
218
228
212
34
199
183
181
179
92
62
55
52
33
67
29
43
24
39
48
36
36
$737K
$728K
$718K
$716K
$712K
$708K
$705K
$693K
$675K
$671K
$661K
$643K
$640K
Oct-22
Sep-23
Oct-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.
60
6
14.3
4+ bdrms
50
58
40
21
9.3
9.2
3 bdrms
151
30
7.0
6.8
6.5
20
11
2 bdrms
3.1
70
10
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 57 14.3 4 27 6.8 3 28 9.3 2 13 6.5 0 15 n/a 13 40 3.1 6 55 9.2 7 49 7.0
5
Copyright © November 3, 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 November 3, 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. 9 ●
city of kelowna CONDO - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 6.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.1% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 8% VS 2022
▲ 7% VS 2022
▼ 20% VS 2022
There were 393 condo listings in the City of Kelowna in October, 2% below September and 7% higher than October 2022. October condo sales increased by 1.7% month-over-month, to 59, and were 20% below October 2022. The months of inventory for condos in the City of Kelowna, at 6.7, reflected a balanced market. The condo median price in October was $480,000, a 5% increase from September and 8% above October 2022. The average sold price was $521,731, 4% below last month; the average PSF sale price was $506, down 1.8% 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
$506 $521,731 $480,000 6.7 59 393
$506 $489,199 $443,250 495% 74 366
-0.1% 7% 8% 35% -20% 7%
$515 $541,037 $459,000 6.9 58 402
-1.8% -4% 5% -4% 1.7% -2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
381
48
393
48
403
402
348
347
366
385
356
345
343
316
284
31
118
110
87
113
109
57
74
96
37
59
58
55
43
$480K
$475K
$471K
$465K
$460K
$454K
$455K
$459K
$443K
$447K
$435K
$430K
$387K
Oct-22
Sep-23
Oct-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.
140
13.0
4+ bdrms
1
120
11.5
100
4
3 bdrms
80
47
60
5.5
5.0
4.1
43
40
2 bdrms
250
20
0
12
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 14 70 5.0 35 145 4.1 6 78 13.0 0 46 n/a 2 23 11.5 2 11 5.5 0 15 n/a
<2 bdrms
95
Copyright © November 3, 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 November 3, 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. 10 ●
downtown kelowna DETACHED - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 23.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▼ 33% VS 2022
▼ 20% VS 2022
▼ 69% VS 2022
There were 115 detached listings in Downtown Kelowna in October, 0.9% above September and 3% higher than October 2022. October detached home sales decreased by 44% month-over-month, to 5, and were 69% below October 2022. The months of inventory for detached in Downtown Kelowna, at 23.0, reflected a buyers' market. The detached median price in October was $727,000, a 28% decrease from September and 20% below October 2022. The average sold price was $798,400, 18% below last month and down 33% to October 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$798,400 $727,000 23.0 5 115
$1,198,900 $906,000 700% 16 112
-33% -20% 229% -69% 3%
$977,889 $1,025,000 12.7 9 114
-18% -29% 82% -44% 0.9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
114
50
115
112
119
114
114
97
110
93
90
81
78
38
76
29
24
17
14
13
10
9
16
7
7
4
14
11
5
$1.17M
$1.05M
$1.04M
$1.03M $1.02M
$980K
$945K
$929K
$906K
$890K
$880K
$825K
$727K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
30
24+
25
20
15
9.0
10
5.0
5
1.0
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
1 1 1.0
2 10 5.0
1 9 9.0
1 28 28.0
0 32 n/a
0 12 n/a
0 7 n/a
0 5 n/a
0 4 n/a
0 7 n/a
Copyright © November 3, 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 November 3, 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.
●
11
downtown kelowna TOWNHOME - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 11.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 19% VS 2022
▲ 25% VS 2022
▲ 37% VS 2022
▲ 50% VS 2022
There were 71 townhome listings in Downtown Kelowna in October, 11% below September and 37% higher than October 2022. October townhome sales increased by 200% month-over-month, to 6, and were 50% above October 2022. The months of inventory for townhomes in Downtown Kelowna, at 11.8, reflected a buyers' market. The townhome median price in October was $817,450, a 19% increase from September and 25% above October 2022. The average sold price was $788,150, 15% above last month; the average PSF sale price was $544, 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
$544 $788,150 $817,450 11.8 6 71
$497 $664,025 $651,500 1300% 4 52
10% 19% 25% -9% 50% 37%
$465 $687,500 $687,500 40.0 2 80
17% 15% 19% -70% 200% -11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
80
134
74
67
71
50
49
52
52
45
35
31
29
18
23
9
7
7
6
6
5
5
4
4
2
6
4
52
39
$975K
$880K
$830K
$825K
$817K
$800K
$760K
$757K
$735K
$700K
$688K
$665K
$652K
Oct-22
Sep-23
Oct-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.
25
11.5
4+ bdrms
20
12
15
5
3 bdrms
38
5.0
10
4.5
4.0
2 bdrms
5
19
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 23 11.5 2 9 4.5 0 6 n/a 0 7 n/a 0 6 n/a 1 4 4.0 1 5 5.0 0 11 n/a
2
Copyright © November 3, 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 November 3, 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. 12 ●
downtown kelowna CONDO - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 9.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.8% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2022
▲ 5% VS 2022
▲ 36% VS 2022
▲ 5% VS 2022
There were 211 condo listings in Downtown Kelowna in October, 4% below September and 36% higher than October 2022. October condo sales increased by 15% month-over-month, to 23, and were 5% above October 2022. The months of inventory for condos in Downtown Kelowna, at 9.2, reflected a buyers' market. The condo median price in October was $515,000, a 6% decrease from September and 5% above October 2022. The average sold price was $612,030, 13% below last month; the average PSF sale price was $628, down 3% 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
$628 $612,030 $515,000 9.2 23 211
$623 $556,928 $491,500 705% 22 155
0.8% 10% 5% 30% 5% 36%
$647 $699,675 $549,000 11.0 20 220
-3% -13% -6% -17% 15% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
210
220
56
56
211
205
161
182
154
149
171
155
165
154
121
34
46
44
43
31
23
20
13
13
23
22
30
26
25
$549K
$542K
$545K
$528K
$515K
$509K
$510K
$492K
$485K
$480K
$480K
$475K
$399K
Oct-22
Sep-23
Oct-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.
60
9.6
4+ bdrms
50
8.5
40
6.4
2
3 bdrms
5.4
30
28
4.5
20
14
2 bdrms
125
10
0
7
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 5 27 5.4 9 58 6.4 5 48 9.6 0 36 n/a 2 17 8.5 2 9 4.5 0 11 n/a
<2 bdrms
58
Copyright © November 3, 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 November 3, 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. 13 ●
west kelowna DETACHED - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 7.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.6% VS 2022
▲ 3% VS 2022
▲ 31% VS 2022
▲ 27% VS 2022
There were 332 detached listings in West Kelowna in October, 7% below September and 31% higher than October 2022. October detached home sales increased by 5% month-over-month, to 42, and were 27% above October 2022. The months of inventory for detached in West Kelowna, at 7.9, reflected a balanced market. The detached median price in October was $838,000, a 16% increase from September and 3% above October 2022. The average sold price was $889,217, 28% above last month and up 0.6% to October 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$889,217 $838,000 7.9 42 332
$883,864 $810,000 767% 33 253
0.6% 3% 3% 27% 31%
$693,204 $719,900 9.0 40 358
28% 16% -12% 5% -7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
358
334
63
318
332
341
279
253
227
217
249
43
186
171
167
35
65
61
46
40
34
30
30
23
22
42
62
33
48
$985K
$940K
$931K
$925K
$896K
$900K
$857K
$842K
$842K
$838K
$810K
$799K
$720K
Oct-22
Sep-23
Oct-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
18.7
60
18.0
50
40
30
8.5
8.0
20
5.1
4.8
3.3
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
9 46 5.1
9 30 3.3
8 68 8.5
10 48 4.8
3 56 18.7
1 18 18.0
0 17 n/a
2 16 8.0
0 11 n/a
0 22 n/a
Copyright © November 3, 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 November 3, 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.
●
14
west kelowna TOWNHOME - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 10.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▼ 3% VS 2022
▼ 14% VS 2022
▼ 46% VS 2022
There were 72 townhome listings in West Kelowna in October, 9% below September and 14% lower than October 2022. October townhome sales decreased by 13% month-over-month, to 7, and were 46% below October 2022. The months of inventory for townhomes in West Kelowna, at 10.3, reflected a buyers' market. The townhome median price in October was $660,000, a 8% increase from September and 3% below October 2022. The average sold price was $698,929, 18% above last month; the average PSF sale price was $391, down 8% 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
$391 $698,929 $660,000 10.3 7 72
13 84
-1.4% 4% -3% 59% -46% -14%
$423 $593,125 $612,500 9.9 8 79
-8% 18% 8% 4% -13% -9%
$396 $668,923 $680,000 646%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
84
79
64
71
71
69
72
65
72
59
50
58
58
29
25
33
34
34
15
10
13
6
5
5
15
13
12
7
8
$757K
$760K
$738K
$723K
$700K
$685K
$680K
$670K
$655K
$660K
$613K
$595K
$560K
Oct-22
Sep-23
Oct-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.
1
20
22.0
4+ bdrms
17
15
4
15.0
3 bdrms
24
10
2
2 bdrms
5
4.0
30
3.7
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 15 15.0 3 11 3.7 1 22 22.0 2 8 4.0 0 7 n/a 0 4 n/a 0 1 n/a 0 4 n/a
1
Copyright © November 3, 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 November 3, 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. 15 ●
west kelowna CONDO - OCTOBER 2 0 2 3
MONTHS OF INVENTORY 11.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 72% VS 2022
▼ 14% VS 2022
▼ 12% VS 2022
▼ 36% VS 2022
There were 81 condo listings in West Kelowna in October, 5% above September and 72% higher than October 2022. October condo sales decreased by 13% month-over-month, to 7, and were 36% below October 2022. The months of inventory for condos in West Kelowna, at 11.6, reflected a buyers' market. The condo median price in October was $457,500, a 1.4% decrease from September and 12% below October 2022. The average sold price was $432,929, 9% below last month; the average PSF sale price was $511, up 16% 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
$511 $432,929 $457,500 11.6 7 81
11 47
2% -14% -12% 171% -36% 72%
$441 $475,813 $464,000 9.6 8 77
16% -9% -1.4% 20% -13% 5%
$499 $503,364 $520,000 427%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
81
43
73
69
62
64
61
61
50
34
59
47
41
27
36
21
21
18
10
9
18
11
6
4
7
11
9
8
$520K
$500K
$502K
$478K
$467K
$465K
$464K
$458K
$448K
$433K
$430K
$415K
$398K
Oct-22
Sep-23
Oct-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.
40
24+
4+ bdrms
30
3 bdrms
20
4
5
10
6.5
2 bdrms
55
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 29 29.0 6 39 6.5 0 8 n/a 0 5 n/a
<2 bdrms
22
Copyright © November 3, 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 November 3, 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. 16 ●
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