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 ●
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