the Kelowna rennie review | November 2023

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 ●

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