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 ●
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