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 ●
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