the kelowna rennie advance | January 2025

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published January 2025

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2025 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 January 7, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere223 M LS salesin theCentralO kanagan in D ecem ber,a21% decrease m onth-over-m onth thatwasles than thetypical24% N ovem ber-to-D ecem berdecline.Last m onth’ssalescountwas14% below thepast-decadeD ecem beraverage,which wastheclosestto itsm onthlyaveragetheregion’ssaleshavebeen sinceJune2023. • Saleswereup 40% relativetoD ecem ber2023,m arkingthethird consecutivem onth of year-over-yearincreases.Condosaleswereup them ost(+51%,to65),folowed bytownhom es (+36%,to38),and detached hom es(+36%,to120). • Fortheful year2024,therewere3,566 M LS salesin theCentralO kanagan,a5% contraction from 2023,29% below thepast-decadeaverageof5,038,and thelowestannualtotalsince2012.

CENTRALOKANAGAN THERENNIEADVANCE sales

DECEMBER 2024

500

+ 36% vsD ec2023

400

300

140 10 yrDecAvg

200

DETACHED sales

100

120

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 15% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 36% vsD ec2023

200

150

47 10 yrDecAvg

100

TOWNHOME sales

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 19% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 51% vsD ec2023

300

250

200

71 10 yrDecAvg

150

100

CONDO sales

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 8% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJanuary7,2025.Aldatafrom As ociationofInteriorREALTORS® & Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Therewere296 new M LS listingsin D ecem ber,adeclineof48% m onth-over-m onth thatwas slightly m orethan thetypical43% N ovem ber-to-D ecem berdecrease.Stil,new listingsw ere6% abovetheprior10-yearD ecem beraverageof280,and 7% higherthan thesam em onth lastyear. • D etached hom enew listingswereaboveaverage(+12%,to 169).In contrast,townhom enew listingswereslightlybelow average(-1.3% ,to 47),aswerecondo new listings(-3% ,to 77). • Therewere10,024new listingsin theCentralOkanagan in 2024.Thiswas11% m orethan in 2023,17% abovethepast-decadeaverageof8,577,and thehighestannualtotalsince2008.

CENTRALOKANAGAN THERENNIEADVANCE new listings

DECEMBER 2024

800

+ 29% vsD ec2023

700

600

500

400

151 10 yrDecAvg

300

200

DETACHED new listings

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 169

+ 11.9% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 24% vsD ec2023

300

250

200

48 10 yrDecAvg

150

100

TOWNHOME new listings

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 1% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 8% vsD ec2023

300

250

200

80 10 yrDecAvg

150

100

CONDO new listings

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 3% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • Activelistingsdeclined 19% m onth-over-m onth to 1,956,which wascloseto thetypical N ovem ber-to-D ecem berdecreaseof17%.Stil,thiswasthem ostinventoryto finish ayearsince 2013 (2,206 listings). • Totalinventorywas38% aboveitsprior10-yearD ecem beraverageof1,422.Condoinventorywas up them ost(+51%,to563),folowed bytownhom es(+37%,to298)and detached hom es(+31%,to 1,071). • Therewere8.8 m onthsofinventory(M O I)acros theregion in D ecem ber,am arginalincrease from 8.6 in N ovem ber.Thedetached hom eand condosegm entsfavoured selers,with M O Isof 8.9 and 8.7 respectively,whilethetownhom esegm entwasin balanced m arketter itorywith an M OIof7.8.

CENTRALOKANAGAN THERENNIEADVANCE inventory

DECEMBER 2024

+ 6% vsD ec2023

1,000 1,250 1,500 1,750 2,000

817 10 yrDecAvg

1,071

250 500 750

DETACHED inventory

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 31% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

600

- 3% vsD ec2023

500

400

300

217 10 yrDecAvg

298

200

TOWNHOME inventory

100

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 37% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

800

+ 13% vsD ec2023

700

600

500

563

400

372 10 yrDecAvg

300

200

CONDO inventory

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 51% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)wereup 0.8%.Them edian sold pricefordetached hom eswasup them ostat5% (to$975k), folowed bya1.6% increasefortownhom es(to$650k).In contrast,m edian condopricesfel by4% (to$432k). • O n ayear-over-yearbasis,m edian sold pricesw ereup 1.2% (averaged acros hom etypes).M edian condopriceswereup 0.5%,detached hom epriceswereup 3.3%,and townhom epriceswereflat. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

DECEMBER 2024

$1,200,000

Central Okanagan

$1,000,000

$975,000

$800,000

$600,000

+ 3.3% vsD ec2023

$400,000

DETACHED median salesprice

$200,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

$1,000,000

Central Okanagan

$800,000

$600,000

$650,000

$400,000

- vsD ec2023

TOWNHOME median salesprice

$200,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

$600,000

Central Okanagan

$500,000

$400,000

$432,000

$300,000

- vsD ec2023

$200,000

CONDO median salesprice

$100,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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