the kelowna rennie advance | April 2024

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

published April 2024

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

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

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

Copyright © April 2, 2024 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 March 4, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • TheCentralO kanagan recorded 282 M LS salesin M arch,42% below thepast-decadeM arch average,which m arked thefewestsalesofanyM arch since2009.D etached hom esrecorded the fewestsalesrelativeto theirpast10-yearaverage(by46%),folowed bycondos(by41%)and townhom es(by33%). • The31% increasein saleslastm onth w asslightly les than thetypicalFebruary-to-M arch expansion of34%.Thatsaid,salesdid riseforal hom etypes:detached hom esby33%, townhom esby30%,and condosby27%. • Salesforal hom etypesweredown 29% relativetooneyearago,led bycondosat37%,detached hom esat27%,and townhom esat19%.

CENTRALOKANAGAN THERENNIEADVANCE sales

MARCH 2024

500

- 27% vsM ar2023

400

300

260 10 yrM arAvg

200

DETACHED sales

100

140

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 46% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

- 19% vsM ar2023

200

150

91 10 yrM arAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 33% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

- 37% vsM ar2023

300

250

200

137 10 yrM arAvg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 41% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

Copyright© April2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofApril2,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere1,087 new M LS listingslastm onth representinga34% increasem onth-over-m onth. Thiswasslightlybelow thetypicalFebruary-to-M arch expansion of37%. • N ew listingsfordetached hom eslargelydrovethem onthlyincrease,up 65% (to 629)from February.Condolistingswereup m orem odestlyby12% (to293)and new townhom elistings declined 1.2% (to165). • O n ayear-over-yearbasis,detached,townhom e,and condo new listingswereal higher(by26%, 18% ,and 27% ,respectively).

CENTRALOKANAGAN THERENNIEADVANCE new listings

MARCH 2024

800

+ 26% vsM ar2023

700

600

629

500

400

530 10 yrM arAvg

300

200

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 19% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 18% vsM ar2023

300

250

200

155 10 yrM arAvg

150

165

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 7% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 27% vsM ar2023

300

293

250

200

235 10 yrM arAvg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 25% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • Therewere2,409 activeM LS listingslastm onth,which m arked thehighestinventorylevelin any m onth goingback toJuly2020 (2,457).Com pared topriorM arch data,inventorywas29% above thepast-decadeM ach averageand hasn’tbeen thishigh since2015 (2,460). • Inventoryforal hom etypesgrew 20% m onth-over-m onth,m orethan thetypical February-to-M arch expansion of12%.D etached hom einventorywasup 25%,folowed bycondos (16%)and townhom es(8%).O n ayear-over-yearbasis,totalinventorywasup by33% with al hom etypesup byasim ilarpercentage. • W ith m onth-over-m onth salesgrowth outpacinginventory,m onthsofinventory(M O I)declined foral hom etypes.Thedetached hom eand condosegm entsrem ained in buyers’m arketter itory with M O Isof9.8 and 8.5,respectively,whilethetownhom esegm entwasbalanced at6.6.

CENTRALOKANAGAN THERENNIEADVANCE inventory

MARCH 2024

+ 32% vsM ar2023

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

1,339

1,069 10 yrM arAvg

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 25% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

600

+ 34% vsM ar2023

500

400

393

300

316 10 yrM arAvg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 24% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

800

+ 35% vsM ar2023

700

677

600

500

400

487 10 yrM arAvg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 39% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)declined 0.7%.Them edian sold pricefordetached hom esand condosdecreased in M arch (from February)by4% and 3% ,respectively.In contrast,townhom em edian sold pricesexpanded by 9%. • O n ayear-over-yearbasis,m edian sold pricesw ereflat,on average,acros hom etypes.In M arch, them edian sold pricesfordetached hom esand condoswerelowerby3% and 5% (respectively) com pared tothatofM arch 2023,whiletownhom eswere8% higher. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

MARCH 2024

$1,200,000

Central Okanagan

$1,000,000

$923,500

$800,000

$600,000

- 3% vsM ar2023

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

$1,000,000

Central Okanagan

$800,000

$715,000

$600,000

$400,000

+ 8% vsM ar2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

$600,000

Central Okanagan

$500,000

$438,500

$400,000

$300,000

- 5% vsM ar2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● March

●

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.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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