the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published June 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTING
Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.
NEIGHBOURHOOD PROFILES
05 08 11 14 15 16 19 20 23 26 29 30 33 36 37 40 41 44 45
Central Okanagan City of Kelowna City of West Kelowna
Big White
Black Mountain
Glenmore Glenrosa
Kelowna North Kelowna South Lake Country Lakeview Heights Lower Mission
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
North Glenmore / Wilden / McKinley Landing
Peachland
Rutland
South East Kelowna Springfield/Spall University District
Upper Mission / Kettle Valley / Crawford Estates
46 47
West Kelowna Estates
Westbank Centre
50 AREA MAP
52 GLOSSARY
2 Copyright ©️ June 10, 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 June 10, 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 2 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
neighbourhood-level real estate insights, meet Kelowna In appreciation of Kelowna’s growing size and reputation, rennie is pleased to present an expansion to the Kelowna rennie review. Real estate advisors and clients will benefit from new statpages breaking down activity in 18 additional sub-markets across the region.
relative to May 2023 was among the highest of any sub-region (+58%) and the decline in sales was the sharpest (down 77%). The lakeside community of Peachland and the urban Kelowna North neighbourhood saw a similar trend with listings up significantly year-over-year alongside a sharp drop in sales. Both markets were firmly in buyers’ market territory with MOIs of 22.7 and 20.3, respectively. Supply-demand conditions for townhomes were considerably tighter than detached homes in May with a region-wide MOI of 5.5 (versus 8.5 for detached and 6.0 for condos). However, of the 9 sub-regional townhome markets that we cover, 6 were sellers’ markets with MOIs ranging from 1.9 (Glenmore) to 3.8 (Rutland). Activity in the area encompassing North Glenmore, Wilden, and McKinley Landing was the most dynamic with a 220% increase in townhome listings year-over-year versus a 125% increase in sales, resulting in an MOI of 3.6. The commentary above is just scratching the surface on the insights that can be gathered from the expanded Kelowna rennie review. The new statpages offer advisors and their clients a new tool that will expand market transparency and hopefully facilitate smoother, more educated, and more confident real estate transactions. But for all its benefits, the latest expansion is still missing coverage of one unique home type— and perhaps the Okanagan’s most sought-after. Stay tuned for our July edition for more details.
The Kelowna census metropolitan area (CMA) has seen tremendous growth in recent decades, attracting new residents for its weather, lifestyle, and its increasingly diverse economy. Between 2014 and 2023, the region welcomed nearly 54,000 residents for a total growth of 28%, the highest of any CMA in Canada. In appreciation of the region’s growing reputation (and size), rennie is pleased to present an expanded Kelowna rennie review including detailed statistics on 18 new sub- regions. Buyers, sellers, and real estate advisors can now find neighbourhood-level sales, listings, and pricing trends for homes ranging from slopeside getaways at Big White, to estates in beloved Lower Mission, to investment properties in the University District. In aggregate, the Central Okanagan market remained slow in May with 398 MLS sales, 26% below the past decade May average of 540 sales. That said, this was the highest monthly sales count this year and a 5% increase from April, a sign of improving momentum. Slower sales and elevated new listings helped buoy inventory higher to 2,849 active listings. This was the
highest level since May 2014 (2,898 listings) and 37% above the prior 10-year May average (2,087 listings). The new statpages allow us to drill down beyond the high-level market figures for a more nuanced view of the region’s broad and diverse housing market—and the results are quite interesting. For example, the suburban neighbourhood of Glenrosa in West Kelowna was the tightest market for detached homes (and the only in sellers’ market territory) with 3.9 months of inventory (MOI) in May. Inventory here was up 68% year-over-year versus 46% across the Central Okanagan, and sales were up 33% versus a 23% decline in the region. Activity in Upper Mission, though balanced with an MOI of 5.0, saw the biggest April-to-May jump in detached sales of any neighbourhood by 10 to 27 (+59%). In contrast, detached home sales across the Central Okanagan increased just 2% month- over-month. The charming countryside neighbourhood of South East Kelowna offered prospective buyers the most detached home options with an MOI of 23.7 in May. The increase in active listings here
3 Copyright ©️ June 10, 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 June 10, 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 2 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.
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Rob Breckwoldt Real Estate Advisor
604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
4 Copyright ©️ June 10, 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 June 10, 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 2 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.
central okanagan DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 8.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 46% VS 2023
▼ 7% VS 2023
▼ 4% VS 2023
▼ 23% VS 2023
There were 1,684 detached listings in the Central Okanagan in May, 9% above April and 46% higher than May 2023. May detached home sales increased by 2% month-over-month, to 199, and were 23% below May 2023. The months of inventory for detached in the Central Okanagan, at 8.5, reflected a buyers' market.
THIS MONTH No. $1,101,803 $990,000 8.5 199 1,684
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change 3% 0% 7% 2% 9%
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,188,939 $1,030,000 4.5 258 1,154
-7% -4% 89% -23% 46%
$1,069,007 $990,000 7.9 195 1,538
The detached median price in May was $990,000, a 0% change from April and 4% below May 2023.
The average sold price was $1,101,803, 3% above last month and down 7% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,684
39
1,538
1,413
1,373
1,349
1,344
35
1,282
1,242
1,320
32
1,154
1,074
1,015
971
246
195
258
150
130
120
106
106
199
88
86
200
166
$1.03M
$990K
$990K
$971K
$975K
$964K
$968K
$964K
$950K
$947K
$926K
$925K
$880K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
24+
24+
23.4
300
250
16.3
16.3
15.6
200
150
100
6.2
4.7
4.3
4.0
50
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+ 1 124 124.0
MOI INVENTORY SALES
9 39 4.3
33 132 4.0
61 289 4.7
53 328 6.2
18 293 16.3
10 163 16.3
4 121 30.3
5 117 23.4
5 78 15.6
Copyright © June 10, 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 June 10, 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. 5 ●
central okanagan TOWNHOME - MAY 2 0 2 4
MONTHS OF INVENTORY 5.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 48% VS 2023
▼ 0.7% VS 2023
▼ 16% VS 2023
There were 416 townhome listings in the Central Okanagan in May, 6% above April and 48% higher than May 2023. May townhome sales increased by 1.4% month-over-month, to 75, and were 16% below May 2023. The months of inventory for townhomes in the Central Okanagan, at 5.5, reflected a balanced market. The townhome median price in May was $690,000, a 2% increase from April and 1.5% above May 2023. The average sold price was $717,115, 0.9% above last month; the average PSF sale price was $439, down 0.1% 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
$439 $717,115 $690,000 5.5 75 416
$424 $722,518 $680,000 3.2 89 281
4% -0.7% 1.5% 76% -16% 48%
$440 $710,718 $676,000 5.3 74 394
-0.1% 0.9% 2% 4% 1.4% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 416
36
35
373
354
394
340
328
335
332
322
29
308
281
295
292
84
74
65
89
57
49
75
37
35
30
28
65
46
$720K
$715K
$700K
$690K
$680K
$679K
$676K
$670K
$670K
$656K
$660K
$660K
$662K
May-23
Apr-24
May-24
▶ 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.
22.0
14
4+ bdrms
80
67
18.0
18.0
60
42
3 bdrms
231
10.9
10.0
40
18
2 bdrms
4.3
4.2
20
112
2.3
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 7 76 10.9 5 50 10.0 2 44 22.0 1 18 18.0 1 18 18.0 21 48 2.3 17 73 4.3 21 89 4.2
6
Copyright © June 10, 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 June 10, 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. 6 ●
central okanagan CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 54% VS 2023
▼ 9% VS 2023
▼ 5% VS 2023
▼ 8% VS 2023
There were 749 condo listings in the Central Okanagan in May, 6% above April and 54% higher than May 2023.
May condo sales increased by 14% month-over-month, to 124, and were 8% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 135 485
% Change
No. 109 707
% Change
The months of inventory for condos in the Central Okanagan, at 6.0, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
124 749
-6% -9% -5% 68% -8% 54%
-1.3% -6% -5% -7% 14% 6%
The condo median price in May was $449,500, a 5% decrease from April and 5% below May 2023. The average sold price was $485,178, 6% below last month; the average PSF sale price was $502, down 1.3% to last month.
$502 $485,178 $449,500 6.0
$537 $535,706 $471,000 3.6
$509 $514,161 $475,000 6.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 749
42
680
41
707
578
545
535
511
585
543
485
507
497
490
28
139
127
109
135
124
74
65
62
55
43
94
85
76
$500K
$491K
$475K
$471K
$461K
$464K
$464K
$451K
$450K
$450K
$439K
$430K
$410K
May-23
Apr-24
May-24
▶ 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.
350
13.4
300
4+ bdrms
5
250
12
200
3 bdrms
7.1
105
6.3
150
5.8
5.0
4.5
100
83
2 bdrms
463
50
0
29
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 15 5.0 29 169 5.8 72 322 4.5 10 134 13.4 7 50 7.1 3 19 6.3 0 9 n/a 0 31 n/a
<2 bdrms
176
Copyright © June 10, 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 June 10, 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. 7 ●
city of kelowna DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.5% VS 2023
▲ 46% VS 2023
▼ 5% VS 2023
▼ 20% VS 2023
There were 975 detached listings in the City of Kelowna in May, 7% above April and 46% higher than May 2023. May detached home sales increased by 9% month-over-month, to 125, and were 20% below May 2023. The months of inventory for detached in the City of Kelowna, at 7.8, reflected a balanced market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 156 667
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
125 975
-5% 0.5% 82% -20% 46%
115 907
9% 7%
The detached median price in May was $1,055,000, a 0% change from April and 0.5% above May 2023.
$1,136,421 $1,055,000 7.8
$1,069,067 $1,055,000 7.9
6% 0% -1.1%
$1,197,915 $1,049,700 4.3
The average sold price was $1,136,421, 6% above last month and down 5% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
975
907
39
37
809
808
791
791
745
712
765
667
31
636
599
567
144
112
115
156
97
79
81
67
125
58
56
54
110
$1.05M $1.06M
$1.06M $1.06M
$1.00M
$990K $1.02M $990K $996K $985K $1.00M
$950K
$908K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
150
16.1
15.8
15.4
100
11.5
5.4
50
3.8
3.7
2.6
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
3 11 3.7
17 44 2.6
38 143 3.8
38 204 5.4
12 185 15.4
7 113 16.1
2 86 43.0
4 63 15.8
4 46 11.5
0 80 n/a
Copyright © June 10, 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 June 10, 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. 8 ●
city of kelowna TOWNHOME - MAY 2 0 2 4
MONTHS OF INVENTORY 4.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 61% VS 2023
▼ 2% VS 2023
▼ 2% VS 2023
▼ 12% VS 2023
There were 269 townhome listings in the City of Kelowna in May, 0.7% above April and 61% higher than May 2023. May townhome sales decreased by 5% month-over-month, to 57, and were 12% below May 2023. The months of inventory for townhomes in the City of Kelowna, at 4.7, reflected a sellers' market. The townhome median price in May was $688,500, a 2% increase from April and 2% below May 2023. The average sold price was $726,168, 3% above last month; the average PSF sale price was $445, down 0.6% 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
$445 $726,168 $688,500 4.7 57 269
$429 $742,987 $705,000 2.6 65 167
4% -2% -2% 84% -12% 61%
$448 $704,564 $675,000 4.5 60 267
-0.6% 3% 2% 6% -5% 0.7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
269
36
249
35
267
224
220
199
218
210
208
205
195
28
167
169
62
60
65
40
57
34
32
23
20
18
43
42
28
$722K
$710K
$709K
$705K
$708K
$689K
$675K
$673K
$665K
$671K
$672K
$664K
$652K
May-23
Apr-24
May-24
▶ 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.
50
15.0
9
14.0
4+ bdrms
13.0
43
12.3
40
33
30
3 bdrms
7.7
156
20
4.4
14
3.3
2 bdrms
65
10
1.7
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 3 37 12.3 2 30 15.0 1 14 14.0 1 13 13.0 18 31 1.7 11 48 4.4 15 50 3.3 6 46 7.7
5
Copyright © June 10, 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 June 10, 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. 9 ●
city of kelowna CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 71% VS 2023
▼ 11% VS 2023
▼ 5% VS 2023
▼ 3% VS 2023
There were 562 condo listings in the City of Kelowna in May, 7% above April and 71% higher than May 2023.
May condo sales increased by 12% month-over-month, to 102, and were 3% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 105 329
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 5.5, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
102 562
-9% -11% -5% 76% -3% 71%
$512 $511,409 $475,000 5.8 91 525
-0.4% -4% -4% -4% 12% 7%
The condo median price in May was $453,925, a 4% decrease from April and 5% below May 2023. The average sold price was $490,620, 4% below last month; the average PSF sale price was $510, down 0.4% to last month.
$510 $490,620 $453,925 5.5
$561 $549,512 $476,500 3.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 562
41
511
39
525
416
385
383
359
417
379
368
329
358
356
25
110
91
79
105
102
55
50
40
37
31
92
65
56
$537K
$488K
$477K
$475K
$462K
$465K
$454K
$450K
$454K
$442K
$440K
$434K
$395K
May-23
Apr-24
May-24
▶ 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.
250
12.2
4+ bdrms
3
200
9
150
6.8
3 bdrms
78
4.7
4.7
100
4.1
4.0
68
2 bdrms
50
356
0
25
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 24 112 4.7 59 244 4.1 9 110 12.2 5 34 6.8 3 14 4.7 0 9 n/a 0 31 n/a 2 8 4.0
<2 bdrms
125
Copyright © June 10, 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 June 10, 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. 10 ●
city of west kelowna DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 7.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 45% VS 2023
▼ 15% VS 2023
▼ 4% VS 2023
▼ 17% VS 2023
There were 385 detached listings in the City of West Kelowna in May, 12% above April and 45% higher than May 2023. May detached home sales increased by 16% month-over-month, to 52, and were 17% below May 2023. The months of inventory for detached in the City of West Kelowna, at 7.4, reflected a balanced market.
THIS MONTH No. $1,024,881 $932,450 7.4 52 385
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,207,550 $970,000 4.2 63 266
-15% -4% 75% -17% 45%
$970,060 $858,500 7.7 45 345
6% 9% -3% 16% 12%
The detached median price in May was $932,450, a 9% increase from April and 4% below May 2023.
The average sold price was $1,024,881, 6% above last month and down 15% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 385
37
345
314
298
295
294
33
270
292
266
289
29
231
206
206
64
62
45
63
36
33
31
31
27
52
25
21
18
$970K
$945K
$950K
$932K
$900K
$885K
$893K
$870K
$850K
$859K
$820K
$815K
$800K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
80
21.7
19.0
60
40
9.0
6.6
5.4
20
4.0
1.8
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
4 7 1.8
12 48 4.0
16 86 5.4
12 79 6.6
3 65 21.7
1 26 26.0
2 18 9.0
1 26 26.0
0 11 n/a
1 19 19.0
Copyright © June 10, 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 June 10, 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. 11 ●
city of west kelowna TOWNHOME - MAY 2 0 2 4
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 9% VS 2023
▲ 43% VS 2023
▼ 50% VS 2023
There were 66 townhome listings in the City of West Kelowna in May, 18% above April and 43% higher than May 2023. May townhome sales increased by 14% month-over-month, to 8, and were 50% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the City of West Kelowna, at 8.3, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$414 $709,563 $713,750 8.3 8 66
16 46
187% -50% 43%
$384 $726,757 $699,000 8.0 7 56
14% 18%
The townhome median price in May was $713,750, a 2% increase from April and 9% above May 2023. The average sold price was $709,563, 2% below last month; the average PSF sale price was $414, up 8% to last month.
$401 $644,594 $655,000 2.9
2% 3%
3% 10% 9%
8% -2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 66
45
45
59
53
53
56
45
46
49
47
47
47
43
39
25
13
16
11
8
6
6
4
4
4
4
8
10
7
$850K
$820K
$816K
$742K
$723K
$709K
$714K
$699K
$684K
$655K
$650K
$635K
$604K
May-23
Apr-24
May-24
▶ 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.
14.0
20
2
4+ bdrms
8
15
5
8.0
3 bdrms
34
10
5.0
4.2
1
2 bdrms
5
23
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 14 14.0 5 21 4.2 0 14 n/a 1 5 5.0 0 3 n/a 0 1 n/a 1 8 8.0
1
Copyright © June 10, 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 June 10, 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. 12 ●
city of west kelowna CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 64% VS 2023
▼ 18% VS 2023
▼ 7% VS 2023
▼ 16% VS 2023
There were 97 condo listings in the City of West Kelowna in May, 8% above April and 64% higher than May 2023.
May condo sales increased by 45% month-over-month, to 16, and were 16% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of West Kelowna, at 6.1, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
16 97
19 59
-0.1% -18% -7% 95% -16% 64%
11 90
-9% -24% -26% -26% 45% 8%
The condo median price in May was $432,500, a 26% decrease from April and 7% below May 2023. The average sold price was $450,025, 24% below last month; the average PSF sale price was $451, down 9% to last month.
$451 $450,025 $432,500 6.1
$452 $545,542 $465,000 3.1
$498 $596,027 $582,000 8.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 97 77 90
69
81
79
77
80
58
62
68
66
59
64
61
19
19
11
16
9
32
8
7
7
7
7
18
5
11
$582K
$490K
$465K
$460K
$460K
$458K
$448K
$439K
$430K
$433K
$410K
$400K
$350K
May-23
Apr-24
May-24
▶ 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
7.0
4+ bdrms
50
5.2
40
2
3 bdrms
30
5
3.0
20
11
2 bdrms
70
10
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 28 7.0 11 57 5.2 0 8 n/a 1 3 3.0 0 1 n/a
<2 bdrms
22
Copyright © June 10, 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 June 10, 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. 13 ●
peachland DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 22.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 48% VS 2023
▼ 4% VS 2023
▼ 70% VS 2023
There were 68 detached listings in Peachland in May, 33% above April and 48% higher than May 2023.
May detached home sales decreased by 50% month-over-month, to 3, and were 70% below May 2023.
THIS MONTH No. $1,008,000 $1,035,000 22.7 3 68
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Peachland, at 22.7, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
10 46
393% -70% 48%
$1,396,917 $1,092,000 8.5 6 51
-28% -5% 167% -50% 33%
The detached median price in May was $1,035,000, a 5% decrease from April and 5% above May 2023.
$1,047,800 $987,000 4.6
The average sold price was $1,008,000, 28% below last month and down 4% to May 2023.
-4% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 68
59
57
54
48
50
43
51
46
50
50
34
39
33
33
13
7
6
28
10
5
5
5
4
3
2
1
1
3
$3.53M
$2.70M
$1.15M
$987K
$890K
$860K
$855K
$850K $1.09M $1.03M
$835K
$780K
$697K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
13.0
15
8.5
10
5
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 4 n/a
1 13 13.0
2 17 8.5
0 10 n/a
0 4 n/a
0 4 n/a
0 9 n/a
0 2 n/a
0 5 n/a
Copyright © June 10, 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 June 10, 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. 14 ●
lake country DETACHED - MAY 2 0 2 4
MONTHS OF INVENTORY 12.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 49% VS 2023
▼ 0.9% VS 2023
▼ 11% VS 2023
▼ 48% VS 2023
There were 164 detached listings in Lake Country in May, 9% above April and 49% higher than May 2023. May detached home sales decreased by 41% month-over-month, to 13, and were 48% below May 2023. The months of inventory for detached in the Lake Country, at 12.6, reflected a buyers' market.
THIS MONTH No. $1,216,877 $995,000 12.6 13 164
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,227,520 $1,120,000 4.4 25 110
-0.9% -11% 187% -48% 49%
$1,308,477 $926,250 6.9 22 151
-7% 7% 84% -41% 9%
The detached median price in May was $995,000, a 7% increase from April and 11% below May 2023.
The average sold price was $1,216,877, 7% below last month and down 0.9% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
162
164
39
38
145
143
37
151
150
128
144
134
110
114
110
104
22
25
15
14
12
12
9
9
8
8
7
7
13
$1.48M
$1.23M
$1.21M
$1.16M
$1.12M
$990K
$1.00M
$995K
$995K
$975K
$965K
$926K
$811K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
24.0
25
16.0
20
15.5
15
9.0
10
5.5
5
1.7
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 2 n/a
3 5 1.7
4 22 5.5
1 24 24.0
2 31 15.5
2 18 9.0
0 11 n/a
0 17 n/a
1 16 16.0
0 18 n/a
Copyright © June 10, 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 June 10, 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. 15 ●
lake country TOWNHOME - MAY 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.1% VS 2023
▲ 17% VS 2023
▲ 14% VS 2023
▼ 12% VS 2023
There were 27 townhome listings in Lake Country in May, 13% above April and 17% higher than May 2023.
May townhome sales increased by 60% month-over-month, to 8, and were 14% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Lake Country, at 3.4, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$431 $608,938 $640,500 3.4 8 27
$439 $694,500 $640,000 3.3 7 23
14% 17%
$428 $730,400 $789,000 4.8 5 24
0.7% -17% -19% -30% 60% 13%
The townhome median price in May was $640,500, a 19% decrease from April and 0.1% above May 2023. The average sold price was $608,938, 17% below last month; the average PSF sale price was $431, up 0.7% to last month.
-1.9% -12% 0.1% 3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
34
29
32
27
25
27
29
23
24
24
25
23
23
18
11
20
7
6
8
7
7
6
3
2
5
5
5
$1.07M
$789K
$705K
$695K
$658K
$640K
$640K
$641K
$630K
$615K
$545K
$468K
May-23
Apr-24
May-24
▶ 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.
10
10.0
2
4+ bdrms
5
8
3
6
3 bdrms
19
4
3 3
2 bdrms
2
1.0
0.5
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 10 10.0 0 7 n/a 0 2 n/a 0 2 n/a 2 1 0.5 5 5 1.0
Copyright © June 10, 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 June 10, 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. 16 ●
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