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 ●
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