the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published February 2024
table of contents
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.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
2 Copyright ©️ 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 February 7, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
the Ogopogo sees its shadow? The sales slump in the Central Okanagan’s housing market extended into January, with last month marking its eighth consecutive monthly decline in transaction counts. Given the all powerful but as-of-late unchanging macroeconomic environment, don’t expect significant market shifts in the near-term.
inventory (MOI) measure sitting at 11.1. (Note that an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market.) At a macroeconomic level not much has changed of late, so until inflation is back within the Bank of Canada’s target range and the Bank begins loosening its restrictive policy rate, it’s unlikely that sales counts in this region will expand back to their historical norms. And as we speed towards springtime—typically the busiest time of the year for the housing market of the Central Okanagan—there’s been little indication that the market is gaining much steam. As it relates to residential real estate activity, then, we should expect at least another 6 weeks of winter.
With the first month of 2024 in the books and the end of winter in sight, it’s natural to look ahead towards the warmer weather and longer days of spring—and with it a busier real estate market. But in contrast to the likes of Wiarton Willie, Shubenacadie Sam, and Fred la mormotte who all failed to see their shadow this groundhog day and thus predicted an early spring, the sunny Okanagan seems to be on a different path when it comes to real estate market. Sales counts once again declined last month, albeit marginally, to 161 MLS transactions in the Central Okanagan—down from 162 in December and the eight consecutive monthly drop. While this month-over-month attrition was less than the typical December- to-January decrease (of 9%), and the total was actually 4% higher than last year’s subdued total, last month’s sales were still 35% below the past-decade average for the month.
On the new listings front, January’s total was 532, which may have been an 86% increase from December but was less than the typical December-to-January growth of 91%. Last month’s new listings count was also 1.5% less than the past 10-year January average and 8% lower than the same month last year. There were 1,794 MLS homes available for sale in the Central Okanagan at the end of January, which was a decline of 3% from December—contrasting with the typical seasonal increase of 6%. That said, January’s active listings total was still 18% higher than one year ago and 16% above the past-decade January average. With little change in sales counts and listings, the region’s supply and demand dynamics yielded a fifth consecutive month of conditions that favoured buyers in January, with the overall months-of-
3 Copyright ©️ 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 February 7, 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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Copyright ©️ 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 February 7, 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. 4
central okanagan DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 11.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2023
▲ 25% VS 2023
▼ 5% VS 2023
▼ 3% VS 2023
There were 967 detached listings in the Central Okanagan in January, 4% below December and 17% higher than January 2023. January detached home sales decreased by 5% month-over-month, to 84, and were 25% above January 2023. The months of inventory for detached in the Central Okanagan, at 11.5, reflected a buyers' market.
THIS MONTH No. $1,059,720 $882,500 11.5 84 967
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,115,295 $908,000 1239% 67 830
-5% -3% -7% 25% 17%
$1,210,732 $947,000 11.5 88 1,012
-5% -4%
The detached median price in January was $882,500, a 7% decrease from December and 3% below January 2023.
-12% -7% 0.1%
The average sold price was $1,059,720, 12% below last month and down 5% to January 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,349
1,412
81
1,282
1,240
1,372
1,320
1,011
1,154
67
1,054
967
1,012
830
900
58
258
246
192
132
130
120
106
88
218
200
84
166
67
$1.03M
$986K
$971K
$975K
$964K
$968K
$960K
$950K
$947K
$947K
$926K
$908K
$883K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
23.0
150
18.6
14.7
100
13.7
13.0
50
6.7
6.5
3.8
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 26 6.5
21 79 3.8
27 181 6.7
10 147 14.7
9 167 18.6
7 91 13.0
0 65 n/a
3 69 23.0
3 41 13.7
0 101 n/a
Copyright © February 7, 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 February 7, 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 10.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▼ 1.0% VS 2023
▼ 4% VS 2023
▼ 16% VS 2023
There were 334 townhome listings in the Central Okanagan in January, 4% below December and 29% higher than January 2023. January townhome sales increased by 3% month-over-month, to 32, and were 16% below January 2023. The months of inventory for townhomes in the Central Okanagan, at 10.4, reflected a buyers' market. The townhome median price in January was $679,000, a 7% increase from December and 4% below January 2023. The average sold price was $710,041, 4% above last month; the average PSF sale price was $450, up 13% 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
$450 $710,041 $679,000 10.4 32 334
$439 $717,434 $706,000 682% 38 259
2% -1% -4% 53% -16% 29%
$399 $683,771 $635,000 11.2 31 347
13% 4% 7% -7% 3% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
385
405
59
362
56
383
325
361
334
347
325
307
294
259
276
38
107
75
64
54
88
31
78
71
38
32
44
38
42
$720K
$708K
$710K
$706K
$700K
$695K
$687K
$685K
$679K
$665K
$663K
$653K
$635K
Jan-23
Dec-23
Jan-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.
80
4
70
24+
4+ bdrms
63
60
20.3
50
18
3 bdrms
14.0
40
171
30
8.2
10
6.7
20
2 bdrms
4.7
96
10
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 5 70 14.0 9 74 8.2 3 61 20.3 1 25 25.0 3 20 6.7 0 11 n/a 0 21 n/a 11 52 4.7
4
Copyright © February 7, 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 February 7, 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 8.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 19% VS 2023
▲ 12% VS 2023
▲ 13% VS 2023
▲ 10% VS 2023
There were 491 condo listings in the Central Okanagan in January, 1.2% below December and 13% higher than January 2023. January condo sales increased by 28% month-over-month, to 55, and were 10% above January 2023. The months of inventory for condos in the Central Okanagan, at 8.9, reflected a buyers' market. The condo median price in January was $500,000, a 16% increase from December and 12% above January 2023. The average sold price was $541,514, 21% above last month; the average PSF sale price was $490, down 2.0% 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
$490 $541,514 $500,000 8.9 55 491
$468 $456,822 $445,000 870% 50 435
5% 19% 12% 3% 10% 13%
$500 $449,091 $430,000 11.6 43 497
-2% 21% 16% -23% 28% -1.2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
546
578
61
535
500
475
543
56
491
511
507
497
485
481
435
39
145
139
129
127
74
135
61
43
94
55
50
77
76
$500K
$491K
$471K
$461K
$464K
$464K
$460K
$450K
$451K
$445K
$435K
$430K
$405K
Jan-23
Dec-23
Jan-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.
200
17.0
4+ bdrms
7
150
11
3 bdrms
10.0
65
100
8.0
7.3
30
50
2 bdrms
4.0
284
2.5
0
14
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 14 102 7.3 25 199 8.0 6 102 17.0 5 50 10.0 4 10 2.5 0 3 n/a 0 21 n/a 1 4 4.0
<2 bdrms
135
Copyright © February 7, 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 February 7, 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 10.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 36% VS 2023
▼ 12% VS 2023
▼ 6% VS 2023
There were 667 detached listings in the City of Kelowna in January, 6% below December and 14% higher than January 2023. January detached home sales decreased by 5% month-over-month, to 61, and were 36% above January 2023. The months of inventory for detached in the City of Kelowna, at 10.9, reflected a buyers' market.
THIS MONTH No. $1,073,142 $930,000 10.9 61 667
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,217,866 $990,000 1304% 45 587
-12% -6% -16% 36% 14%
$1,295,614 $992,800 11.0 64 706
-5% -6%
The detached median price in January was $930,000, a 6% decrease from December and 6% below January 2023.
-17% -6% -0.9%
The average sold price was $1,073,142, 17% below last month and down 12% to January 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
925
83
873
970
853
957
909
73
681
777
667
706
706
587
628
59
181
156
135
124
90
88
66
64
145
125
61
45
93
$1.06M $1.04M $1.00M $1.02M $1.04M
$996K
$993K
$990K $1.03M $1.05M $1.03M
$989K
$930K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
120
24+
100
80
17.0
16.7
13.4
60
12.5
40
5.0
5.0
20
2.9
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
2 10 5.0
13 38 2.9
21 105 5.0
8 107 13.4
7 119 17.0
6 75 12.5
0 50 n/a
3 50 16.7
1 32 32.0
0 81 n/a
Copyright © February 7, 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 February 7, 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 8.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 39% VS 2023
▼ 2% VS 2023
▼ 9% VS 2023
▼ 18% VS 2023
There were 241 townhome listings in the City of Kelowna in January, 8% below December and 39% higher than January 2023. January townhome sales increased by 35% month-over-month, to 27, and were 18% below January 2023. The months of inventory for townhomes in the City of Kelowna, at 8.9, reflected a buyers' market. The townhome median price in January was $650,000, a 3% decrease from December and 9% below January 2023. The average sold price was $714,863, 0.2% below last month; the average PSF sale price was $455, up 13% 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
$455 $714,863 $650,000 8.9 27 241
$456 $730,509 $712,000 524% 33 173
-0.3% -2% -9% 70% -18% 39%
$404 $716,525 $671,500 13.1 20 261
13% -0.2% -3% -32% 35% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
282
58
261
245
279
268
54
241
255
213
216
207
191
173
176
37
81
55
48
41
68
31
56
20
33
50
27
33
32
$723K
$712K
$710K
$705K
$705K
$692K
$690K
$673K
$672K
$656K
$660K
$650K
$645K
Jan-23
Dec-23
Jan-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
4
14.0
14.0
4+ bdrms
50
39
11.4
40
10.4
15
3 bdrms
132
30
4.7
20
4.1
8
2 bdrms
68
10
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 5 57 11.4 5 52 10.4 3 42 14.0 1 14 14.0 3 14 4.7 0 7 n/a 0 14 n/a 10 41 4.1
2
Copyright © February 7, 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 February 7, 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 9.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 27% VS 2023
▲ 17% VS 2023
▲ 15% VS 2023
0.0% VS 2023
There were 363 condo listings in the City of Kelowna in January, 1.4% below December and 15% higher than January 2023. January condo sales increased by 25% month-over-month, to 40, and were the same in January 2023. The months of inventory for condos in the City of Kelowna, at 9.1, reflected a buyers' market. The condo median price in January was $505,500, a 16% increase from December and 17% above January 2023. The average sold price was $563,895, 22% above last month; the average PSF sale price was $491, up 0.4% 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
$491 $563,895 $505,500 9.1 40 363
$460 $444,203 $432,500 790% 40 316
7% 27% 17% 15% 0% 15%
$489 $464,005 $437,500 11.5 32 368
0.4% 22% 16% -21% 25% -1.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
430
403
402
63
381
347
393
363
385
56
368
356
345
316
343
117
115
36
110
84
110
57
96
32
40
40
60
58
41
$506K
$488K
$476K
$460K
$462K
$459K
$455K
$454K
$450K
$438K
$433K
$424K
$397K
Jan-23
Dec-23
Jan-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.
160
140
13.3
4+ bdrms
120
10.7
100
8
8.6
3 bdrms
7.9
80
40
60
24
40
2 bdrms
3.0
2.3
223
20
0
8
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 18 154 8.6 6 80 13.3 3 32 10.7 4 9 2.3 0 3 n/a 0 19 n/a 1 3 3.0 8 63 7.9
<2 bdrms
100
Copyright © February 7, 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 February 7, 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 ●
downtown kelowna DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 83.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▼ 48% VS 2023
▼ 33% VS 2023
▼ 80% VS 2023
There were 83 detached listings in Downtown Kelowna in January, 9% above December and 9% higher than January 2023. January detached home sales decreased by 83% month-over-month, to 1, and were 80% below January 2023. The months of inventory for detached in Downtown Kelowna, at 83.0, reflected a buyers' market. The detached median price in January was $727,800, a 43% decrease from December and 33% below January 2023. The average sold price was $727,800, 49% below last month and down 48% to January 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$727,800 $727,800 83.0 1 83
$1,392,000 $1,085,000 1520% 5 76
-48% -33% 446% -80% 9%
$1,425,104 $1,267,500 12.7 6 76
-49% -43% 555% -83% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
111
105
118
116
100
114
114
109
93
83
89
76
82
78
76
76
20
17
12
11
10
9
7
7
6
17
15
5
1
$1.27M
$1.09M
$1.05M
$1.04M
$1.03M $1.02M
$901K
$865K
$850K
$825K
$799K
$728K
$650K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
3.0
15
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
1 3 3.0
0 14 n/a
0 17 n/a
0 20 n/a
0 8 n/a
0 8 n/a
0 3 n/a
0 3 n/a
0 7 n/a
Copyright © February 7, 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 February 7, 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 ●
downtown kelowna TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 19.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 40% VS 2023
▲ 38% VS 2023
▲ 97% VS 2023
▼ 63% VS 2023
There were 57 townhome listings in Downtown Kelowna in January, 14% below December and 97% higher than January 2023. January townhome sales decreased by 25% month-over-month, to 3, and were 63% below January 2023. The months of inventory for townhomes in Downtown Kelowna, at 19.0, reflected a buyers' market. The townhome median price in January was $950,000, a 36% increase from December and 38% above January 2023. The average sold price was $1,012,833, 22% above last month; the average PSF sale price was $503, down 8% to last month.
THIS MONTH No. $503 $1,012,833 $950,000 19.0 3 57
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$515 $721,361 $686,500 363% 8 29
424% -63% 97%
$546 $827,500 $700,000 16.5 4 66
-8% 22% 36% 15% -25% -14%
-2% 40% 38%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
78
50
72
70
66
65
68
42
57
49
52
37
47
29
30
25
15
7
6
6
6
4
4
8
3
3
2
9
3
$985K
$950K
$925K
$900K
$890K
$855K
$825K
$812K
$800K
$742K
$715K
$700K
$687K
Jan-23
Dec-23
Jan-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.
1
12.0
4+ bdrms
6
15
2
3 bdrms
10
32
4.0
4.0
5
2 bdrms
18
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 12 12.0 1 4 4.0 1 4 4.0 0 2 n/a 0 7 n/a 0 5 n/a 0 5 n/a 0 18 n/a
1
Copyright © February 7, 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 February 7, 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 ●
downtown kelowna CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 11.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 32% VS 2023
▲ 20% VS 2023
▲ 18% VS 2023
0.0% VS 2023
There were 176 condo listings in Downtown Kelowna in January, 4% below December and 18% higher than January 2023. January condo sales increased by 50% month-over-month, to 15, and were the same in January 2023. The months of inventory for condos in Downtown Kelowna, at 11.7, reflected a buyers' market. The condo median price in January was $578,000, a 28% increase from December and 20% above January 2023. The average sold price was $641,400, 27% above last month; the average PSF sale price was $578, up 5% 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
$578 $641,400 $578,000 11.7 15 176
$543 $484,200 $480,000 993% 15 149
7% 32% 20% 18% 0% 18%
$551 $506,265 $451,825 18.4 10 184
5% 27% 28% -36% 50% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
223
210
70
220
211
205
176
161
184
182
171
165
149
55
154
50
43
43
42
29
21
19
37
10
15
15
25
24
21
$580K
$578K
$550K
$520K
$525K
$515K
$498K
$491K
$496K
$480K
$480K
$452K
$390K
Jan-23
Dec-23
Jan-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
24+
4+ bdrms
50
23.0
40
3
3 bdrms
14.7
30
22
9.3
20
8
2 bdrms
98
10
3.0
2.0
0
4
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 23 23.0 6 56 9.3 3 44 14.7 1 27 27.0 3 6 2.0 0 2 n/a 0 15 n/a 1 3 3.0
<2 bdrms
56
Copyright © February 7, 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 February 7, 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 ●
west kelowna DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 11.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 22% VS 2023
▼ 5% VS 2023
▼ 10% VS 2023
There were 206 detached listings in West Kelowna in January, no change to December and 22% higher than January 2023. January detached home sales decreased by 14% month-over-month, to 18, and were 10% below January 2023. The months of inventory for detached in West Kelowna, at 11.4, reflected a buyers' market. The detached median price in January was $815,000, a 0.6% decrease from December and 4% above January 2023. The average sold price was $871,656, 10% below last month and down 5% to January 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$871,656 $815,000 11.4 18 206
$914,039 $784,500 845% 20 169
-5% 4% 35% -10% 22%
$965,363 $820,000 9.8 21 206
-10% -0.6% 17% -14% 0%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
298
314
295
76
270
292
289
266
222
243
61
206
206
169
186
64
63
62
56
34
31
27
35
21
43
20
18
33
31
$970K
$945K
$945K
$950K
$900K
$891K
$885K
$855K
$850K
$820K
$815K
$800K
$785K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
19.0
17.5
40
30
8.7
20
10
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
0 4 n/a
8 21 2.6
6 52 8.7
2 35 17.5
2 38 19.0
0 11 n/a
0 12 n/a
0 16 n/a
0 5 n/a
0 12 n/a
Copyright © February 7, 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 February 7, 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 ●
west kelowna TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 12.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 17% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 29% VS 2023
▲ 12% VS 2023
▼ 20% VS 2023
There were 48 townhome listings in West Kelowna in January, 9% above December and 12% higher than January 2023. January townhome sales decreased by 56% month-over-month, to 4, and were 20% below January 2023. The months of inventory for townhomes in West Kelowna, at 12.0, reflected a buyers' market. The townhome median price in January was $722,500, a 26% increase from December and 29% above January 2023. The average sold price was $675,000, 9% above last month; the average PSF sale price was $381, down 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
$381 $675,000 $722,500 12.0 4 48
$326 $631,140 $560,000 860% 5 43
17% 7% 29% 40% -20% 12%
$404 $618,489 $572,000 4.9 9 44
-6% 9% 26% 145% -56% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 73 58
98
63
59
65
63
52
61
53
48
50
43
72
44
24
21
12
9
8
16
14
4
10
5
9
4
7
38
$850K
$788K
$723K
$709K
$698K
$687K
$680K
$675K
$663K
$659K
$643K
$572K
$560K
Jan-23
Dec-23
Jan-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.
5.7
4+ bdrms
15
10
4.0
3
10
3 bdrms
20
1
5
2 bdrms
17
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
1 4 4.0
0 9 n/a
3 17 5.7
0 13 n/a
0 2 n/a
0 1 n/a
0 2 n/a
Copyright © February 7, 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 February 7, 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 ●
west kelowna CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 9.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 32% VS 2023
▼ 10% VS 2023
▼ 22% VS 2023
0.0% VS 2023
There were 66 condo listings in West Kelowna in January, 3% below December and 32% higher than January 2023. January condo sales increased by 40% month-over-month, to 7, and were the same in January 2023. The months of inventory for condos in West Kelowna, at 9.4, reflected a buyers' market. The condo median price in January was $350,000, a 15% decrease from December and 22% below January 2023. The average sold price was $403,286, 12% below last month; the average PSF sale price was $447, up 10% 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
$447 $403,286 $350,000 9.4 7 66
$457 $445,857 $450,000 714% 7 50
-2% -10% -22% 32% 0% 32%
$407 $459,550 $410,000 13.6 5 68
10% -12% -15% -31% 40% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
51
73
81
69
79
46
62
66
68
43
64
61
61
59
50
23
19
11
19
9
18
7
7
5
7
7
11
8
$490K
$478K
$465K
$460K
$460K
$458K
$450K
$448K
$448K
$438K
$430K
$410K
$350K
Jan-23
Dec-23
Jan-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.
35
11.7
4+ bdrms
30
25
20
3 bdrms
8
15
4.0
4
10
2 bdrms
45
5
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 16 4.0 3 35 11.7 0 8 n/a 0 7 n/a
<2 bdrms
13
Copyright © February 7, 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 February 7, 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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