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 ●
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