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 ●
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