the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published July 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
NEIGHBOURHOOD PROFILES
05 08 11 14 15 16 19 20 23 26 29 30 33 36 37 40 41 44 45 46 47 50
Central Okanagan City of Kelowna City of West Kelowna
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Big White
Black Mountain
rmelzer@rennie.com
Glenmore Glenrosa
Kelowna North Kelowna South Lake Country Lakeview Heights
Lower Mission
North Glenmore/Wilden/ McKinley Landing
Peachland
Rutland
South East Kelowna Springfield/Spall University District
Upper Mission/Kettle Valley/ Crawford Estates
West Kelowna Estates
Westbank Centre
Waterfront
51 AREA MAPS
53 GLOSSARY
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 July 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
finding that dream waterfront home just got easier We continue our expansion of the Kelowna rennie review with the addition of a new stats page offering tailored insights into the region’s most desirable homes: those on the shores of Okanagan Lake.
the prior 10-year average at the end of June versus 22% in the Vancouver Region and 19% in Greater Victoria. That lighter pace of sales has given the local housing market some room to breathe after a few years of considerably tight supply conditions. In fact, inventory in June eclipsed the 3,000-mark for the first time in nearly 11 years to reach 3,148 active MLS listings at month-end. This was 42% above the prior 10-year June average (of 2,214) and the highest level since August 2013 when there were 3,185 active listings. Unlike other major markets in BC where elevated condo listings dominate the inventory landscape, all home types saw inventory levels relatively in line at between 41-44% above their prior 10-year June average. With the Bank of Canada reducing its key policy rate by 25 basis points at the beginning of June, the descent towards more affordable borrowing costs has officially commenced. A few more rate cuts should blow some wind in the sails of lagging sales activity, and buyers will have more options than they’ve had in a long time when they feel ready to step back into the market.
Even amidst the competitive field of stunning places throughout Canada, the Central Okanagan asserts itself as one of the most desirable. From Peachland in the south to Lake Country in the north, the region is admired for its world-class vineyards, ski hills, and golf courses, all of which encompass the striking blue waters of Okanagan Lake. With unrivaled access to the region’s most prized asset, waterfront living represents the pinnacle of the Okanagan lifestyle. As such, we’re excited to release our new Waterfront stats page (see page 50) highlighting sales, listings, and pricing for the region’s most sought-after homes. To do this, we’ve studied the east and west shores of the lake to determine which homes meet our criteria for true waterfront living. Direct access to the beach? Check. Private dock on a private beach? Even better.
There were 4 sales of detached waterfront homes in June, which was flat month-over- month, and down 64% from June of last year. Meanwhile, active listings climbed 38% year-over-year to 77 at the end of June. With summer in full swing, buyers have plenty of options to consider when searching for their dream lakeside home. The addition of the Waterfront stats page builds on a major update last month that saw new stats pages added for 18 submarkets across the Central Okanagan. There were 355 MLS sales in June across the entire region, a 12% decline month-over-month, which was about 3 times greater than the typical 4% May-to-June decline. Sales were down 32% from the prior 10-year June average (of 521) and, so far through 2024, activity in the Central Okanagan has been the most challenged among major BC markets. Year-to-date sales were 31% below
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 July 8, 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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Welcome to 2241 Hihannah Drive, nestled amid West Kelowna’s spectacular SHANNON LAKE. This recenlty updated home sits on a private + manicured 9100 Sq Ft lot. Boasting 3,564 sqft of living space with rancher style primary on the main. 3 bed, 3 bath + wine room & wet bar. Updated interior detail professionally selected for a timeless finish and functional flow. Updates include: Refinished hardwood floors, carpets, upgraded cabinets, Hot water on demand, modern fireplace, interior lighting package, kitchen counters, hardware and faucet. Main floor opens up seamlessly to the rest of the home, great for entertaining inside and out.
Rob Breckwoldt Personal Real Estate Corporation
604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 9.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 3% VS 2023
▲ 44% VS 2023
▼ 20% VS 2023
There were 1,849 detached listings in the Central Okanagan in June, 10% above May and 44% higher than June 2023. June detached home sales decreased by 0.5% month-over-month, to 198, and were 20% below June 2023. The months of inventory for detached in the Central Okanagan, at 9.3, reflected a buyers' market.
THIS MONTH No. $1,240,147 $997,499 9.3 198 1,849
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,153,400 $971,250 5.2 246 1,282
8% 3% 79% -20% 44%
$1,094,175 $985,000 8.5 199 1,686
13% 1.3% 10% -0.5% 10%
The detached median price in June was $997,499, a 1.3% increase from May and 3% above June 2023.
The average sold price was $1,240,147, 13% above last month and up 8% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 1,849
39
1,538
37
1,686
1,413
1,373
1,349
1,344
1,242
1,282
1,320
29
1,074
1,015
971
195
199
166
150
246
130
120
106
106
88
86
198
200
$997K
$990K
$985K
$971K
$975K
$964K
$968K
$964K
$950K
$947K
$926K
$925K
$880K
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
24+
300
21.7
19.6
250
16.4
200
11.7
150
8.1
100
5.5
5.5
4.9
50
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 2 n/a
8 44 5.5
26 143 5.5
67 326 4.9
42 339 8.1
27 317 11.7
11 180 16.4
4 145 36.3
6 130 21.7
0 86 n/a
7 137 19.6
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 7.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 56% VS 2023
▼ 6% VS 2023
▼ 29% VS 2023
There were 455 townhome listings in the Central Okanagan in June, 10% above May and 56% higher than June 2023. June townhome sales decreased by 22% month-over-month, to 60, and were 29% below June 2023. The months of inventory for townhomes in the Central Okanagan, at 7.6, reflected a balanced market. The townhome median price in June was $710,500, a 1.5% increase from May and 1.5% above June 2023. The average sold price was $699,007, 3% below last month; the average PSF sale price was $423, down 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
$423 $699,007 $710,500 7.6 60 455
$460 $745,434 $699,750 3.5 84 292
-8% -6% 1.5% 118% -29% 56%
$439 $717,187 $699,900 5.4 77 414
-4% -3% 1.5% 41% -22% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 455
35
34
373
414
354
340
392
328
29
335
332
322
292
308
295
77
74
65
84
57
49
37
35
60
30
28
65
46
$720K
$715K
$711K
$700K
$700K
$679K
$676K
$670K
$670K
$656K
$660K
$660K
$662K
Jun-23
May-24
Jun-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.
100
24+
24+
7
4+ bdrms
80
76
60
33
3 bdrms
248
40
9.3
20
5.9
2 bdrms
4.1
20
4.0
121
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 2 55 27.5 2 49 24.5 0 22 n/a 0 23 n/a 14 58 4.1 14 83 5.9 18 72 4.0 10 93 9.3
10
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 56% VS 2023
▼ 6% VS 2023
▼ 3% VS 2023
▼ 30% VS 2023
There were 795 condo listings in the Central Okanagan in June, 6% above May and 56% higher than June 2023.
June condo sales decreased by 22% month-over-month, to 97, and were 30% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 139 511
% Change
No. 125 749
% Change
The months of inventory for condos in the Central Okanagan, at 8.2, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$459 $453,551 $446,000 8.2 97 795
-12% -6% -3% 123% -30% 56%
-9% -7% -0.9% 37% -22% 6%
The condo median price in June was $446,000, a 0.9% decrease from May and 3% below June 2023. The average sold price was $453,551, 7% below last month; the average PSF sale price was $459, down 9% to last month.
$523 $481,098 $461,000 3.7
$503 $488,408 $450,000 6.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 795
51
680
749
707
578
545
535
42
585
511
543
507
497
490
29
127
125
109
139
74
65
62
55
97
43
94
76
85
$500K
$491K
$475K
$461K
$464K
$464K
$451K
$450K
$450K
$446K
$439K
$430K
$410K
Jun-23
May-24
Jun-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
24+
4+ bdrms
300
7
250
18.0
17.1
4
200
3 bdrms
118
150
6.7
100
75
6.0
2 bdrms
4.3
483
50
0
18
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 3 13 4.3 28 188 6.7 56 336 6.0 8 137 17.1 1 59 59.0 1 18 18.0 0 11 n/a 0 33 n/a
<2 bdrms
187
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 10.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 44% VS 2023
▼ 1.0% VS 2023
▼ 5% VS 2023
▼ 25% VS 2023
There were 1,076 detached listings in the City of Kelowna in June, 10% above May and 44% higher than June 2023. June detached home sales decreased by 14% month-over-month, to 108, and were 25% below June 2023. The months of inventory for detached in the City of Kelowna, at 10.0, reflected a buyers' market.
THIS MONTH No. $1,160,698 $1,007,500 10.0 108 1,076
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 144 745
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-1% -5% 93% -25% 44%
125 977
3% -4% 27% -14% 10%
The detached median price in June was $1,007,500, a 4% decrease from May and 5% below June 2023.
$1,124,277 $1,050,000 7.8
$1,172,540 $1,062,500 5.2
The average sold price was $1,160,698, 3% above last month and down 1% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 1,076
39
907
977
809
808
791
791
33
712
745
765
636
599
567
25
125
112
115
97
81
144
79
67
58
56
54
108
110
$1.06M
$1.06M $1.05M $1.01M
$1.00M
$990K $1.02M $990K $996K $985K $1.00M
$950K
$908K
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
24+
18.1
150
17.0
11.8
100
9.3
7.9
50
3.9
3.7
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
3 11 3.7
7 55 7.9
43 168 3.9
22 205 9.3
17 200 11.8
7 127 18.1
3 100 33.3
4 68 17.0
0 51 n/a
2 90 45.0
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 6.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 73% VS 2023
▼ 6% VS 2023
▼ 27% VS 2023
There were 293 townhome listings in the City of Kelowna in June, 10% above May and 73% higher than June 2023. June townhome sales decreased by 24% month-over-month, to 45, and were 27% below June 2023. The months of inventory for townhomes in the City of Kelowna, at 6.5, reflected a balanced market. The townhome median price in June was $697,000, a 0.4% decrease from May and 4% above June 2023. The average sold price was $680,880, 6% below last month; the average PSF sale price was $427, down 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
$427 $680,880 $697,000 6.5 45 293
$463 $725,769 $672,500 2.7 62 169
139% -27% 73%
$445 $725,956 $699,900 4.5 59 266
-4% -6% -0.4% 44% -24% 10%
-8% -6% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 293
35
265
249
266
224
220
31
199
218
28
210
208
205
195
169
60
59
62
40
34
32
45
23
20
18
43
42
28
$722K
$710K
$709K
$708K
$700K
$697K
$675K
$673K
$665K
$671K
$672K
$664K
$652K
Jun-23
May-24
Jun-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+
5
4+ bdrms
50
51
40
24
3 bdrms
168
30
20
7.3
16
2 bdrms
4.1
66
3.4
3.1
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 1 43 43.0 0 32 n/a 0 18 n/a 0 15 n/a 11 34 3.1 12 49 4.1 13 44 3.4 8 58 7.3
8
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 8.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 15% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 67% VS 2023
▼ 3% VS 2023
▼ 3% VS 2023
▼ 33% VS 2023
There were 600 condo listings in the City of Kelowna in June, 7% above May and 67% higher than June 2023.
June condo sales decreased by 28% month-over-month, to 74, and were 33% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 110 359
% Change
No. 103 562
% Change
The months of inventory for condos in the City of Kelowna, at 8.1, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$459 $464,182 $446,250 8.1 74 600
-15% -3% -3% 148% -33% 67%
-10% -6% -3% 49% -28% 7%
The condo median price in June was $446,250, a 3% decrease from May and 3% below June 2023. The average sold price was $464,182, 6% below last month; the average PSF sale price was $459, down 10% to last month.
$539 $478,792 $461,500 3.3
$512 $494,488 $457,850 5.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 600
51
511
562
525
416
383
385
417
359
38
379
368
358
356
28
103
91
79
110
55
50
40
37
74
31
92
56
65
$537K
$488K
$475K
$462K
$465K
$458K
$454K
$450K
$442K
$446K
$440K
$434K
$395K
Jun-23
May-24
Jun-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
24+
4+ bdrms
3
200
15.4
4
150
3 bdrms
13.0
84
100
6.7
59
6.0
2 bdrms
50
3.5
372
0
11
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 20 133 6.7 43 256 6.0 7 108 15.4 1 42 42.0 1 13 13.0 0 10 n/a 0 31 n/a 2 7 3.5
<2 bdrms
141
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 7.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 45% VS 2023
▼ 7% VS 2023
▼ 5% VS 2023
There were 429 detached listings in the City of West Kelowna in June, 11% above May and 45% higher than June 2023. June detached home sales increased by 17% month-over-month, to 61, and were 5% below June 2023.
THIS MONTH No. $1,156,431 $875,000 7.0 61 429
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the City of West Kelowna, at 7.0, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,096,926 $945,000 4.6 64 295
5% -7% 53% -5% 45%
$1,024,881 $932,450 7.4 52 385
13% -6% -5% 17% 11%
The detached median price in June was $875,000, a 6% decrease from May and 7% below June 2023.
The average sold price was $1,156,431, 13% above last month and up 5% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 429
43
345
385
314
37
298
294
270
295
292
289
231
29
206
206
62
45
64
36
61
33
31
31
27
25
21
18
52
$950K
$945K
$932K
$900K
$893K
$885K
$870K
$875K
$859K
$850K
$820K
$815K
$800K
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
80
60
14.6
13.0
40
7.8
6.7
4.8
20
3.3
3.0
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
3 10 3.3
16 48 3.0
19 91 4.8
12 94 7.8
5 73 14.6
2 26 13.0
0 21 n/a
1 31 31.0
0 14 n/a
3 20 6.7
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 9.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 17% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 25% VS 2023
▼ 17% VS 2023
▼ 7% VS 2023
▼ 46% VS 2023
There were 66 townhome listings in the City of West Kelowna in June, 1.5% below May and 25% higher than June 2023. June townhome sales decreased by 13% month-over-month, to 7, and were 46% below June 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 9.4, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$389 $711,843 $765,000 9.4 7 66
13 53
-17% -17% -7% 131% -46% 25%
$414 $709,563 $713,750 8.4 8 67
-6% 0.3% 7% 13% -13% -1.5%
The townhome median price in June was $765,000, a 7% increase from May and 7% below June 2023. The average sold price was $711,843, 0.3% above last month; the average PSF sale price was $389, down 6% to last month.
$470 $860,685 $820,000 4.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
66
59
67
53
53
56
25
45
49
47
47
47
43
21
39
11
13
8
8
6
6
4
4
4
4
7
10
7
$850K
$820K
$816K
$765K
$742K
$723K
$709K
$714K
$699K
$684K
$650K
$635K
$604K
Jun-23
May-24
Jun-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.
18.0
4+ bdrms
7
15
14.0
5
3 bdrms
10
33
8.0
2
4.5
5
4.0
2 bdrms
25
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 18 18.0 2 16 8.0 1 14 14.0 1 4 4.0 0 4 n/a 0 1 n/a 2 9 4.5
1
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 7.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 4% VS 2023
▲ 56% VS 2023
▼ 28% VS 2023
There were 97 condo listings in the City of West Kelowna in June, no change to May and 56% higher than June 2023. June condo sales decreased by 19% month-over-month, to 13, and were 28% below June 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 7.5, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
13 97
18 62
117% -28% 56%
16 97
8% 5% 8% 23% -19% 0%
The condo median price in June was $467,000, a 8% increase from May and 4% above June 2023. The average sold price was $471,300, 5% above last month; the average PSF sale price was $488, up 8% to last month.
$488 $471,300 $467,000 7.5
$467 $456,328 $448,000 3.4
$451 $450,025 $432,500 6.1
4% 3% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
97
90
69
97
81
64
79
77
77
80
62
68
66
64
61
47
19
16
18
11
9
8
7
7
7
7
13
5
11
$582K
$490K
$467K
$460K
$460K
$458K
$448K
$439K
$430K
$433K
$410K
$400K
$350K
Jun-23
May-24
Jun-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
7.3
7.0
6.9
50
4+ bdrms
40
3 bdrms
30
8
20
11
2 bdrms
10
70
0
2
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 29 7.3 8 55 6.9 1 7 7.0 0 4 n/a 0 2 n/a
<2 bdrms
19
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 12.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2023
▲ 47% VS 2023
▲ 46% VS 2023
▼ 54% VS 2023
There were 73 detached listings in Peachland in June, 7% above May and 46% higher than June 2023.
June detached home sales increased by 100% month-over-month, to 6, and were 54% below June 2023.
THIS MONTH No. $1,241,833 $1,262,500 12.2 6 73
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Peachland, at 12.2, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
13 50
216% -54% 46%
$1,008,000 $1,035,000 22.7 3 68
23% 22% -46% 100% 7%
The detached median price in June was $1,262,500, a 22% increase from May and 47% above June 2023.
$964,835 $860,000 3.8
The average sold price was $1,241,833, 23% above last month and up 29% to June 2023.
29% 47%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
73
68
59
57
54
48
50
43
51
50
43
34
39
33
33
34
13
7
6
5
5
5
4
3
3
2
6
1
1
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.26M
$890K
$860K
$855K
$850K
$835K
$780K
$697K
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
11.0
10.0
15
6.0
10
5.0
5
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
0 4 n/a
2 20 10.0
1 11 11.0
2 10 5.0
1 6 6.0
0 5 n/a
0 9 n/a
0 2 n/a
0 5 n/a
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 9.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 27% VS 2023
▲ 17% VS 2023
▲ 36% VS 2023
▲ 50% VS 2023
There were 174 detached listings in Lake Country in June, 6% above May and 36% higher than June 2023. June detached home sales increased by 38% month-over-month, to 18, and were 50% above June 2023. The months of inventory for detached in the Lake Country, at 9.7, reflected a buyers' market.
THIS MONTH No. $2,109,089 $1,157,500 9.7 18 174
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,656,625 $990,000 10.7 12 128
27% 17% -9% 50% 36%
$1,216,877 $995,000 12.6 13 164
73% 16% -23% 38% 6%
The detached median price in June was $1,157,500, a 16% increase from May and 17% above June 2023.
The average sold price was $2,109,089, 73% above last month and up 27% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
164
174
162
51
145
143
151
150
144
128
134
39
114
110
37
104
22
15
14
13
12
9
9
8
8
18
7
7
12
$1.48M
$1.23M
$1.21M
$1.16M
$1.16M
$990K
$1.00M
$995K
$995K
$975K
$965K
$926K
$811K
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
19.0
30
25
14.0
20
10.7
15
8.5
8.0
6.0
10
3.4
5
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 3 n/a
1 6 6.0
3 24 8.0
7 24 3.4
3 32 10.7
0 19 n/a
1 14 14.0
1 19 19.0
0 16 n/a
2 17 8.5
Copyright © July 8, 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 5.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 3% VS 2023
▲ 43% VS 2023
▲ 20% VS 2023
There were 33 townhome listings in Lake Country in June, 22% above May and 43% higher than June 2023.
June townhome sales decreased by 25% month-over-month, to 6, and were 20% above June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Lake Country, at 5.5, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$421 $724,733 $719,200 5.5 6 33
$441 $694,300 $695,000 4.6 5 23
-5% 4% 3% 20% 20% 43%
$431 $608,938 $640,500 3.4 8 27
-2% 19% 12% 63% -25% 22%
The townhome median price in June was $719,200, a 12% increase from May and 3% above June 2023. The average sold price was $724,733, 19% above last month; the average PSF sale price was $421, down 2% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
49
33
29
32
27
25
29
27
23
24
24
23
34
18
11
28
8
7
6
7
6
6
3
5
2
5
5
$1.07M
$789K
$719K
$705K
$695K
$658K
$640K
$641K
$630K
$615K
$545K
$468K
Jun-23
May-24
Jun-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.
8.0
1
4+ bdrms
8
6
6
3
3 bdrms
4.0
24
4
2.0
2
2 bdrms
1.0
2
3
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 1.0
1 8 8.0
3 6 2.0
0 9 n/a
0 1 n/a
1 4 4.0
0 4 n/a
Copyright © July 8, 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 July 8, 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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