the kelowna rennie review | July 2024

kelowna north DETACHED - JUNE 2 0 2 4

MONTHS OF INVENTORY 7.5 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 25% VS 2023

▲ 25% VS 2023

▲ 14% VS 2023

▼ 17% VS 2023

There were 60 detached listings in Kelowna North in June, no change to May and 25% higher than June 2023.

June detached home sales increased by 167% month-over-month, to 8, and were 14% above June 2023.

THIS MONTH No. $1,002,188 $939,250 7.5 8 60

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

The months of inventory for detached in Kelowna North, at 7.5, reflected a balanced market.

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,206,857 $750,000 6.9 7 48

-17% 25% 9% 14% 25%

$1,972,967 $2,194,000 20.0 3 60

-49% -57% -63% 167% 0%

The detached median price in June was $939,250, a 56% decrease from May and 25% above June 2023.

The average sold price was $1,002,188, 49% below last month and down 17% to June 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

60

53

54

60

51

49

48

44

43

46

45

31

29

25

27

8

4

4

7

3

3

3

3

1

1

1

1

18

$2.72M

$2.19M

$1.13M

$1.02M $1.18M

$939K

$856K

$799K

$750K

$750K

$728K

$695K

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

25

11.0

20

8.0

15

10

3.5

3.0

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

1 0 n/a

2 7 3.5

1 11 11.0

3 24 8.0

0 11 n/a

0 3 n/a

1 3 3.0

0 1 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. 24 ●

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