the kelowna rennie review | July 2024

lakeview heights DETACHED - JUNE 2 0 2 4

MONTHS OF INVENTORY 5.8 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.8% VS 2023

▲ 46% VS 2023

▲ 32% VS 2023

▼ 14% VS 2023

There were 145 detached listings in Lakeview Heights in June, 13% above May and 46% higher than June 2023. June detached home sales increased by 92% month-over-month, to 25, and were 32% above June 2023. The months of inventory for detached in Lakeview Heights, at 5.8, reflected a balanced market.

THIS MONTH No. $1,373,380 $1,050,000 5.8 25 145

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

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

19 99

1.8% -14% 11% 32% 46%

$1,242,538 $1,130,000 9.8 13 128

11% -7% -41% 92% 13%

The detached median price in June was $1,050,000, a 7% decrease from May and 14% below June 2023.

$1,349,342 $1,225,000 5.2

The average sold price was $1,373,380, 11% above last month and up 1.8% to June 2023.

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 145

49

128

123

113

102

100

41

113

111

110

99

82

76

72

29

25

14

13

12

11

11

19

9

8

8

6

5

5

$1.23M

$1.14M

$1.14M $1.15M

$1.13M

$1.05M

$1.03M

$973K

$968K

$932K

$910K

$870K

$808K

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

30

19.0

25

13.5

20

15

7.5

10

5.0

4.1

5

2.3

1.3

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

4 5 1.3

7 16 2.3

7 29 4.1

2 27 13.5

2 10 5.0

0 12 n/a

1 19 19.0

0 11 n/a

2 15 7.5

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. 30 ●

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