the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN
published November 2024
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
rmelzer@rennie.com
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 November 5, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2
highlights • Therewere311 M LS salesin theCentralO kanagan in O ctober,a27% increase m onth-over-m onth thatw asastark contrastto thetypical6% Septem ber-to-O ctoberdecline. N otably,thisw asthelargestSeptem ber-to-O ctoberincreasein 24 yearsofavailabledataby a widem argin. • Salesw ereup 35% on ayear-over-yearbasis,thefirstannualincreasesinceJanuary and thelargest annualincreasesinceJune2023.D etached saleswereup them ost(+59%,to169),folowed by condos(+19%,to88)and townhom es(+10%,to54). • D espitethesharp m onthly increase,salesrem ained 23% below theirprior10-yearO ctober average(of405).A l m ajorBC m arketssaw activity pick-up significantly in O ctober,butsalesin V ictoriaand Vancouverw ere0.6% and 8% below theirO ctoberaverages,respectively.
CENTRALOKANAGAN THERENNIEADVANCE sales
OCTOBER 2024
500
+ 59% vsOct2023
400
300
222 10 yrOctAvg
200
DETACHED sales
169
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 24% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 10% vsOct2023
200
150
71 10 yrOctAvg
100
TOWNHOME sales
50
54
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 23% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 19% vsOct2023
300
250
200
110 10 yrOctAvg
150
100
CONDO sales
88
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
- 20% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber5,2024.Aldatafrom As ociationofInteriorREALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●
highlights • N ew listingsactivity rem ained relatively strong into O ctoberat766,declining 5% versusthe typical14% Septem ber-to-O ctoberdecline.N ew condo listingsspiked 43% m onth-over-m onth (to 256),whilenew listingsfortownhom es(-9%,to129)and detached hom es(-24%,to365)were bothdown. • N ew listingsrem ained elevated from ahistoricalperspectiveat22% abovetheprior10-year O ctoberaverage(of629).N ew condo listingswerethefurthestaboveaverage(+57%),folowed by townhom es(+28%)and detached hom es(+0.9%). • Thiswasthesecond-m ostnew listingsin them onth ofO ctoberin 24 years.O ctober2008 saw the m ostat802.
CENTRALOKANAGAN THERENNIEADVANCE new listings
OCTOBER 2024
800
- 7% vsOct2023
700
600
500
400
362 10 yrOctAvg
300
365
200
DETACHED new listings
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100
+ 0.9% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 25% vsOct2023
300
250
200
101 10 yrOctAvg
150
100
129
TOWNHOME new listings
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 28% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 27% vsOct2023
300
250
256
200
163 10 yrOctAvg
150
100
CONDO new listings
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 57% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber5,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 4 ●
highlights • ActiveM LS listingsdeclined forthefourth consecutivem onth and,at2,730,havefalen 13% from theirpeak in June(of3,134 listings).Stil,thiswasthem ostinventoryforthem onth of O ctobersince2013 (2,758 listings). • Totalinventorywas43% aboveitsprior10-yearO ctoberaverage(of1,915).Townhom einventory wasup them ost(+52%,to425),folowed bycondos(+49%,to697)and detached hom es(+39%,to 1,584). • Therewas8.8 m onthsofinventory(M O I)acros theregion in O ctober,down from 12.2 in the priorm onth.Thedetached hom esegm entwasin aselersm arketwith an M OIof9.4,whileboth thetownhom eand condosegm entswerein balanced m arketter itorywith M O Isof7.9.
CENTRALOKANAGAN THERENNIEADVANCE inventory
OCTOBER 2024
+ 15% vsOct2023
1,000 1,250 1,500 1,750 2,000
1,584
1,144 10 yrOctAvg
250 500 750
DETACHED inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 39% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
600
+ 28% vsOct2023
500
400
425
300
281 10 yrOctAvg
200
TOWNHOME inventory
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 52% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
800
+ 28% vsOct2023
700
697
600
500
400
467 10 yrOctAvg
300
200
CONDO inventory
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100
+ 49% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber5,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 5 ●
highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)wereup 1.1%.Them edian sold pricefortownhom eswasup them ostat6% (to$685k) folowed bya0.4% increasefordetached hom es(to$964k).M edian condopricesdeclined 3% (to $440k). • O n ayear-over-yearbasis,m edian sold pricesw eredow n 5% (averaged acros hom etypes). M edian detached priceswereup 0.7%,whilem edian townhom eand condopricesweredown 4% and 10% year-over-year,respectively. •
CENTRALOKANAGAN THERENNIEADVANCE median prices
OCTOBER 2024
$1,200,000
Central Okanagan
$1,000,000
$964,000
$800,000
$600,000
+ 0.7% vsOct2023
$400,000
DETACHED median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● October
$1,000,000
Central Okanagan
$800,000
$685,000
$600,000
$400,000
- 4% vsOct2023
TOWNHOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● October
$600,000
Central Okanagan
$500,000
$440,000
$400,000
$300,000
- 10% vsOct2023
$200,000
CONDO median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber5,2024.Aldatafrom As ociationofInteriorREALTORS® & Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycan otbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipient m ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieandas ociatesadvisor.Alinform ationissubjectto changeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 6 ●
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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 November 5, 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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