the kelowna rennie advance | November 2024

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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

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

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

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

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

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

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7

Made with FlippingBook - professional solution for displaying marketing and sales documents online