the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published January 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
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
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 January 22, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
an abundance of inventory to begin the new year The Central Okanagan housing market finished the year with seven consecutive months of declining sales counts, leaving inventory bloated to kick off 2024.
(an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). In fact, conditions in each home type segment of the market favour buyers, with detached MOI at 12.5 and townhome and condo MOIs sitting at 11.8. As we begin 2024 the most important factor impacting our housing market will undoubtedly be the timing and speed of Bank of Canada interest rate cuts. Once monetary loosening begins, we can reasonably expect some of the sidelined demand to return to the market, boosting sales counts. In the meantime, the buyers who do decide to participate in the residential real estate market will find significantly more options available to them.
For much of 2023, the dominant theme of the Central Okanagan housing market was that high interest rates were quelling demand. And as we’ve noted in previous editions of the rennie review, the result was declining sales counts through the second half of the year. This sales trend not only continued through December, but it also meant that inventory finished the year in an atypical place. There were 1,876 MLS homes available for sale in the Central Okanagan at the end of December, which was not only 30% higher than at the end of 2022, but was also 28% above the past 10-year December average and was the largest tally for any December since 2013. And while December’s listings did fall by 16% from November, this decline was actually slightly less than the typical seasonal drop-off of 17%.
Sales counts have continued to decline, with just 154 MLS transactions in the Central Okanagan last month—a 31% decline from November and the seventh consecutive monthly drop. This month- over-month attrition was greater than the typical November-to-December decrease (of 24%), with sales coming in 14% below those of December 2022 and 43% below the past-decade average for the month. Throughout all of 2023, only 3,795 sales were recorded, which was 17% less than in 2022, 26% fewer than the long-run average, and the lowest yearly total since 2013. In spite of the relatively limited number of buyers active in the market of late, the region’s supply and demand dynamics yielded a fourth consecutive month of conditions that roundly favoured buyers in December, with the months-of- inventory (MOI) metric sitting at 12.2
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 January 22, 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.
featured listing SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
THE ORCHARD $1,399,900 | KELOWNA 4243 Russo Street 3 BD, 2,337 SF
This brand new home sits on a private 5998 SqFt lot. Boasting 2,337 sqft of living space w/ RANCHER STYLE primary on the main. 3 bed | 3 bath + Wetbar & Loft. Design by MATERIA, each interior detail professionally selected for a timeless finish and functional flow. Main floor opens up seamlessly to the rest of the home, great for entertaining inside and out. Entertainers kitchen w/ GAS range + double wall oven and oversized island. Luxurious primary & spa ensuite w/ soaker tub, XL shower & WIC. Immerse yourself into the OKANAGAN LIFE w/ walkable access to trails, parks & beaches. While minutes away from schools, shopping & transit.
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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 11.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2022
▲ 6% VS 2022
▲ 23% VS 2022
▼ 8% VS 2022
There were 1,012 detached listings in the Central Okanagan in December, 18% below November and 23% higher than December 2022. December detached home sales decreased by 28% month-over-month, to 87, and were 8% below December 2022. The months of inventory for detached in the Central Okanagan, at 11.6, reflected a buyers' market. The detached median price in December was $944,000, a 2% decrease from November and 6% above December 2022. The average sold price was $1,207,982, 3% above last month and up 11% to December 2022.
THIS MONTH No. $1,207,982 $944,000 11.6 87 1,012
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,084,621 $890,000 865% 95 822
11% 6% 34% -8% 23%
$1,171,979 $967,500 10.3 120 1,240
3% -2% 13% -28% -18%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,349
1,412
59
1,282
1,240
1,372
1,320
1,011
1,154
1,054
48
47
1,012
822
900
830
258
246
192
132
130
120
106
67
218
200
95
87
166
$1.03M
$986K
$971K
$975K
$964K
$968K
$960K
$950K
$947K
$944K
$926K
$908K
$890K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
24+
24+
150
21.1
100
14.2
9.9
50
6.4
5.6
5.0
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
5 28 5.6
18 90 5.0
28 180 6.4
16 158 9.9
8 169 21.1
2 96 48.0
5 71 14.2
1 72 72.0
2 52 26.0
2 96 48.0
Copyright © January 22, 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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 11.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2.0% VS 2022
▲ 49% VS 2022
▼ 2% VS 2022
▼ 16% VS 2022
There were 368 townhome listings in the Central Okanagan in December, 8% below November and 49% higher than December 2022. December townhome sales decreased by 24% month-over-month, to 32, and were 16% below December 2022. The months of inventory for townhomes in the Central Okanagan, at 11.5, reflected a buyers' market. The townhome median price in December was $642,500, a 3% decrease from November and 2.0% above December 2022. The average sold price was $687,403, 2% below last month; the average PSF sale price was $394, down 2% 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
$394 $687,403 $642,500 11.5 32 368
$414 $702,936 $630,000 650% 38 247
-5% -2% 2% 77% -16% 49%
$404 $704,935 $662,500 9.5 42 401
-2% -2% -3% 20% -24% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
412
58
57
364
401
395
368
325
364
325
307
294
276
247
259
41
107
75
64
54
88
78
71
38
32
38
44
38
42
$720K
$708K
$710K
$706K
$700K
$695K
$687K
$685K
$665K
$663K
$653K
$643K
$630K
Dec-22
Nov-23
Dec-23
▶ 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.
80
9
24+
4+ bdrms
22.7
73
60
12
15.0
3 bdrms
14.0
13.5
184
40
10.7
11
2 bdrms
20
105
4.3
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 6 81 13.5 7 75 10.7 3 68 22.7 2 28 14.0 1 28 28.0 1 15 15.0 0 21 n/a 12 52 4.3
6
Copyright © January 22, 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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 11.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.0% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 33% VS 2022
▼ 13% VS 2022
▼ 9% VS 2022
▼ 9% VS 2022
There were 496 condo listings in the Central Okanagan in December, 14% below November and 33% higher than December 2022. December condo sales decreased by 30% month-over-month, to 43, and were 9% below December 2022. The months of inventory for condos in the Central Okanagan, at 11.5, reflected a buyers' market. The condo median price in December was $430,000, a 6% increase from November and 9% below December 2022. The average sold price was $449,091, 0.1% below last month; the average PSF sale price was $500, up 0.3% 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
$500 $449,091 $430,000 11.5 43 496
$495 $513,770 $475,000 796% 47 374
1% -13% -9% 45% -9% 33%
$499 $449,756 $405,000 9.5 61 578
0.3% -0.1% 6% 22% -30% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
546
578
48
535
500
475
543
511
435
507
496
485
481
39
374
36
145
139
129
127
74
135
61
50
94
47
77
76
43
$491K
$475K
$471K
$460K
$461K
$464K
$464K
$450K
$451K
$445K
$435K
$430K
$405K
Dec-22
Nov-23
Dec-23
▶ 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.
200
24+
24+
4+ bdrms
6
150
2
3 bdrms
100
64
8.0
30
50
6.9
2 bdrms
294
0
11
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 4 n/a 16 111 6.9 23 184 8.0 3 100 33.3 1 54 54.0 0 16 n/a 0 6 n/a 0 21 n/a
<2 bdrms
132
Copyright © January 22, 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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 11.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2022
▲ 12% VS 2022
▲ 20% VS 2022
▼ 6% VS 2022
There were 706 detached listings in the City of Kelowna in December, 17% below November and 20% higher than December 2022. December detached home sales decreased by 28% month-over-month, to 63, and were 6% below December 2022. The months of inventory for detached in the City of Kelowna, at 11.2, reflected a buyers' market. The detached median price in December was $987,600, a 0.1% decrease from November and 12% above December 2022. The average sold price was $1,293,163, 12% above last month and up 12% to December 2022.
THIS MONTH No. $1,293,163 $987,600 11.2 63 706
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,155,921 $885,000 875% 67 586
12% 12% 28% -6% 20%
$1,152,813 $989,000 9.7 88 853
12% -0.1% 16% -28% -17%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
925
59
873
970
853
957
909
681
777
49
706
706
46
586
628
587
181
156
135
124
90
88
66
45
145
67
125
63
93
$1.06M $1.04M $1.00M $1.02M $1.04M
$996K
$990K $1.03M $1.05M $1.03M
$989K
$988K
$885K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
120
24+
24+
24+
100
80
14.8
14.0
60
9.2
40
5.3
4.6
20
4.0
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
3 12 4.0
10 46 4.6
20 105 5.3
13 120 9.2
8 118 14.8
2 83 41.5
4 56 14.0
0 52 n/a
1 40 40.0
2 74 37.0
Copyright © January 22, 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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 13.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2022
▲ 19% VS 2022
▲ 56% VS 2022
▼ 22% VS 2022
There were 276 townhome listings in the City of Kelowna in December, 5% below November and 56% higher than December 2022. December townhome sales decreased by 32% month-over-month, to 21, and were 22% below December 2022. The months of inventory for townhomes in the City of Kelowna, at 13.1, reflected a buyers' market. The townhome median price in December was $708,000, a 7% increase from November and 19% above December 2022. The average sold price was $720,500, 3% above last month; the average PSF sale price was $397, down 3% 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
$397 $720,500 $708,000 13.1 21 276
$389 $644,970 $594,000 656% 27 177
100% -22% 56%
$409 $699,058 $660,000 9.4 31 290
-3% 3% 7% 40% -32% -5%
2% 12% 19%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
287
57
276
290
247
277
53
257
213
216
207
177
191
176
173
81
33
55
48
41
33
68
56
50
27
21
32
33
31
$723K
$712K
$710K
$705K
$705K
$708K
$692K
$690K
$673K
$656K
$660K
$645K
$594K
Dec-22
Nov-23
Dec-23
▶ 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.
70
5
24+
4+ bdrms
60
22.7
48
50
18.0
8
40
3 bdrms
145
11.0
30
10.8
8.5
8
20
2 bdrms
5.4
79
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 7 38 5.4 3 68 22.7 5 54 10.8 2 54 27.0 2 17 8.5 1 18 18.0 1 11 11.0 0 16 n/a
4
Copyright © January 22, 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 January 22, 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 - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 11.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2022
▼ 7% VS 2022
▼ 8% VS 2022
▼ 18% VS 2022
There were 367 condo listings in the City of Kelowna in December, 15% below November and 29% higher than December 2022. December condo sales decreased by 22% month-over-month, to 32, and were 18% below December 2022. The months of inventory for condos in the City of Kelowna, at 11.5, reflected a buyers' market. The condo median price in December was $437,500, a 10% increase from November and 8% below December 2022. The average sold price was $464,005, 1.5% above last month; the average PSF sale price was $489, down 2% 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
$489 $464,005 $437,500 11.5 32 367
$483 $498,941 $475,000 728% 39 284
1.3% -7% -8% 57% -18% 29%
$501 $457,210 $396,500 10.5 41 430
-2% 1.5% 10% 9% -22% -15%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
430
403
402
50
381
347
393
385
367
356
345
343
316
284
36
36
117
115
110
84
110
57
96
39
60
58
32
40
41
$488K
$475K
$476K
$462K
$460K
$459K
$455K
$454K
$450K
$438K
$433K
$424K
$397K
Dec-22
Nov-23
Dec-23
▶ 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.
140
24+
24+
4+ bdrms
120
1
100
1
80
3 bdrms
38
60
7.4
25
40
6.9
2 bdrms
231
20
0
6
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 10 69 6.9 19 141 7.4 2 77 38.5 1 38 38.0 0 14 n/a 0 6 n/a 0 19 n/a
<2 bdrms
97
Copyright © January 22, 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 January 22, 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 ●
downtown kelowna DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 12.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 34% VS 2022
▲ 42% VS 2022
▼ 4% VS 2022
▼ 14% VS 2022
There were 76 detached listings in Downtown Kelowna in December, 24% below November and 4% lower than December 2022. December detached home sales decreased by 14% month-over-month, to 6, and were 14% below December 2022. The months of inventory for detached in Downtown Kelowna, at 12.7, reflected a buyers' market. The detached median price in December was $1,267,500, a 95% increase from November and 42% above December 2022. The average sold price was $1,425,104, 98% above last month and up 34% to December 2022.
THIS MONTH No. $1,425,104 $1,267,500 12.7 6 76
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,062,500 $890,000 1129% 7 79
34% 42% 12% -14% -4%
$721,471 $650,000 14.3 7 100
98% 95% -11% -14% -24%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
111
90
118
116
100
114
114
109
93
82
89
79
78
76
76
51
20
17
12
11
10
9
7
7
5
17
15
7
6
$1.27M
$1.09M
$1.05M
$1.04M
$1.03M $1.02M
$890K
$901K
$865K
$850K
$825K
$799K
$650K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
17.0
15
10.0
10
6.3
5
3.0
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 4 n/a
1 10 10.0
1 17 17.0
3 19 6.3
0 8 n/a
0 8 n/a
0 1 n/a
1 3 3.0
0 6 n/a
Copyright © January 22, 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 January 22, 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 ●
downtown kelowna TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 14.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 30% VS 2022
▲ 32% VS 2022
▲ 106% VS 2022
▲ 67% VS 2022
There were 70 townhome listings in Downtown Kelowna in December, 1.4% below November and 106% higher than December 2022. December townhome sales increased by 150% month-over-month, to 5, and were 67% above December 2022. The months of inventory for townhomes in Downtown Kelowna, at 14.0, reflected a buyers' market. The townhome median price in December was $775,000, a 5% decrease from November and 32% above December 2022. The average sold price was $822,000, 1.2% above last month; the average PSF sale price was $489, up 2% 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
$489 $822,000 $775,000 14.0 5 70
$516 $633,300 $585,000 1133% 3 34
-5% 30% 32% 24% 67% 106%
$479 $812,000 $812,000 35.5 2 71
2% 1.2% -5% -61% 150% -1.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
80
73
74
71
67
70
69
49
56
52
47
34
30
29
25
15
8
7
6
6
6
4
3
3
2
5
9
3
29
$985K
$925K
$900K
$890K
$855K
$825K
$812K
$800K
$775K
$742K
$715K
$687K
$585K
Dec-22
Nov-23
Dec-23
▶ 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.
20
1
21.0
4+ bdrms
10
18.0
15
1
3 bdrms
35
10
3
2 bdrms
5
4.0
23
3.0
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 1 21 21.0 0 5 n/a 0 5 n/a 1 4 4.0 0 8 n/a 0 3 n/a 2 6 3.0
2
Copyright © January 22, 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 January 22, 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 ●
downtown kelowna CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 18.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 16% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 51% VS 2022
▼ 16% VS 2022
▼ 5% VS 2022
▼ 9% VS 2022
There were 183 condo listings in Downtown Kelowna in December, 18% below November and 51% higher than December 2022. December condo sales decreased by 47% month-over-month, to 10, and were 9% below December 2022. The months of inventory for condos in Downtown Kelowna, at 18.3, reflected a buyers' market. The condo median price in December was $451,825, a 16% increase from November and 5% below December 2022. The average sold price was $506,265, 11% above last month; the average PSF sale price was $551, up 20% 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
$551 $506,265 $451,825 18.3 10 183
$653 $603,966 $475,000 1100% 11 121
-16% -16% -5% 66% -9% 51%
$458 $457,342 $390,000 11.7 19 223
20% 11% 16% 56% -47% -18%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
223
210
50
220
211
205
44
161
182
183
149
171
165
154
121
27
43
43
42
29
21
19
15
37
11
25
24
21
10
$580K
$550K
$520K
$525K
$515K
$498K
$491K
$496K
$480K
$480K
$475K
$452K
$390K
Dec-22
Nov-23
Dec-23
▶ 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
50
24+
24+
4+ bdrms
40
3 bdrms
30
20
11.0
20
8.0
8
2 bdrms
10
108
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 3 24 8.0 5 55 11.0 1 42 42.0 1 31 31.0 0 9 n/a 0 5 n/a 0 14 n/a
<2 bdrms
55
Copyright © January 22, 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 January 22, 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 ●
west kelowna DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 9.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 21% VS 2022
▼ 11% VS 2022
▼ 13% VS 2022
There were 206 detached listings in West Kelowna in December, 24% below November and 21% higher than December 2022. December detached home sales decreased by 22% month-over-month, to 21, and were 13% below December 2022. The months of inventory for detached in West Kelowna, at 9.8, reflected a buyers' market. The detached median price in December was $820,000, a 4% decrease from November and 11% below December 2022. The average sold price was $965,363, 6% below last month and up 6% to December 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$965,363 $820,000 9.8 21 206
$908,652 $921,250 708% 24 170
6% -11% 38% -13% 21%
$1,027,037 $850,000 10.0 27 270
-6% -4% -1.9% -22% -24%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
298
314
295
52
270
292
289
266
222
243
206
170
186
169
35
35
64
63
62
56
34
31
27
20
24
43
21
33
31
$970K
$945K
$945K
$950K
$921K
$900K
$891K
$885K
$855K
$850K
$820K
$800K
$785K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
11.0
11.0
40
30
6.4
6.0
20
3.4
3.0
10
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
1 3 3.0
7 24 3.4
8 51 6.4
3 33 11.0
0 39 n/a
0 9 n/a
1 11 11.0
0 15 n/a
1 6 6.0
0 15 n/a
Copyright © January 22, 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 January 22, 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 ●
west kelowna TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 16% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 63% VS 2022
▲ 29% VS 2022
▼ 32% VS 2022
▼ 12% VS 2022
There were 49 townhome listings in West Kelowna in December, 21% below November and 63% higher than December 2022. December townhome sales increased by 29% month-over-month, to 9, and were 29% above December 2022. The months of inventory for townhomes in West Kelowna, at 5.4, reflected a balanced market. The townhome median price in December was $572,000, a 13% decrease from November and 12% below December 2022. The average sold price was $618,489, 9% below last month; the average PSF sale price was $404, up 5% 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
$404 $618,489 $572,000 5.4 9 49
$481 $905,714 $650,000 429% 7 30
-16% -32% -12% 27% 29% 63%
$386 $681,686 $659,000 8.9 7 62
-13% -39% 29% -21%
5% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
74
76
74
63
72
62
59
67
64
52
61
53
43
50
49
24
30
21
12
8
16
5
14
9
4
7
10
9
7
$850K
$788K
$709K
$698K
$687K
$680K
$675K
$663K
$659K
$650K
$643K
$572K
$560K
Dec-22
Nov-23
Dec-23
▶ 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.
16
2
10.0
4+ bdrms
14
11
12
8.0
8.0
4
10
3 bdrms
20
8
6
3
2 bdrms
4
1.6
17
2
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 10 10.0 2 16 8.0 1 8 8.0 0 2 n/a 0 3 n/a 0 1 n/a 0 1 n/a 5 8 1.6
1
Copyright © January 22, 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 January 22, 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 ●
west kelowna CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 13.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.6% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 89% VS 2022
▲ 67% VS 2022
▼ 5% VS 2022
There were 68 condo listings in West Kelowna in December, 14% below November and 89% higher than December 2022. December condo sales decreased by 55% month-over-month, to 5, and were 67% above December 2022. The months of inventory for condos in West Kelowna, at 13.6, reflected a buyers' market. The condo median price in December was $410,000, a 5% decrease from November and 6% above December 2022. The average sold price was $459,550, 5% above last month; the average PSF sale price was $407, down 8% 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
$407 $459,550 $410,000 13.6 5 68
$401 $481,333 $385,000 1200% 3 36
1.6% -5% 6% 13% 67% 89%
11 79
-8% 5% -5% 89% -55% -14%
$441 $438,590 $430,000 7.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
55
73
81
69
79
62
68
64
61
61
50
59
43
36
23
19
30
11
19
9
18
7
7
7
11
5
3
8
$490K
$478K
$465K
$460K
$460K
$458K
$450K
$448K
$448K
$438K
$430K
$410K
$385K
Dec-22
Nov-23
Dec-23
▶ 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.
30
15.0
4+ bdrms
25
11.5
20
1
10.0
3 bdrms
6
15
10
4
2 bdrms
45
5
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 23 11.5 2 30 15.0 1 10 10.0 0 5 n/a
<2 bdrms
17
Copyright © January 22, 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 January 22, 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 ●
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18Made with FlippingBook - professional solution for displaying marketing and sales documents online