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 ●
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