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 ●
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