city of kelowna CONDO - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 55% VS 2023
▼ 8% VS 2023
▼ 4% VS 2023
▼ 13% VS 2023
There were 570 condo listings in the City of Kelowna in August, 1.9% below July and 55% higher than August 2023. August condo sales decreased by 22% month-over-month, to 69, and were 13% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 8.3, re'ected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$471 $459,523 $430,000 8.3 69 570
$519 $500,763 $450,000 4.7 79 368
-9% -8% -4% 77% -13% 55%
$541 $485,703 $455,000 6.6 88 581
-13% -5% -5% 25% -22% -1.9%
The condo median price in August was $430,000, a 5% decrease from July and 4% below August 2023. The average sold price was $459,523, 5% below last month; the average PSF sale price was $471, down 13% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
570
601
512
581
563
526
416
385
417
368
40
379
358
356
32
103
91
88
55
50
79
40
37
69
31
75
56
65
$537K
$488K
$475K
$465K
$458K
$455K
$450K
$450K
$442K
$440K
$434K
$430K
$395K
Aug-23
Jul-24
Aug-24
▶ 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.
250
20.0
19.0
4+ bdrms
17.4
3
200
14.0
5
150
3 bdrms
63
100
7.5
6.4
51
2 bdrms
50
354
1.5
0
13
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 6 1.5 23 147 6.4 33 248 7.5 5 87 17.4 2 38 19.0 1 14 14.0 0 10 n/a 1 20 20.0
<2 bdrms
150
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 September 9, 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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