central okanagan CONDO - AUGUST 2 0 2 4
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 46% VS 2023
▼ 9% VS 2023
▼ 5% VS 2023
▼ 10% VS 2023
There were 741 condo listings in the Central Okanagan in August, 2% below July and 46% higher than August 2023.
August condo sales decreased by 25% month-over-month, to 85, and were 10% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 113 758
% Change
The months of inventory for condos in the Central Okanagan, at 8.7, re(ected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$468 $454,122 $430,000 8.7 85 741
$511 $498,872 $451,000 5.4 94 507
-8% -9% -5% 62% -10% 46%
-9% -5% -4% 30% -25% -2%
The condo median price in August was $430,000, a 4% decrease from July and 5% below August 2023. The average sold price was $454,122, 5% below last month; the average PSF sale price was $468, down 9% to last month.
$515 $475,534 $449,000 6.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
49
795
741
680
758
749
45
707
578
545
584
507
543
497
490
34
125
113
109
74
65
62
55
94
43
85
98
76
85
$500K
$491K
$475K
$464K
$451K
$450K
$450K
$448K
$449K
$439K
$430K
$430K
$410K
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.
24+
300
23.0
4+ bdrms
22.0
9
250
18.0
200
5
3 bdrms
92
150
7.2
100
6.8
63
2 bdrms
454
50
2.8
0
17
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 4 11 2.8 29 197 6.8 43 310 7.2 5 115 23.0 2 56 28.0 1 18 18.0 0 12 n/a 1 22 22.0
<2 bdrms
186
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. 7 ●
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