the kelowna rennie advance | January 2024

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published January 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © January 2, 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 2, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • TheCentralO kanagan talied only154 M LS salesin D ecem ber2023,the7th consecutivem onth ofdecliningtransaction countsin theregion.ThiswasthelowestD ecem bersalescountsince 2010 and was43% below thepast-decadeD ecem beraverage. • The31% drop in saleslastm onth wasm orethan thetypicalN ovem ber-to-D ecem berdeclineof 24%.D etached hom esalesfelby33%,townhom esalesweredown 26%,and condosalesfelby 31%. • Forthefulyear2023,therewere3,795M LS salesin theCentralOkanagan— thiswas17% fewer than in 2022,26% below thepast-decadeaverageof5,129,and thelowestannualtotalsince2013.

CENTRALOKANAGAN THERENNIEADVANCE sales

DECEMBER 2023

500

- 15% vsD ec2022

400

300

144 10 yrDecAvg

200

DETACHED sales

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 44% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 18% vsD ec2022

200

150

54 10 yrDecAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 43% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 11% vsD ec2022

300

250

200

71 10 yrDecAvg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 41% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© January2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofJanuary2,2024.Aldatafrom As ociationof InteriorREALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientofthe inform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom a rennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere289 new listingslastm onth,which wasa53% decreasecom pared with N ovem ber. Thiswasgreaterthan thetypicalN ovem ber-to-D ecem berdeclineof41%,though lastm onth’s new listingswerestil 2% abovethepast-decadeD ecem beraverage(of283).N ew listingswere also23% higherthan oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by54% (to131),townhom elistingsweredown by40% (to75),and condolistingswere down 60% (to83). • N ovem ber’snew listingswerehigherthan oneyearearlierfortownhom esand condosby88% and 32%,respectively,and werelowerfordetached hom esby0.8%.

CENTRALOKANAGAN THERENNIEADVANCE new listings

DECEMBER 2023

800

- 1% vsD ec2022

700

600

500

400

154 10 yrDecAvg

300

200

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 131

- 15% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 88% vsD ec2022

300

250

200

53 10 yrDecAvg

150

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 42% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 32% vsD ec2022

300

250

200

77 10 yrDecAvg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 8% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • Therewere1,876 activeM LS listingslastm onth— a16% declinefrom N ovem ber.Thisdrop was slightlyles than thetypicalseasonaldeclineof17%,with end-of-m onth listingssiting 28% above thepast-decadeD ecem beraverage(of1,467)and 30% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryforal hom etypesdeclined:detached hom einventory wasdown by18%,whiletownhom eand condoinventoryweredown by9% and 14% respectively. O n ayear-over-yearbasis,detached,townhom e,and condo inventorieswereal higher(by23%, 48% ,and 3% ,respectively). • O veral m arketconditionsfavoured buyersin D ecem ber,with 12.2 m onthsofinventory(M O I). Each segm entalsofavoured buyers:detached M O Iwas12.5,and townhom eand condowereeach 11.8.

CENTRALOKANAGAN THERENNIEADVANCE inventory

DECEMBER 2023

+ 23% vsD ec2022

1,000 1,250 1,500 1,750 2,000

839 10 yrDecAvg

1,014

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 21% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

600

+ 48% vsD ec2022

500

400

366

300

248 10 yrDecAvg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 48% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

800

+ 33% vsD ec2022

700

600

500

496

400

380 10 yrDecAvg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100

+ 30% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • O n am onth-over-m onth basis,theCentralO kanagan saw adecreasein m edian sold pricesof1.1% (averaged acros hom etypes).D etached hom eand townhom em edian sold pricesdecreased in D ecem berversusN ovem berby6% and 4% respectivelywhilecondopricesincreased by6%. • O n ayear-over-yearbasis,m edian sold pricesw erelow erby 1.9% ,on average,acros types.In D ecem ber,them edian sold pricesfordetached hom esand townhom eswerehigherby2% and 1.6% respectivelycom pared tothatofD ecem ber2022,whilecondoswere9% lower. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

DECEMBER 2023

$1,200,000

Central Okanagan

$1,000,000

$910,115

$800,000

$600,000

+ 2% vsD ec2022

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

$1,000,000

Central Okanagan

$800,000

$600,000

$635,000

$400,000

+ 2% vsD ec2022

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

$600,000

Central Okanagan

$500,000

$400,000

$430,000

$300,000

- 9% vsD ec2022

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● December

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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