the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published March 2024
table of contents
Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
2 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 March 7, 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 2 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
Kelowna’s slow start to 2024 sends it slumping into spring February may have brought a directional change to sales counts in the Central Okanagan, but the market stagnation that began in 2023 extended into the first two months of 2024. Inventory, meanwhile, has expanded to a nine-year high.
count, the region’s supply and demand dynamics yielded a sixth consecutive month of conditions that favoured buyers in February, with the overall months-of- inventory (MOI) measure sitting at 9.6. (Note that an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market.) As March, and the green shoots of a spring market, are now upon us, Kelowna’s housing market is likely due for an uptick in buying activity—although based on the early returns of 2024, any uptick is likely to be modest at best. That said, with inflation now back inside the Bank of Canada’s target range of 1-3% (at 2.9% as of January), all eyes will be on the February inflation data release, followed by the April 10th Bank of Canada rate announcement. If the Bank opts to hold its policy rate again in April, expect these trends to continue a little longer; if they decide to cut, however, the pace of sales activity will pick up as spring rolls on.
After a challenging 2023, in which housing markets were ground to a virtual halt by generationally-high interest rates, activity has remained muted in the Central Okanagan early in 2024. Potential homebuyers continue to pace on the sidelines, even as anticipation around interest rate cuts grows and other markets in BC have experienced an uptick in transaction counts, yielding atypically-low sales and high listings last month. Home sales in the Central Okanagan counts did, in fact, rise between January and February, but only to 211 MLS transactions; this may have been a 22% month-over-month increase, but it’s substantially lower than the typical January-to-February increase of 48%. What’s more, last month’s total was 17% below that of February 2023, 42% below the past 10-year February average, and the lowest total for the month since 2013.
On the new listings front, February’s total was 806, which was a 48% increase from January and double the typical January-to- February growth of 24%. Last month’s new listings count was also 21% less than the past 10-year February average and 27% higher than the same month last year. Those depressed sales counts and elevated new listings conspired to expand total inventory last month, with there being 2,020 homes available for sale in the Central Okanagan at the end of February. That represented an expansion of 13% from January, which outpaced the typical seasonal increase of 8%. Inventory was also 22% higher than one year ago, 21% above the past-decade February average, and the highest total for the month since 2015.
Unsurprisingly given the historically-low sales total and historically-high listings
3 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 March 7, 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 2 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.
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604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
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 March 7, 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 2 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. 4
central okanagan DETACHED - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 10.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 19% VS 2023
▼ 9% VS 2023
▼ 2% VS 2023
▼ 22% VS 2023
There were 1,070 detached listings in the Central Okanagan in February, 11% above January and 19% higher than February 2023. February detached home sales increased by 20% month-over-month, to 103, and were 22% below February 2023. The months of inventory for detached in the Central Okanagan, at 10.4, re'ected a buyers' market.
THIS MONTH No. $1,050,322 $965,000 10.4 103 1,070
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 132 900
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-9% -2% 52% -22% 19%
$1,053,260 $880,000 11.2 86 967
20% 11%
The detached median price in February was $965,000, a 10% increase from January and 2% below February 2023.
-0.3% 10% -8%
$1,160,200 $986,250 682%
The average sold price was $1,050,322, 0.3% below last month and down 9% to February 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,349
1,412
68
1,282
1,240
1,372
1,320
1,011
1,154
1,070
1,054
1,012
900
967
52
37
258
246
192
130
120
106
88
86
132
218
200
103
166
$1.03M
$986K
$971K
$975K
$964K
$968K
$965K
$960K
$950K
$947K
$947K
$926K
$880K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
24+
23.3
20.6
150
17.8
15.0
100
7.0
50
5.7
3.9
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
2 30 15.0
22 85 3.9
32 182 5.7
25 174 7.0
11 196 17.8
5 103 20.6
3 70 23.3
2 78 39.0
1 47 47.0
0 105 n/a
Copyright © March 7, 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 March 7, 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. 5 ●
central okanagan TOWNHOME - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 33% VS 2023
▲ 7% VS 2023
▼ 10% VS 2023
▼ 7% VS 2023
There were 367 townhome listings in the Central Okanagan in February, 13% above January and 33% higher than February 2023. February townhome sales increased by 47% month-over-month, to 47, and were 7% above February 2023. The months of inventory for townhomes in the Central Okanagan, at 7.8, re'ected a balanced market. The townhome median price in February was $658,000, a 3% decrease from January and 7% below February 2023. The average sold price was $667,083, 6% below last month; the average PSF sale price was $416, down 8% 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
$416 $667,083 $658,000 7.8 47 367
$423 $742,952 $707,500 627% 44 276
-1.8% -10% -7% 24% 7% 33%
$450 $710,041 $679,000 10.2 32 325
-8% -6% -3% -23% 47% 13%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
404
379
56
361
367
379
325
360
338
325
325
307
276
294
35
107
75
64
54
27
88
31
32
78
71
47
44
38
42
$720K
$708K
$710K
$700K
$695K
$687K
$685K
$679K
$665K
$663K
$658K
$653K
$635K
Feb-23
Jan-24
Feb-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.
80
4
24+
4+ bdrms
71
60
24
3 bdrms
13.7
193
40
9.1
8.3
19
2 bdrms
20
5.3
100
3.5
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 6 82 13.7 7 64 9.1 3 25 8.3 1 26 26.0 0 16 n/a 0 22 n/a 15 53 3.5 15 79 5.3
3
Copyright © March 7, 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 March 7, 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. 6 ●
central okanagan CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 9.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 15% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.4% VS 2023
▲ 4% VS 2023
▲ 23% VS 2023
▼ 18% VS 2023
There were 584 condo listings in the Central Okanagan in February, 19% above January and 23% higher than February 2023. February condo sales increased by 15% month-over-month, to 63, and were 18% below February 2023. The months of inventory for condos in the Central Okanagan, at 9.3, re'ected a buyers' market. The condo median price in February was $452,000, a 10% decrease from January and 4% above February 2023. The average sold price was $473,205, 13% below last month; the average PSF sale price was $530, up 8% 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
$530 $473,205 $452,000 9.3 63 584
$460 $471,463 $435,000 617% 77 475
15% 0.4% 4% 50% -18% 23%
$490 $541,514 $500,000 8.9 55 490
8% -13% -10% 4% 15% 19%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
578
584
546
61
535
500
543
475
511
507
497
490
485
481
50
42
145
139
129
127
74
135
61
55
77
43
63
94
76
$500K
$491K
$471K
$461K
$464K
$464K
$460K
$450K
$451K
$452K
$435K
$430K
$405K
Feb-23
Jan-24
Feb-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
1
24+
4+ bdrms
22.8
200
4
150
4
3 bdrms
73
100
37
7.0
6.8
6.5
2 bdrms
50
360
0
21
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 11 n/a 19 124 6.5 35 238 6.8 5 114 22.8 2 56 28.0 2 14 7.0 0 6 n/a 0 21 n/a
<2 bdrms
147
Copyright © March 7, 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 March 7, 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 ●
city of kelowna DETACHED - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 9.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.2% VS 2023
▲ 17% VS 2023
▼ 7% VS 2023
▼ 15% VS 2023
There were 623 detached listings in the City of Kelowna in February, 12% above January and 17% higher than February 2023. February detached home sales increased by 19% month-over-month, to 64, and were 15% below February 2023. The months of inventory for detached in the City of Kelowna, at 9.7, re(ected a buyers' market.
THIS MONTH No. $1,084,543 $1,000,000 9.7 64 623
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,165,098 $998,000 712% 75 534
-7% 0.2% 37% -15% 17%
$1,080,649 $907,500 10.3 54 555
0.4% 10% -5% 19% 12%
The detached median price in February was $1,000,000, a 10% increase from January and 0.2% above February 2023.
The average sold price was $1,084,543, 0.4% above last month and down 7% to February 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
80
737
800 798
702
779
753
623
572
658
588
588
534
555
60
156
141
124
110
80
58
56
36
54
75
123
110
64
77
$1.06M $1.00M $1.05M $1.05M $990K $1.02M $990K $996K
$998K
$1000K
$983K $1.00M
$908K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
120
24+
24+
22.5
100
22.0
80
14.9
60
11.0
40
6.6
5.3
20
2.6
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
1 11 11.0
13 34 2.6
18 95 5.3
17 113 6.6
8 119 14.9
2 68 34.0
2 50 25.0
2 45 22.5
1 22 22.0
0 66 n/a
Copyright © March 7, 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 March 7, 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. 8 ●
city of kelowna TOWNHOME - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 6.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 64% VS 2023
▲ 21% VS 2023
▼ 9% VS 2023
▼ 9% VS 2023
There were 239 townhome listings in the City of Kelowna in February, 11% above January and 64% higher than February 2023. February townhome sales increased by 75% month-over-month, to 35, and were 21% above February 2023. The months of inventory for townhomes in the City of Kelowna, at 6.8, re(ected a balanced market. The townhome median price in February was $645,000, a 9% decrease from January and 9% below February 2023. The average sold price was $652,883, 13% below last month; the average PSF sale price was $415, down 9% 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
$415 $652,883 $645,000 6.8 35 239
$437 $718,810 $705,000 503% 29 146
-5% -9% -9% 36% 21% 64%
$458 $748,945 $707,500 10.8 20 215
-9% -13% -9% -36% 75% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
245
57
239
217
244
232
230
225
188
215
193
184
163
146
35
73
63
45
45
35
20
20
35
49
29
44
24
31
25
$715K
$718K
$710K
$709K
$708K
$705K
$690K
$690K
$670K
$672K
$656K
$650K
$645K
Feb-23
Jan-24
Feb-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.
50
3
13.3
4+ bdrms
43
12.3
40
17
30
3 bdrms
130
20
5.0
4.1
15
3.2
2 bdrms
64
10
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 49 12.3 3 40 13.3 3 15 5.0 0 18 n/a 0 12 n/a 0 15 n/a 13 41 3.2 12 49 4.1
2
Copyright © March 7, 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 March 7, 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. 9 ●
city of kelowna CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 8.7 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 20% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 28% VS 2023
▼ 1.1% VS 2023
▼ 16% VS 2023
There were 416 condo listings in the City of Kelowna in February, 18% above January and 28% higher than February 2023. February condo sales increased by 30% month-over-month, to 48, and were 16% below February 2023. The months of inventory for condos in the City of Kelowna, at 8.7, re(ected a buyers' market. The condo median price in February was $450,950, a 16% decrease from January and 5% above February 2023. The average sold price was $477,415, 17% below last month; the average PSF sale price was $551, up 11% 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 $477,415 $450,950 8.7 48 416
$460 $482,792 $429,900 572% 57 326
20% -1.1% 5% 52% -16% 28%
$495 $575,305 $537,000 9.6 37 354
11% -17% -16% -9% 30% 18%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
414
416
64
385
383
359
377
323
368
356
354
326
329
317
49
110
107
107
35
79
55
104
92
39
37
31
48
57
56
$537K
$488K
$478K
$462K
$465K
$460K
$455K
$454K
$450K
$451K
$440K
$430K
$393K
Feb-23
Jan-24
Feb-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+
24+
4+ bdrms
150
3
100
3 bdrms
44
28
50
6.1
2 bdrms
5.6
5.5
267
0
17
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 13 73 5.6 29 176 6.1 3 90 30.0 1 36 36.0 2 11 5.5 0 6 n/a 0 19 n/a
<2 bdrms
105
Copyright © March 7, 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 March 7, 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 ●
downtown kelowna DETACHED - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 34.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 32% VS 2023
▼ 3% VS 2023
▼ 73% VS 2023
There were 103 detached listings in Downtown Kelowna in February, 24% above January and 32% higher than February 2023. February detached home sales increased by 200% month-over-month, to 3, and were 73% below February 2023. The months of inventory for detached in Downtown Kelowna, at 34.3, reflected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$935,000 $920,000 34.3 3 103
11 78
384% -73% 32%
$727,800 $727,800 83.0 1 83
28% 26% -59% 200% 24%
The detached median price in February was $920,000, a 26% increase from January and 8% above February 2023.
$963,318 $850,000 709%
The average sold price was $935,000, 28% above last month and down 3% to February 2023.
-3% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
111
105
118
103
116
100
114
114
109
93
89
84
83
78
76
20
17
12
10
9
7
7
6
11
17
1
15
3
31
$1.27M
$1.05M
$1.04M
$1.03M $1.02M
$920K
$901K
$865K
$850K
$825K
$799K
$728K
$650K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
24.0
20
15
10
7.5
5
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 8 n/a
2 15 7.5
1 24 24.0
0 20 n/a
0 9 n/a
0 11 n/a
0 4 n/a
0 4 n/a
0 8 n/a
Copyright © March 7, 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 March 7, 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. 11 ●
downtown kelowna TOWNHOME - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 16.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 168% VS 2023
▼ 23% VS 2023
▼ 28% VS 2023
▼ 33% VS 2023
There were 67 townhome listings in Downtown Kelowna in February, 22% above January and 168% higher than February 2023. February townhome sales increased by 33% month-over-month, to 4, and were 33% below February 2023. The months of inventory for townhomes in Downtown Kelowna, at 16.8, reflected a buyers' market. The townhome median price in February was $713,000, a 25% decrease from January and 28% below February 2023. The average sold price was $702,875, 31% below last month; the average PSF sale price was $483, down 4% 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
$483 $702,875 $713,000 16.8 4 67
$502 $915,667 $984,500 417% 6 25
-4% -23% -28% 302% -33% 168%
$503 $1,012,833 $950,000 18.3 3 55
-4% -31% -25% -9% 33% 22%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
42
71
69
67
64
64
67
49
55
52
47
27
30
25
15
20
7
6
6
4
4
3
3
3
2
6
9
4
$985K
$950K
$925K
$900K
$890K
$855K
$825K
$812K
$800K
$742K
$715K
$713K
$700K
Feb-23
Jan-24
Feb-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.
16.0
4+ bdrms
15
12
3
10
3 bdrms
36
6.0
1
5
2 bdrms
19
2.0
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 16 16.0 1 6 6.0 0 5 n/a 0 6 n/a 0 8 n/a 2 4 2.0 0 5 n/a 0 17 n/a
Copyright © March 7, 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 March 7, 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. 12 ●
downtown kelowna CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 11.5 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 16% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 42% VS 2023
▼ 8% VS 2023
▼ 7% VS 2023
▼ 21% VS 2023
There were 219 condo listings in Downtown Kelowna in February, 24% above January and 42% higher than February 2023. February condo sales increased by 27% month-over-month, to 19, and were 21% below February 2023. The months of inventory for condos in Downtown Kelowna, at 11.5, reflected a buyers' market. The condo median price in February was $463,000, a 20% decrease from January and 7% below February 2023. The average sold price was $512,368, 20% below last month; the average PSF sale price was $611, up 6% 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
$611 $512,368 $463,000 11.5 19 219
$527 $559,154 $497,500 642% 24 154
16% -8% -7% 80% -21% 42%
$578 $641,400 $578,000 11.7 15 176
27% 24%
6% -20% -20% -1.8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
223
210
55
219
220
211
205
161
48
184
182
176
171
154
165
42
43
43
42
29
21
19
15
24
37
10
19
25
21
$580K
$578K
$550K
$520K
$525K
$515K
$498K
$491K
$496K
$480K
$463K
$452K
$390K
Feb-23
Jan-24
Feb-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.
80
70
24+
4+ bdrms
60
50
3
3 bdrms
40
25
30
7
20
6.7
6.0
2 bdrms
4.5
126
10
0
9
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 5 30 6.0 11 74 6.7 1 51 51.0 0 31 n/a 2 9 4.5 0 4 n/a 0 15 n/a
<2 bdrms
68
Copyright © March 7, 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 March 7, 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 ●
west kelowna DETACHED - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 9.6 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2023
▼ 17% VS 2023
▼ 9% VS 2023
▼ 29% VS 2023
There were 231 detached listings in West Kelowna in February, 12% above January and 24% higher than February 2023. February detached home sales increased by 33% month-over-month, to 24, and were 29% below February 2023. The months of inventory for detached in West Kelowna, at 9.6, re&ected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$945,808 $860,000 9.6 24 231
$1,141,804 $945,000 547% 34 186
-17% -9% 76% -29% 24%
$871,656 $815,000 11.4 18 206
9% 6% -16% 33% 12%
The detached median price in February was $860,000, a 6% increase from January and 9% below February 2023.
The average sold price was $945,808, 9% above last month and down 17% to February 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
298
314
295
71
270
292
289
266
222
61
231
243
206
206
186
64
63
62
56
35
31
27
21
18
34
43
24
33
31
$970K
$945K
$945K
$950K
$900K
$891K
$885K
$860K
$855K
$850K
$820K
$815K
$800K
Feb-23
Jan-24
Feb-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
50
13.0
40
11.0
30
8.2
20
4.7
3.7
10
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 6 n/a
7 26 3.7
10 47 4.7
5 41 8.2
0 48 n/a
1 13 13.0
1 11 11.0
0 18 n/a
0 7 n/a
0 14 n/a
Copyright © March 7, 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 March 7, 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. 14 ●
west kelowna TOWNHOME - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 12.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.0% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 25% VS 2023
▲ 21% VS 2023
▼ 1.9% VS 2023
▼ 56% VS 2023
There were 51 townhome listings in West Kelowna in February, 9% above January and 1.9% lower than February 2023. February townhome sales remained the same month-over-month, at 4, and were 56% below February 2023. The months of inventory for townhomes in West Kelowna, at 12.8, re&ected a buyers' market. The townhome median price in February was $815,750, a 13% increase from January and 21% above February 2023. The average sold price was $797,625, 18% above last month; the average PSF sale price was $362, down 5% 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
$362 $797,625 $815,750 12.8 4 51
$358 $636,056 $675,000 578% 9 52
121% -56% -1.9%
$381 $675,000 $722,500 11.8 4 47
9% 0% 9%
-5% 18% 13%
1% 25% 21%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 73 58
98
63
59
65
63
61
52
51
53
50
47
43
24
21
12
9
8
16
14
9
4
4
10
4
7
39
36
$850K
$816K
$788K
$723K
$709K
$698K
$687K
$680K
$675K
$663K
$659K
$643K
$572K
Feb-23
Jan-24
Feb-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.
20
20.0
4+ bdrms
10
15
4
3 bdrms
22
10
2 bdrms
5
4.0
19
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 20 20.0 3 12 4.0 0 1 n/a 0 2 n/a 0 3 n/a 0 13 n/a
Copyright © March 7, 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 March 7, 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. 15 ●
west kelowna CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 11.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 26% VS 2023
▼ 19% VS 2023
▼ 4% VS 2023
▼ 13% VS 2023
There were 77 condo listings in West Kelowna in February, 17% above January and 26% higher than February 2023. February condo sales remained the same month-over-month, at 7, and were 13% below February 2023. The months of inventory for condos in West Kelowna, at 11.0, re&ected a buyers' market. The condo median price in February was $430,000, a 23% increase from January and 4% below February 2023. The average sold price was $394,786, 2% below last month; the average PSF sale price was $371, down 17% 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
$371 $394,786 $430,000 11.0 7 77
$422 $489,063 $447,500 763% 8 61
-12% -19% -4% 44% -13% 26%
$447 $403,286 $350,000 9.4 7 66
-17% -2% 23% 17% 0% 17%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
77
106
73
81
69
79
62
68
66
64
61
61
59
23
19
11
19
9
18
7
7
7
5
8
46
7
11
39
$490K
$478K
$465K
$460K
$460K
$458K
$448K
$448K
$438K
$430K
$430K
$410K
$350K
Feb-23
Jan-24
Feb-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.
40
9.5
4+ bdrms
30
7.7
3 bdrms
20
7
6
10
2 bdrms
54
0
1
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 23 7.7 4 38 9.5 0 9 n/a 0 6 n/a 0 1 n/a
<2 bdrms
16
Copyright © March 7, 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 March 7, 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. 16 ●
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