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 ●
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