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 ●
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