the kelowna rennie review | March 2024

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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