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 ●
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