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 ●
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