the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published August 2024
table of contents
Welcome to the latest edition of the rennie review, which provides a detailed look at the Central Okanagan’s housing market. In this report, we examine the most recent MLS data for the region, including city- and neighbourhood-level stats.
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
MARKET AREA PROFILES
05 08 11 14 15 16 19 20 23 26 29 30 33 36 37 40 41 44 45 46 47 50
Central Okanagan City of Kelowna City of West Kelowna
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Big White
Black Mountain
rmelzer@rennie.com
Glenmore Glenrosa
Kelowna North Kelowna South Lake Country Lakeview Heights
Lower Mission
North Glenmore/Wilden/ McKinley Landing
Peachland
Rutland
South East Kelowna Springfield/Spall University District
Upper Mission/Kettle Valley/ Crawford Estates
West Kelowna Estates
Westbank Centre
Waterfront
51 AREA MAPS
53 GLOSSARY
2 Copyright ©️ 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 August 6, 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 2 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
like most of us, housing sales prefer kelowna in the summer Analysis of over two decades of MLS data in BC’s three biggest housing markets shows that Kelowna sees a higher proportion of annual sales activity in the summer. This July, Kelowna was the only market to see a month-over-month sales gain.
relatively higher share of annual sales in July, the Kelowna market remained the weakest of the three major markets in 2024. July sales were 27% below their prior 10-year July average (of 498), while sales in Vancouver and Victoria were 21% and 16% below average, respectively. New listings activity remained robust in July with 942 new homes coming to market, which was 14% above the prior 10-year July average (of 824). At 3,087, active MLS listings remained above the 3,000-mark for the second consecutive month (the first time since the summer of 2013) and were 39% above the prior 10-year July average (of 2,220). Overall, there were 8.6 months of inventory at month-end. With the Bank of Canada implementing its second 25-basis-point interest rate cut in July, and material declines in Government of Canada bond yields in recent months (which are key inputs into fixed mortgage rates in Canada), buyer purchasing power is slated to improve through the latter half of 2024 and into 2025. This won’t turn things around overnight, but hopefully it strikes a little more sunshine on Kelowna’s summer housing market.
It’s no secret that the Okanagan region is at its best in the summertime—fresh fruit, the lake, wine, and a whole lot of sunshine. This next stat may seem obvious then, but nevertheless, we found it pretty interesting: compared to Vancouver and Victoria, Kelowna sees a relatively higher proportion of its annual home sales in July, August, and September. We examined MLS data for the three markets between 2000 and 2023 and found that, on average, Kelowna leads all markets with 9.7% of its annual sales in July, 9.3% in August, and 8.4% in September, for a total of 27.4% of its annual sales in Q3 (versus 26.1% in Victoria and 24.7% in Vancouver). In contrast, Victoria sees relatively more activity in Q2 with 31.3% of its annual sales (versus 30.7% in Kelowna and 30.4% in Vancouver), and Vancouver sees relatively more activity in Q1 with 23.7% of its annual sales (versus 23.0% in Victoria and 22.1% in Kelowna). Despite these seasonal
variations between markets, most housing sales happen in the spring, and May is still the busiest month for all three. Victoria sees 10.6% of annual sales in May, on average, versus 10.5% in both Vancouver and Kelowna. Although it’s been an exceptionally challenging year for Kelowna’s housing market (for more details, check out this in-depth article we wrote “uncorking” Kelowna’s resale market in the first half of 2024) , July data continued to show signs that it is relatively more active than its peer markets in the summer. With 361 MLS sales in July, Kelowna was the only major market to see a month- over-month sales increase, up 0.8% from June (versus 4% declines in both Vancouver and Victoria). July sales accounted for 16.4% of total year-to-date sales in Kelowna versus 15.3% in Victoria and 14.1% in Vancouver.
Despite the June-to-July sales gain and a
3 Copyright ©️ 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 August 6, 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 2 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.
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Copyright ©️ 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 August 6, 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 2 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. 4
central okanagan DETACHED - JULY 2 0 2 4
MONTHS OF INVENTORY 9.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.1% VS 2023
▲ 36% VS 2023
▼ 8% VS 2023
- VS 2023
There were 1,836 detached listings in the Central Okanagan in July, 0.7% below June and 36% higher than July 2023. July detached home sales decreased by 8% month-over-month, to 185, and were 8% below July 2023. The months of inventory for detached in the Central Okanagan, at 9.9, reflected a buyers' market.
THIS MONTH No. $1,132,468 $950,000 9.9 185 1,836
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,120,319 $950,000 6.7 200 1,349
1.1% 0% 47% -8% 36%
$1,233,470 $992,500 9.2 200 1,849
-8% -4% 7% -8% -0.7%
The detached median price in July was $950,000, a 4% decrease from June and no change to July 2023.
The average sold price was $1,132,468, 8% below last month and up 1.1% to July 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,836
39
1,849
1,538
37
1,686
1,413
1,373
1,344
1,242
1,349
1,320
29
1,074
1,015
971
195
200
166
150
130
120
106
106
88
200
86
185
199
$990K
$993K
$985K
$975K
$964K
$968K
$964K
$950K
$947K
$950K
$926K
$925K
$880K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
350
24+
300
22.1
21.1
18.9
250
18.2
200
150
9.6
100
5.6
5.0
4.0
50
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 2 n/a
8 45 5.6
38 151 4.0
63 313 5.0
35 335 9.6
14 309 22.1
10 182 18.2
7 148 21.1
3 132 44.0
0 87 n/a
7 132 18.9
Copyright © 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 August 6, 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. 5 ●
central okanagan TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2023
▲ 37% VS 2023
▼ 0.8% VS 2023
▼ 11% VS 2023
There were 450 townhome listings in the Central Okanagan in July, 1.3% below June and 37% higher than July 2023. July townhome sales decreased by 3% month-over-month, to 58, and were 11% below July 2023. The months of inventory for townhomes in the Central Okanagan, at 7.8, reflected a balanced market. The townhome median price in July was $714,000, a 1.3% increase from June and 0.8% below July 2023. The average sold price was $756,272, 9% above last month; the average PSF sale price was $424, up 0.1% 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
$424 $756,272 $714,000 7.8 58 450
$462 $743,037 $719,500 5.0 65 328
-8% 1.8% -0.8% 54% -11% 37%
$424 $693,590 $705,000 7.6 60 456
0.1% 9% 1.3% 2% -3% -1.3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
41
450
456
372
415
354
340
335
392
328
332
322
32
308
295
25
77
74
65
57
49
65
37
35
30
58
28
60
46
$720K
$715K
$714K
$700K
$705K
$679K
$676K
$670K
$670K
$656K
$660K
$660K
$662K
Jul-23
Jun-24
Jul-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.
100
17.7
11
4+ bdrms
80
71
60
34
10.0
3 bdrms
9.2
242
8.4
40
6.7
6.2
11
4.5
2 bdrms
20
129
0
2
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 3 53 17.7 5 42 8.4 2 20 10.0 0 23 n/a 13 59 4.5 14 87 6.2 11 74 6.7 10 92 9.2
<2 bdrms
8
Copyright © 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 August 6, 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. 6 ●
central okanagan CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 6.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 42% VS 2023
▼ 8% VS 2023
▼ 4% VS 2023
▼ 12% VS 2023
There were 759 condo listings in the Central Okanagan in July, 5% below June and 42% higher than July 2023.
July condo sales increased by 15% month-over-month, to 112, and were 12% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 127 535
% Change
No.
% Change
The months of inventory for condos in the Central Okanagan, at 6.8, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
112 759
0.1% -8% -4% 61% -12% 42%
$459 $453,551 $446,000 8.2 97 796
12% 4% 0.2% -17% 15% -5%
The condo median price in July was $447,000, a 0.2% increase from June and 4% below July 2023. The average sold price was $470,092, 4% above last month; the average PSF sale price was $513, up 12% to last month.
$513 $470,092 $447,000 6.8
$513 $508,494 $463,500 4.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
759
796
681
750
708
578
44
545
535
585
543
507
497
490
33
125
109
127
74
65
62
112
55
43
97
94
76
85
$500K
$491K
$475K
$464K
$464K
$451K
$450K
$450K
$446K
$447K
$439K
$430K
$410K
Jul-23
Jun-24
Jul-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.
350
21.0
300
4+ bdrms
10
17.7
250
15.1
8
200
3 bdrms
100
150
100
74
5.3
4.8
2 bdrms
456
50
0
30
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 13 n/a 37 179 4.8 62 326 5.3 9 136 15.1 3 53 17.7 1 21 21.0 0 13 n/a 0 18 n/a
<2 bdrms
193
Copyright © 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 August 6, 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 ●
city of kelowna DETACHED - JULY 2 0 2 4
MONTHS OF INVENTORY 11.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 35% VS 2023
▼ 1.2% VS 2023
▼ 2% VS 2023
▼ 12% VS 2023
There were 1,069 detached listings in the City of Kelowna in July, 0.6% below June and 35% higher than July 2023. July detached home sales decreased by 11% month-over-month, to 97, and were 12% below July 2023. The months of inventory for detached in the City of Kelowna, at 11.0, reflected a buyers' market.
THIS MONTH No. $1,173,709 $970,000 11.0 97 1,069
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 110 791
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
-1.2% -2% 53% -12% 35%
$1,158,627 $1,005,000 9.9 109 1,075
1.3% -3% 12% -11% -0.6%
The detached median price in July was $970,000, a 3% decrease from June and 2% below July 2023.
$1,188,105 $990,000 7.2
The average sold price was $1,173,709, 1.3% above last month and down 1.2% to July 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,069
39
1,075
906
976
809
808
791
791
712
32
765
31
636
599
567
125
112
115
97
81
79
67
58
56
54
110
97
109
$1.06M $1.05M $1.00M
$1.00M
$990K $1.02M $990K $996K $985K $1.00M
$970K
$950K
$908K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
24+
24+
24+
150
17.4
12.9
100
50
4.2
4.0
1.8
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
5 9 1.8
15 60 4.0
38 160 4.2
16 206 12.9
8 193 24.1
4 127 31.8
4 101 25.3
2 71 35.5
0 54 n/a
5 87 17.4
Copyright © 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 August 6, 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 ●
city of kelowna TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 6.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 0.6% VS 2023
▲ 45% VS 2023
▼ 2% VS 2023
There were 289 townhome listings in the City of Kelowna in July, 1.4% below June and 45% higher than July 2023.
July townhome sales decreased by 7% month-over-month, to 42, and were 2% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the City of Kelowna, at 6.9, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$433 $746,117 $714,000 6.9 42 289
$477 $703,293 $710,000 4.6 43 199
-9% 6% 0.6% 49% -2% 45%
$427 $673,658 $672,500 6.5 45 293
1.4% 11% 6% 6% -7% -1.4%
The townhome median price in July was $714,000, a 6% increase from June and 0.6% above July 2023. The average sold price was $746,117, 11% above last month; the average PSF sale price was $433, up 1.4% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
289
265
293
248
31
266
224
220
28
218
199
210
208
205
195
60
59
40
34
32
43
42
23
20
18
45
42
28
$722K
$710K
$709K
$714K
$708K
$700K
$675K
$665K
$671K
$672K
$664K
$673K
$652K
Jul-23
Jun-24
Jul-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.
60
17.0
7
4+ bdrms
50
48
13.0
40
24
3 bdrms
9.0
166
30
7.4
6.7
5.9
20
9
2 bdrms
3.1
70
10
0
2
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 3 39 13.0 3 27 9.0 1 17 17.0 0 13 n/a 11 34 3.1 9 53 5.9 7 47 6.7 8 59 7.4
5
Copyright © 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 August 6, 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. 9 ●
city of kelowna CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 6.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.2% VS 2023
▲ 52% VS 2023
▼ 6% VS 2023
▼ 5% VS 2023
There were 581 condo listings in the City of Kelowna in July, 3% below June and 52% higher than July 2023.
July condo sales increased by 18% month-over-month, to 87, and were 5% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 6.7, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$538 $478,815 $455,000 6.7 87 581
$527 $507,166 $454,000 4.2 92 383
2% -6% 0.2% 60% -5% 52%
$459 $464,182 $446,250 8.1 74 601
17% 3% 2% -18% 18% -3%
The condo median price in July was $455,000, a 2.0% increase from June and 0.2% above July 2023. The average sold price was $478,815, 3% above last month; the average PSF sale price was $538, up 17% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
581
601
512
563
526
416
385
40
383
417
379
368
358
356
30
103
91
79
92
55
50
87
40
37
31
74
56
65
$537K
$488K
$475K
$465K
$458K
$455K
$454K
$450K
$442K
$446K
$440K
$434K
$395K
Jul-23
Jun-24
Jul-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.
17.5
250
17.0
4+ bdrms
3
200
12.0
6
150
3 bdrms
72
100
5.4
4.5
55
2 bdrms
50
355
0
26
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 0 8 n/a 29 130 4.5 48 258 5.4 6 105 17.5 3 36 12.0 1 17 17.0 0 11 n/a 0 16 n/a
<2 bdrms
151
Copyright © 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 August 6, 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 ●
city of west kelowna DETACHED - JULY 2 0 2 4
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 40% VS 2023
▼ 0.1% VS 2023
▼ 6% VS 2023
There were 416 detached listings in the City of West Kelowna in July, 3% below June and 40% higher than July 2023. July detached home sales decreased by 5% month-over-month, to 58, and were 6% below July 2023.
THIS MONTH No. $1,074,933 $898,500 7.2 58 416
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the City of West Kelowna, at 7.2, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,036,548 $899,500 4.8 62 298
4% -0.1% 49% -6% 40%
$1,156,429 $875,000 7.0 61 429
-7% 3% 2% -5% -3%
The detached median price in July was $898,500, a 3% increase from June and 0.1% below July 2023.
The average sold price was $1,074,933, 7% below last month and up 4% to July 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
416
429
345
40
385
314
294
298
270
292
289
231
29
206
206
61
45
62
36
33
31
31
58
27
25
21
18
52
$950K
$932K
$900K
$893K
$899K
$885K
$870K
$875K
$859K
$850K
$820K
$815K
$800K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
80
60
40
9.0
6.8
6.5
20
4.5
3.3
3.1
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 1 n/a
3 10 3.3
15 47 3.1
19 86 4.5
13 85 6.5
1 77 77.0
4 27 6.8
0 26 n/a
1 28 28.0
0 11 n/a
2 18 9.0
Copyright © 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 August 6, 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. 11 ●
city of west kelowna TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 8.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▼ 24% VS 2023
▼ 23% VS 2023
▼ 20% VS 2023
There were 67 townhome listings in the City of West Kelowna in July, no change to June and 37% higher than July 2023. July townhome sales increased by 14% month-over-month, to 8, and were 20% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the City of West Kelowna, at 8.4, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$363 $666,875 $655,000 8.4 8 67
10 49
-11% -24% -23% 71% -20% 37%
$389 $711,843 $765,000 9.6 7 67
-14% -12% 14% 0%
The townhome median price in July was $655,000, a 14% decrease from June and 23% below July 2023. The average sold price was $666,875, 6% below last month; the average PSF sale price was $363, down 7% to last month.
$407 $878,940 $850,000 4.9
-7% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
59
67
68
59
67
53
56
45
49
47
47
47
43
39
11
8
8
6
6
10
4
4
4
4
8
7
7
24
21
$850K
$816K
$765K
$742K
$723K
$709K
$714K
$699K
$684K
$650K
$655K
$635K
$604K
Jul-23
Jun-24
Jul-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.
16
13.0
2
4+ bdrms
14
7
12
8.0
5
10
3 bdrms
31
8
5.3
6
4.0
1
2 bdrms
4
27
2
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 1 13 13.0 0 5 n/a 0 5 n/a 0 4 n/a 2 8 4.0 3 16 5.3 2 16 8.0
2
Copyright © 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 August 6, 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. 12 ●
city of west kelowna CONDO - JULY 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 31% VS 2023
▲ 5% VS 2023
▼ 16% VS 2023
▼ 10% VS 2023
There were 80 condo listings in the City of West Kelowna in July, 18% below June and 31% higher than July 2023.
July condo sales increased by 54% month-over-month, to 20, and were 5% above July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the City of West Kelowna, at 4.0, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
20 80
19 61
-10% -16% -10% 25% 5% 31%
13 97
-14% -8% -6% -46% 54% -18%
The condo median price in July was $440,000, a 6% decrease from June and 10% below July 2023. The average sold price was $434,520, 8% below last month; the average PSF sale price was $418, down 14% to last month.
$418 $434,520 $440,000 4.0
$465 $516,863 $490,000 3.2
$488 $471,300 $467,000 7.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
90
64
63
97
97
81
79
77
77
80
80
68
61
66
64
16
20
19
11
9
8
7
7
7
7
29
5
13
11
$582K
$490K
$467K
$460K
$460K
$458K
$439K
$440K
$430K
$433K
$410K
$400K
$350K
Jul-23
Jun-24
Jul-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.
3.9
40
4+ bdrms
3.5
3.4
30
1
3 bdrms
6
20
15
2 bdrms
10
58
0
4
<$200K $200K-399K $400K-599K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 7 24 3.4 11 43 3.9 2 7 3.5 0 5 n/a 0 1 n/a
<2 bdrms
16
Copyright © 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 August 6, 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 ●
peachland DETACHED - JULY 2 0 2 4
MONTHS OF INVENTORY 8.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2023
▲ 26% VS 2023
▲ 26% VS 2023
▲ 125% VS 2023
There were 72 detached listings in Peachland in July, 3% below June and 26% higher than July 2023. July detached home sales increased by 29% month-over-month, to 9, and were 125% above July 2023. The months of inventory for detached in the Peachland, at 8.0, reflected a buyers' market.
THIS MONTH No. $1,062,500 $875,000 8.0 9 72
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$855,625 $697,000 14.3 4 57
-44% 125% 26%
$1,094,429 $1,225,000 10.6 7 74
-3% -29% -24% 29% -3%
The detached median price in July was $875,000, a 28% decrease from June and 26% above July 2023.
The average sold price was $1,062,500, 3% below last month and up 24% to July 2023.
24% 26%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
69
62
72
74
54
57
48
49
43
52
50
44
34
39
33
33
7
7
6
5
5
5
9
3
3
2
1
1
4
$3.53M
$2.70M
$1.15M
$1.09M $1.03M $1.23M
$890K
$855K
$850K
$875K
$835K
$780K
$697K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
12.0
11.0
20
15
5.0
10
4.0
5
0.3
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
3 1 0.3
2 24 12.0
1 11 11.0
2 8 4.0
0 7 n/a
1 5 5.0
0 9 n/a
0 3 n/a
0 4 n/a
Copyright © 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 August 6, 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. 14 ●
lake country DETACHED - JULY 2 0 2 4
MONTHS OF INVENTORY 11.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 34% VS 2023
▲ 7% VS 2023
▼ 5% VS 2023
There were 180 detached listings in Lake Country in July, 3% above June and 34% higher than July 2023.
July detached home sales decreased by 11% month-over-month, to 16, and were 7% above July 2023.
THIS MONTH No. $1,257,494 $1,144,000 11.3 16 180
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Lake Country, at 11.3, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,159,334 $1,209,000 8.9 15 134
8% -5% 26% 7% 34%
$2,109,089 $1,157,500 9.7 18 174
-40% -1.2% 16% -11% 3%
The detached median price in July was $1,144,000, a 1.2% decrease from June and 5% below July 2023.
The average sold price was $1,257,494, 40% below last month and up 8% to July 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
180
39
164
162
174
145
143
34
151
150
134
144
114
110
104
24
22
18
14
13
12
9
9
8
8
7
7
16
15
$1.48M
$1.23M
$1.21M
$1.16M
$1.16M $1.14M
$1.00M
$995K
$995K
$975K
$965K
$926K
$811K
Jul-23
Jun-24
Jul-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
11.0
25
10.0
9.3
20
7.7
6.0
15
5.6
10
5
0
N/A
<$600K
$600K-799K $800K-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 $3.0M+
MOI INVENTORY SALES
0 7 n/a
1 11 11.0
3 23 7.7
5 28 5.6
3 28 9.3
2 20 10.0
2 12 6.0
0 17 n/a
0 17 n/a
0 17 n/a
Copyright © 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 August 6, 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. 15 ●
lake country TOWNHOME - JULY 2 0 2 4
MONTHS OF INVENTORY 10.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2.0% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 15% VS 2023
▼ 1.7% VS 2023
▼ 57% VS 2023
There were 31 townhome listings in Lake Country in July, 6% below June and 15% higher than July 2023.
July townhome sales decreased by 50% month-over-month, to 3, and were 57% below July 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Lake Country, at 10.3, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$447 $768,967 $776,000 10.3 3 31
$456 $782,343 $705,000 3.9 7 27
-2% -1.7% 10% 168% -57% 15%
$421 $724,733 $719,200 5.5 6 33
6% 6% 8% 88% -50% -6%
The townhome median price in July was $776,000, a 8% increase from June and 10% above July 2023. The average sold price was $768,967, 6% above last month; the average PSF sale price was $447, up 6% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
36
49
33
29
31
32
25
27
29
27
24
24
37
23
18
11
8
6
6
7
7
6
3
2
3
5
5
15
$1.07M
$789K
$776K
$719K
$705K
$658K
$640K
$641K
$630K
$615K
$545K
$468K
Jul-23
Jun-24
Jul-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.
10
10.0
4+ bdrms
5
8
7.0
3
6
3 bdrms
22
4.0
4
2 bdrms
4
2
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M+ MOI INVENTORY SALES 1 10 10.0 1 4 4.0 1 7 7.0 0 1 n/a 0 3 n/a 0 4 n/a 0 2 n/a
Copyright © 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 August 6, 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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