the kelowna rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR CENTRAL OKANAGAN HOUSING MARKET
published April 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
05 CENTRAL OKANAGAN
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
08 CITY OF KELOWNA
11 DOWNTOWN KELOWNA
14 WEST KELOWNA
17 AREA MAP
2 Copyright ©️ April 8, 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 April 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
spring hasn’t sprung in the okanagan Recent trends of lagging sales counts across the Central Okanagan carried on in March. And while overall market conditions continue to favour buyers, pockets of the market remain notably tight - particularly for lower-priced homes.
MOIs of 16.3 and 21.6, respectively, while the market for more affordable product remained markedly tighter. Second, it is also worth noting that March is still a bit early when taking into context the typical pattern for Central Okanagan housing market activity. Historically, sales reach their peak in May and June is the second busiest month. The relatively delayed start to spring sales activity might be especially relevant this year given the current macroeconomic situation and the expected trajectory of interest rates. Decelerating economic activity (from a per-capita perspective) and a deteriorating labour market, in conjunction with CPI inflation that has come in below 3% for two consecutive months, has economists forecasting Bank of Canada rate cuts by mid-year. After the Bank held its policy rate on April 10th, the next opportunity for a cut comes in June. That could be prompting many would-be home buyers to delay their purchases in anticipation of more favourable borrowing rates. Irrespective of what may or may not be coming on the interest rate front, it has no doubt been a slow start to spring in the Central Okanagan housing market.
As we move through March, and out of winter and into spring, there’s often an accompanying anticipation: of warmer weather and springtime activities. And while the season is also typically associated with more activity in real estate, the anticipation of spring has so far proved underwhelming for housing markets across BC. At 299 MLS sales in March, activity in the Central Okanagan was the softest among BC’s primary markets, down 24% year-over- year (from an already slow March 2023 at 396 sales) and 39% versus the past 10-year March average (488 sales). All told, this was the lowest March sales count for the region in over a decade. The sales slump occurred in tandem with rising inventory and, as such, the market continued to favour buyers across most home types and subareas. At 2,409 active MLS listings, inventory across the Central Okanagan closed the month up 33% year-
over-year (from 1,805 listings in March 2023) and 29% above its past-decade March average (1,872 listings). Months of inventory (MOI) for detached homes (8.9) and condos (8.0) continued to favour buyers, while the townhome market was considered balanced with an MOI of 6.1. Two observations from the Central Okanagan market deserve additional commentary. First off, in the context of the broader housing affordability crisis nationally, the market for lower-priced homes remained considerably tight in March. The vast majority of detached home sales fell in the sub-$1 million price range resulting in an MOI of 3.7 at month-end. In contrast, a surplus of more expensive detached homes saw MOI for listings in the $2 million plus range reach 33.1. Similarly, higher priced townhomes (above $900,000) and condos (above $600,000) remained firmly in buyers’ market territory with
3 Copyright ©️ April 8, 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 April 8, 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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604.459.7778 rbreckwoldt@rennie.com rennie.com/robbreckwoldt
Copyright ©️ April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 8.9 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 32% VS 2023
▼ 4% VS 2023
▼ 4% VS 2023
▼ 22% VS 2023
There were 1,339 detached listings in the Central Okanagan in March, 25% above February and 32% higher than March 2023. March detached home sales increased by 43% month-over-month, to 150, and were 22% below March 2023. The months of inventory for detached in the Central Okanagan, at 8.9, reflected a buyers' market.
THIS MONTH No. $1,096,006 $925,000 8.9 150 1,339
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,141,059 $960,000 527% 192 1,011
-4% -4% 70% -22% 32%
$1,043,697 $963,000 10.2 105 1,070
5% -4% -12% 43% 25%
The detached median price in March was $925,000, a 4% decrease from February and 4% below March 2023.
The average sold price was $1,096,006, 5% above last month and down 4% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,349
1,412
1,339
52
1,282
1,240
1,372
1,320
1,154
1,011
1,070
1,054
1,012
967
35
34
258
246
130
120
192
106
105
88
86
150
218
200
166
$1.03M
$971K
$975K
$964K
$968K
$963K
$960K
$950K
$947K
$947K
$926K
$925K
$880K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
24+
200
18.5
18.4
150
12.0
100
10.2
7.2
50
3.9
2.9
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
5 36 7.2
35 101 2.9
57 220 3.9
25 255 10.2
13 240 18.5
0 138 n/a
7 84 12.0
5 92 18.4
1 60 60.0
2 113 56.5
Copyright © April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 6.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 2% VS 2023
▲ 33% VS 2023
▼ 15% VS 2023
There were 392 townhome listings in the Central Okanagan in March, 11% above February and 33% higher than March 2023. March townhome sales increased by 36% month-over-month, to 64, and were 15% below March 2023. The months of inventory for townhomes in the Central Okanagan, at 6.1, reflected a balanced market. The townhome median price in March was $679,950, a 3% increase from February and 2% above March 2023. The average sold price was $713,093, 7% above last month; the average PSF sale price was $416, down 0.0% 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
$416 $713,093 $679,950 6.1 64 392
$425 $696,901 $665,000 392% 75 294
-2% 2% 2% 56% -15% 33%
$416 $667,083 $658,000 7.5 47 353
0% 7% 3% -18% 36% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
393
367
392
35
360
325
367
357
353
31
324
323
294
310
307
27
107
64
54
75
88
64
32
78
31
71
47
38
42
$720K
$710K
$700K
$695K
$687K
$685K
$680K
$679K
$665K
$663K
$658K
$653K
$635K
Mar-23
Feb-24
Mar-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.
14
80
11.0
4+ bdrms
65
9.3
60
7.5
35
3 bdrms
219
5.7
40
4.3
3.6
15
2 bdrms
20
104
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 3 33 11.0 3 28 9.3 0 17 n/a 0 20 n/a 14 51 3.6 19 82 4.3 15 86 5.7 10 75 7.5
4
Copyright © April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 8.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 36% VS 2023
▼ 2% VS 2023
▼ 5% VS 2023
▼ 34% VS 2023
There were 678 condo listings in the Central Okanagan in March, 16% above February and 36% higher than March 2023. March condo sales increased by 33% month-over-month, to 85, and were 34% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 129 500
% Change
No.
% Change
The months of inventory for condos in the Central Okanagan, at 8.0, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$481 $467,898 $438,500 8.0 85 678
106% -34% 36%
$529 $470,702 $450,950 9.1 64 583
33% 16%
The condo median price in March was $438,500, a 3% decrease from February and 5% below March 2023. The average sold price was $467,898, 0.6% below last month; the average PSF sale price was $481, down 9% to last month.
$494 $478,213 $460,000 388%
-9% -0.6% -3% -12%
-3% -2% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 678
41
578
545
535
583
35
543
500
34
511
507
497
490
485
481
145
139
127
129
74
61
55
135
85
43
94
76
64
$500K
$491K
$471K
$461K
$464K
$464K
$460K
$450K
$451K
$451K
$439K
$430K
$405K
Mar-23
Feb-24
Mar-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.
300
4 1
19.0
4+ bdrms
250
17.7
15.0
200
7
3 bdrms
84
150
100
6.4
55
5.4
2 bdrms
3.7
430
50
0
22
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 11 3.7 25 135 5.4 46 294 6.4 7 133 19.0 3 53 17.7 1 15 15.0 0 7 n/a 0 30 n/a
<2 bdrms
160
Copyright © April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 8.8 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▼ 6% VS 2023
▼ 9% VS 2023
▼ 21% VS 2023
There were 932 detached listings in the City of Kelowna in March, 25% above February and 37% higher than March 2023. March detached home sales increased by 45% month-over-month, to 106, and were 21% below March 2023. The months of inventory for detached in the City of Kelowna, at 8.8, reflected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 135 681
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
106 932
-6% -9% 74% -21% 37%
$1,086,675 $1,000,000 10.2 73 746
7% -5% -14% 45% 25%
The detached median price in March was $955,000, a 5% decrease from February and 9% below March 2023.
$1,162,217 $955,000 8.8
$1,232,319 $1,050,000 504%
The average sold price was $1,162,217, 7% above last month and down 6% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
925
932
70
873
970
853
957
909
777
746
681
706
706
667
181
156
35
124
34
88
135
73
66
64
63
106
145
125
93
$1.05M $1.03M $1.06M $1.04M $1.00M $1.02M $1.04M
$996K
$993K
$1.00M
$989K
$955K
$915K
Mar-23
Feb-24
Mar-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+
150
19.3
100
13.8
12.8
9.3
50
4.3
3.4
2.0
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
3 13 4.3
22 43 2.0
39 133 3.4
20 186 9.3
9 174 19.3
0 114 n/a
5 69 13.8
5 64 12.8
1 46 46.0
2 90 45.0
Copyright © April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 5.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 2% VS 2023
▲ 50% VS 2023
▼ 4% VS 2023
There were 286 townhome listings in the City of Kelowna in March, 12% above February and 50% higher than March 2023. March townhome sales increased by 33% month-over-month, to 53, and were 4% below March 2023. The months of inventory for townhomes in the City of Kelowna, at 5.4, reflected a balanced market. The townhome median price in March was $658,900, a 4% increase from February and 2% above March 2023. The average sold price was $709,861, 10% above last month; the average PSF sale price was $419, up 1.4% 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
$419 $709,861 $658,900 5.4 53 286
$428 $676,195 $645,000 347% 55 191
-2% 5% 2% 55% -4% 50%
$413 $643,660 $632,500 6.4 40 255
1.4% 10% 4% -15% 33% 12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
272
286
35
264
244
255
253
254
213
242
222
216
28
191
207
27
81
48
41
55
53
68
56
20
50
40
33
31
27
$710K
$705K
$705K
$690K
$692K
$673K
$672K
$656K
$660K
$659K
$645K
$650K
$633K
Mar-23
Feb-24
Mar-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
12
12.0
4+ bdrms
50
46
40
30
7.7
3 bdrms
6.6
166
30
5.2
3.9
20
11
3.2
2 bdrms
71
10
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 2 24 12.0 0 14 n/a 0 14 n/a 11 43 3.9 18 58 3.2 11 57 5.2 8 53 6.6 3 23 7.7
3
Copyright © April 8, 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 April 8, 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 - MARCH 2 0 2 4
MONTHS OF INVENTORY 7.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 52% VS 2023
▼ 5% VS 2023
▼ 5% VS 2023
▼ 34% VS 2023
There were 526 condo listings in the City of Kelowna in March, 21% above February and 52% higher than March 2023. March condo sales increased by 46% month-over-month, to 73, and were 34% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 110 345
% Change
No.
% Change
The months of inventory for condos in the City of Kelowna, at 7.2, reflected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$480 $460,511 $435,000 7.2 73 526
130% -34% 52%
$544 $471,558 $442,450 8.7 50 435
46% 21%
The condo median price in March was $435,000, a 1.7% decrease from February and 5% below March 2023. The average sold price was $460,511, 2% below last month; the average PSF sale price was $480, down 12% to last month.
$496 $483,841 $459,500 314%
-12% -2% -1.7% -17%
-3% -5% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 526
38
431
35
403
402
381
435
394
385
345
369
364
356
343
28
117
115
84
110
57
110
41
40
73
96
32
60
50
$506K
$488K
$476K
$460K
$462K
$459K
$455K
$454K
$450K
$442K
$438K
$435K
$397K
Mar-23
Feb-24
Mar-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
24+
4+ bdrms
200
18.2
150
5
3 bdrms
58
13.0
100
47
2 bdrms
5.6
50
352
4.2
2.5
0
21
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 42 236 5.6 6 109 18.2 1 39 39.0 1 13 13.0 0 7 n/a 0 28 n/a 2 5 2.5 21 89 4.2
<2 bdrms
116
Copyright © April 8, 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 April 8, 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 ●
downtown kelowna DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 13.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 43% VS 2023
▼ 33% VS 2023
▼ 13% VS 2023
▼ 41% VS 2023
There were 133 detached listings in Downtown Kelowna in March, 28% above February and 43% higher than March 2023. March detached home sales increased by 233% month-over-month, to 10, and were 41% below March 2023. The months of inventory for detached in Downtown Kelowna, at 13.3, reflected a buyers' market. The detached median price in March was $917,500, a 0.3% decrease from February and 13% below March 2023. The average sold price was $873,800, 7% below last month and down 33% to March 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$873,800 $917,500 13.3 10 133
17 93
-33% -13% 143% -41% 43%
$935,000 $920,000 34.7 3 104
-7% -0.3% -62% 233% 28%
$1,311,524 $1,050,000 547%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
133
75
118
116
111
100
114
114
109
104
93
89
83
76
20
12
17
7
6
3
10
1
17
15
31
10
9
7
29
$1.27M
$1.05M
$1.04M
$1.03M $1.02M
$920K
$918K
$901K
$865K
$825K
$799K
$728K
$650K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
40
30
20
10
3.0
2.3
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
3 9 3.0
6 14 2.3
1 45 45.0
0 23 n/a
0 12 n/a
0 14 n/a
0 5 n/a
0 4 n/a
0 7 n/a
Copyright © April 8, 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 April 8, 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 ●
downtown kelowna TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 10.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▲ 12% VS 2023
▲ 140% VS 2023
▲ 17% VS 2023
There were 72 townhome listings in Downtown Kelowna in March, 13% above February and 140% higher than March 2023. March townhome sales increased by 75% month-over-month, to 7, and were 17% above March 2023. The months of inventory for townhomes in Downtown Kelowna, at 10.3, reflected a buyers' market. The townhome median price in March was $835,000, a 17% increase from February and 12% above March 2023. The average sold price was $814,357, 16% above last month; the average PSF sale price was $444, down 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
$444 $814,357 $835,000 10.3 7 72
$498 $730,650 $742,450 500% 6 30
-11% 11% 12% 106% 17% 140%
$483 $702,875 $713,000 16.0 4 64
-8% 16% 17% -36% 75% 13%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
54
71
68
72
64
64
61
66
49
52
52
47
30
15
27
7
6
4
4
4
3
3
3
2
7
6
9
19
$950K
$925K
$900K
$890K
$855K
$835K
$825K
$812K
$800K
$742K
$715K
$713K
$700K
Mar-23
Feb-24
Mar-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.
1
8.0
4+ bdrms
7.5
12
15
6.0
6.0
5
3 bdrms
10
39
1
5
2 bdrms
20
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
0 6 n/a
1 6 6.0
2 15 7.5
3 18 6.0
1 8 8.0
0 6 n/a
0 6 n/a
0 7 n/a
Copyright © April 8, 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 April 8, 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 ●
downtown kelowna CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 11.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 59% VS 2023
▼ 12% VS 2023
▼ 12% VS 2023
▼ 45% VS 2023
There were 256 condo listings in Downtown Kelowna in March, 16% above February and 59% higher than March 2023. March condo sales increased by 21% month-over-month, to 23, and were 45% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Downtown Kelowna, at 11.1, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$489 $446,787 $432,000 11.1 23 256
$554 $510,410 $491,000 383% 42 161
-12% -12% -12% 190% -45% 59%
$611 $512,368 $463,000 11.6 19 220
-20% -13% -7% -4% 21% 16%
The condo median price in March was $432,000, a 7% decrease from February and 12% below March 2023. The average sold price was $446,787, 13% below last month; the average PSF sale price was $489, down 20% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE 256
42
224
220
220
210
212
36
205
185
182
161
177
171
165
43
43
21
29
42
21
21
19
19
15
10
23
37
25
$580K
$578K
$550K
$520K
$525K
$515K
$491K
$496K
$480K
$463K
$452K
$432K
$390K
Mar-23
Feb-24
Mar-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
24+
4+ bdrms
60
4
3 bdrms
34
40
11.0
8.1
10
2 bdrms
20
152
4.1
2.5
0
9
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 66 33.0 0 28 n/a 1 11 11.0 0 5 n/a 0 23 n/a 2 5 2.5 7 29 4.1 11 89 8.1
<2 bdrms
70
Copyright © April 8, 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 April 8, 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 ●
west kelowna DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 8.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2023
▲ 4% VS 2023
▲ 32% VS 2023
▼ 16% VS 2023
There were 294 detached listings in West Kelowna in March, 27% above February and 32% higher than March 2023. March detached home sales increased by 44% month-over-month, to 36, and were 16% below March 2023. The months of inventory for detached in West Kelowna, at 8.2, reflected a buyers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$969,903 $892,500 8.2 36 294
$874,426 $855,000 516% 43 222
11% 4% 58% -16% 32%
$943,976 $870,000 9.2 25 231
3% 3% -12% 44% 27%
The detached median price in March was $892,500, a 3% increase from February and 4% above March 2023.
The average sold price was $969,903, 3% above last month and up 11% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
298
314
295
294
67
270
292
289
266
243
222
231
206
206
38
64
63
62
56
32
31
27
43
25
21
18
36
33
31
$970K
$945K
$950K
$900K
$891K
$885K
$893K
$870K
$855K
$850K
$820K
$815K
$800K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
15.3
50
13.0
40
30
8.0
6.0
20
3.9
3.6
10
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 8 8.0
10 36 3.6
15 58 3.9
4 61 15.3
4 52 13.0
0 19 n/a
2 12 6.0
0 20 n/a
0 11 n/a
0 17 n/a
Copyright © April 8, 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 April 8, 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 ●
west kelowna TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 7.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 13% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 22% VS 2023
▼ 3% VS 2023
▼ 43% VS 2023
There were 61 townhome listings in West Kelowna in March, 24% above February and 22% higher than March 2023. March townhome sales increased by 100% month-over-month, to 8, and were 43% below March 2023. The months of inventory for townhomes in West Kelowna, at 7.6, reflected a balanced market. The townhome median price in March was $742,000, a 9% decrease from February and 6% above March 2023. The average sold price was $704,413, 12% below last month; the average PSF sale price was $361, down 0.2% 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
$361 $704,413 $742,000 7.6 8 61
14 50
-13% -3% 6% 114% -43% 22%
$362 $797,625 $815,750 12.3 4 49
-0.2% -12% -9% -38% 100% 24%
$417 $729,850 $697,500 357%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
72
36
36
63
61
61
59
33
57
64
62
53
50
49
45
41
24
21
12
14
9
8
16
4
4
4
8
10
7
$850K
$816K
$788K
$742K
$723K
$709K
$698K
$687K
$680K
$663K
$659K
$643K
$572K
Mar-23
Feb-24
Mar-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.
25
2
16.0
4+ bdrms
11
20
13.0
3
15
3 bdrms
32
10
6.0
3
2 bdrms
18
5
0.5
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 16 16.0 4 24 6.0 1 13 13.0 0 3 n/a 0 1 n/a 0 3 n/a 2 1 0.5
Copyright © April 8, 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 April 8, 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 ●
west kelowna CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 11.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 10% VS 2023
▼ 8% VS 2023
▼ 36% VS 2023
There were 80 condo listings in West Kelowna in March, 4% above February and 10% higher than March 2023.
March condo sales decreased by 13% month-over-month, to 7, and were 36% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in West Kelowna, at 11.4, reflected a buyers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$461 $484,429 $438,800 11.4 7 80
11 73
5% 12% -8% 72% -36% 10%
$385 $384,563 $399,750 9.6 8 77
20% 26% 10% 19% -13% 4%
The condo median price in March was $438,800, a 10% increase from February and 8% below March 2023. The average sold price was $484,429, 26% above last month; the average PSF sale price was $461, up 20% to last month.
$439 $431,636 $477,500 664%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
77
100
80
81
69
79
73
62
68
66
64
61
59
77
23
19
51
11
19
9
18
8
7
7
7
5
7
11
$490K
$478K
$465K
$460K
$460K
$458K
$448K
$438K
$439K
$430K
$410K
$400K
$350K
Mar-23
Feb-24
Mar-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
14.7
4+ bdrms
30
1
3 bdrms
8.3
7
20
6
2 bdrms
10
53
2.0
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 3 25 8.3 3 44 14.7 0 9 n/a 1 2 2.0
<2 bdrms
20
Copyright © April 8, 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 April 8, 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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