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 ●
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