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 ●
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