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 ●
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