the kelowna rennie advance | July 2024

the kelowna rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE CENTRAL OKANAGAN

published July 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in the Central Okanagan. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Copyright © July 2, 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 July 2, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere344 M LS salesin theCentralO kanagan in June,a14% m onth-over-m onth decline, which farsurpas ed thetypical4% M ay-to-Junedeclinefortheregion.D etached hom esaleswere down theleastfrom M ay(-4% to191 sales),whiletownhom esalesdeclined 23% to59 and condo salesdeclined 26% to93. • Salesweredown 34% relativeto theprior10-yearJuneaverage(of521 sales)to m ark theslowest Junesince2011 (308).D etached salesled thewayat35% below average,folowed bytownhom e salesat34% below and condosalesat30% below. • Year-to-datesalesfortheregion,at1,822,weredown 16% from thefirstsixm onthsof2023 (2,182 sales)and 29% below theprior10-yearaverage(2,566).O nlythepandem icyearof2020 saw fewersalesthrough thefirstsix m onths,at1,764,which wasjust3% fewerthan thisyear.

CENTRALOKANAGAN THERENNIEADVANCE sales

JUNE 2024

500

- 22% vsJun 2023

400

300

296 10 yrJun Avg

200

191

DETACHED sales

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 35% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 30% vsJun 2023

200

150

89 10 yrJun Avg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 34% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 33% vsJun 2023

300

250

200

133 10 yrJun Avg

150

100

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 30% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

Copyright© July3,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly3,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • TheCentralO kanagan’s1,108 new M LS listingsin Juneeclipsed the1,000-m arkforthefourth consecutivem onth.Thiswasa4% declinem onth-over-m onth,which wasroughlyin linewith the typical3% M ay-to-Junedecline. • N ew listingsactivitywas17% abovetheprior10-yearJuneaverage(945 listings),with new townhom elistingsthefurthestaboveaverage(+31% to185),folowed bynew detached listings (+16% to652)and new condolistings(+14% to267). • June’snew listingsbeing4% higherthan 12 m onthsearlierwasdriven bytownhom es,which were up 30% from June2023.N ew listingsfordetached hom esand condoswererelativelyflat year-over-year.

CENTRALOKANAGAN THERENNIEADVANCE new listings

JUNE 2024

800

- vsJun 2023

700

600

652

500

400

562 10 yrJun Avg

300

200

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 16% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 30% vsJun 2023

300

250

200

185

141 10 yrJun Avg

150

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 31% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 0% vsJun 2023

300

250

267

200

235 10 yrJun Avg

150

100

CONDO new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 14% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • A ctiveM LS listingseclipsed the3,000-m ark forthefirsttim ein nearly 11 yearsto reach 3,150 in June.ThiswasthehighestlevelsinceAugust2013 (3,185 listings)and 42% abovetheprior 10-yearJuneaverage(2,214). • In justoneyear,inventorylevelshaverisen nearly50% (from 2,121 listingsin June2023). Townhom eand condoinventorywereboth up 56% year-over-year(to455 and 795,respectively), whiledetached hom einventorywasup 44% (to1,850). • Al hom esegm entswerebuyers’m arketsin June,with 9.2 m onthsofinventory(M O I)acros the region.Thedetached hom esegm enthad an M O Iof9.7 (from 8.5 lastm onth),folowed bycondos at8.5 (from 6.0)and townhom esat7.7 (from 5.4).

CENTRALOKANAGAN THERENNIEADVANCE inventory

JUNE 2024

+ 44% vsJun 2023

1,000 1,250 1,500 1,750 2,000

1,850

1,314 10 yrJun Avg

250 500 750

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 41% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

600

+ 56% vsJun 2023

500

400

455

300

321 10 yrJun Avg

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 42% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

800

+ 56% vsJun 2023

795

700

600

500

400

553 10 yrJun Avg

300

200

CONDO inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

+ 44% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • O n am onth-over-m onth basis,m edian sold pricesin theCentralO kanagan (averaged acros hom e types)roseo.3%.Them edian sold pricefortownhom eswasup 1.6% (to$711k),folowed bya 1.0% increase(to$995k)fordetached hom es.In contrast,them edian sold priceforcondoswas down 1.7% (to$443k)m onth-over-m onth. • O n ayear-over-yearbasis,m edian sold pricesw ereup 0.3% (averaged acros hom etypes).M edian detached pricesand m edian townhom epriceswereup 3% and 2% ,respectively,whilem edian condo pricesweredown 4% year-over-year. •

CENTRALOKANAGAN THERENNIEADVANCE median prices

JUNE 2024

$1,200,000

Central Okanagan

$1,000,000

$995,000

$800,000

$600,000

+ 3% vsJun 2023

$400,000

DETACHED median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

$1,000,000

Central Okanagan

$800,000

$711,000

$600,000

$400,000

+ 2% vsJun 2023

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

$600,000

Central Okanagan

$500,000

$442,500

$400,000

$300,000

- 4% vsJun 2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

Copyright© July3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly3,2024.Aldatafrom As ociationofInterior REALTORS® & Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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