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Kelowna Real Estate Market Sales Summary March 2024
Market Dynamics: Price and Inventory
Notes -:
1. Other – this figure includes Duplexes, Triplexes, Fourplexes and Manufactured Homes and not lots.
2. The Average Price shown is the latest Median Sales Price Kelowna area Residential Stats for March 2024.
3. Days on Market is the median days on the market figure.
Full Kelowna Real Estate Market Report April 2024
- Sales Performance: Total residential sales increased by 37.5% from the previous month, yet were 22.8% lower than the same period last year.
- Pricing Trends: Median prices declined in all 3 major sectors last month.
- Inventory Levels: Took a reasonable jump last month, which is to be expected as we head into spring.
- Market Type: Sales to active listings ratio improved last month but still indicates a buyers’ market in all sectors.
- Selling Time: properties sold quicker in all sectors
- Market Outlook: Showing activity at the beginning of March showed a promising improvement, and Open House activity was quite good. This tapered off towards the end of the month as potential Buyers may have focused on Easter Break, which often happens.
Kelowna Real Estate Sales March 2024
Compared to Last Month – Sales were well up in all major sectors.
Compared to last year – sales numbers were down again for Single-Family homes and Condos compared to last year, whereas Townhomes remained steady.
Kelowna Real Estate Sales to Active Listings March 2024
Sales to Active listings – improved in all major sectors, but all remained firmly in buyer’s market territory.
Kelowna Real Estate Inventory March 2024
Single-family home inventory is currently standing at 1,359, up by 22.7% from 1108 units last month, and up 31.1% from March 2023 1037 units, (10-year peak being 1,759 units in June 2014).
Condos – are currently at 683 units, up 14.4% from 597 units last month and up 33.4% from March 2023 512 units (10-year peak of 755 units in June 2014).
Townhomes are currently at 371 units, up 9.4% from 339 units last month and up 39% from March 2023 267 units. (10-year peak of 444 units in April 2014).
Inventory is continuing to rise, which is normal as we head into Spring, but insufficient to cause downward pricing pressure.
I am continuing to watch the downtown condos, where we may see higher inventory numbers due to the provincial legislation changes to the short-term rental rules in May 1 2024. Government information link
Spotlight on Single-Family Homes March 2024
| Price Range ($000’s) | Months of Inventory | Current Inventory | March 2024 Sales |
|---|---|---|---|
| $400-$599K | 14 | 35 | 5 |
| $600-$799k | 4 | 102 | 35 |
| $800-$999k | 5 | 232 | 58 |
| $1,000-$1,249k | 7 | 284 | 25 |
| $1,250-$1,499k | 16 | 244 | 13 |
| $1,500-$1,999K | 24 | 226 | 7 |
| $2,000+ | 80 | 290 | 8 |
*Current inventory numbers are shown as at April 12, 2024.
Despite Inventory numbers starting to rise, months of inventory have started to fall again for properties under $1m, and over $2m.
My thoughts on the Kelowna Real Estate Market for April 2024
- Interest Rates’ Impact: The Bank of Canada held rates again this week link. This is likely to keep some Buyers on the sidelines, with affordability concerns. At the moment, I cannot see any reason why we should not start to see Mortgage Rates start to fall in June 2024.
- Pricing Trends: I expect prices to remain stable, especially in the more affordable sectors of the market, under $1m. As we head towards summer, we could see upward pricing pressure for these properties as interest rates start to reduce. May 1, 2024, short-term rental regulations in BC could lead to increased listings, particularly for downtown Kelowna vacation condos, potentially causing downward price pressure.
- Inventory Levels: Inventory is increasing, a trend is likely to continue and is usual for the Kelowna spring market.
- Market Improvement Outlook: The early April market has been relatively slow, as buyers were sidetracked by the Easter break. But I expect the spring season to normalise & the expectation of lower interest rates should signal increased market activity as we head towards May. Nonetheless, buyers are expected to maintain their sensitivity to pricing and well-presented properties.
Current Advice For Buyers and Sellers
- Sellers: It continues to be a Buyer’s Market. Sellers need to make sure they are competitive with their pricing, flexible in negotiations, and also ensure properties are in prime condition to attract potential buyers. Now is the time to get ready to list.
- Buyers: You still have the upper hand, with the opportunity to negotiate favourable terms. However, if you are looking at the more affordable sectors of the market beware that competition and prices may become more competitive in the coming months.
This month’s photo – Wood Lake March 2024
Information Links
British Columbia Real Estate Mortgage Forecast March 2024 Link
Trish current Kelowna Listings Here
About The Author
Trish Cenci is a Residential Real Estate Agent working in Kelowna & the surrounding Okanagan Valley. Trish was born & raised in the UK, has a background in Finance and Banking, & emigrated to Kelowna in 2005. For the last 18 years, she has been building a successful Real Estate business and has established a reputation for being a highly respected & professional local Agent helping many Clients over the years and selling properties in the area. She feels passionately that clients should be well-informed, in making their Real Estate decisions, and writes regular blog posts about the local Kelowna Real Estate Market.
