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Kelowna Real Estate Market Sales Numbers April 2024
This Month’s Residential Real Estate Numbers Compared
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.
Kelowna Real Estate Market Report – in detail
- Sales Performance: Kelowna Real Estate Market total residential sales increased by a more modest 15.6% from the previous month, & 19.5% lower than in March last year.
- Pricing Trends: Median prices bounced back in all 3 major sectors last month, after the previous month’s drop.
- Inventory Levels: As expected, inventory increased in all sectors last month.
- Market Type: Sales to active listings ratio improved for Single-Family & Condos but saw a slight dip for Townhomes last month and still indicates a buyers’ market in all sectors.
- Selling Time: Single-family properties sold modestly slower, while Condos remained the same, but Townhomes sold a lot slower, up from 29 days to 39 days.
- Market Outlook: We’re witnessing an interesting duality. On the one hand, some Agents report being in multiple offer situations for aggressively priced / affordable properties. Conversely, activity on other properties was very muted, potentially indicating a mismatch between Buyer & Seller expectations and the properties currently available. This shift was echoed in the pattern of open houses, which saw a positive start to the month, but as the month progressed, Agents were reporting significantly lower footfall.
Kelowna Real Estate Sales April 2024
Compared to Last Month – Sales were up again in all major sectors.
Compared to last year – Were down in all major sectors.
Kelowna Real Estate Sales to Active Listings April 2024
Sales to Active listings – improved for Single-Family Homes and Condos, but were slightly down for Town Homes, and all remained firmly in buyer’s market territory.
Kelowna Real Estate Inventory April 2024
Single-family home inventory is currently at 1,575, up by 15.6% from 1,362 units last month, and up 50.4% from March 2023 of 1047 units, (10-year peak being 1,759 units in June 2014).
Condos – stand currently at 723 units, up 5.5% from 685 units last month and up 54.8% from March 2023 467 units (10-year peak of 755 units in June 2014).
Townhomes are currently at 392 units, up 6.2% from 369 units last month and up 40.5% from March 2023 to 279 units. (10-year peak of 444 units in April 2014).
As we head into Spring, inventory continues to rise, and the number to watch will be sales to active listings. If this percentage starts to fall, it will indicate that sales are not keeping up with listings and may cause downward pricing pressure.
Spotlight on Single-Family Homes April 2024
| Price Range ($000’s) | Months of Inventory | Current Inventory | April 2024 Sales |
|---|---|---|---|
| $400-$599K | 3 | 30 | 10 |
| $600-$799k | 4 | 110 | 28 |
| $800-$999k | 4 | 244 | 57 |
| $1,000-$1,249k | 6 | 295 | 48 |
| $1,250-$1,499k | 16 | 255 | 16 |
| $1,500-$1,999K | 23 | 255 | 11 |
| $2,000+ | 43 | 304 | 7 |
*Current inventory numbers are shown as at May 1, 2024.
The current months of inventory are holding steady, with the cheapest homes having returned to the usual low supply, and the most expensive reduced from 80 months to 43.
Actual inventory for each level is increasing, with no particular red flags, and notably, we have seen an improvement in home sales between $1m and $1,249,000 from 25 sales in March to 48 sales in April.
My thoughts on the Kelowna Real Estate Market for April 2024
- Interest Rates and their impact on affordability: The Bank of Canada’s decision to hold interest rates at 5% continues to challenge affordability in the Kelowna Real Estate market. Despite declining core inflation trends, homebuyers are still experiencing the prospect of higher mortgage payments, which is causing some to pause their plans. This financial strain is likely to continue for many following predictions that interest rates will remain elevated for most of 2024, with potential rate reductions not expected until late in the year or into 2025. One threat to rate cuts is the strength of the Canadian Dollar, which may threaten inflation – see article
- Pricing Trends: Some current list prices seem overly optimistic, and this is leading to hesitation among potential buyers, even to try offers. Given the current Kelowna is predominately a buyer’s market, these Sellers may need to realign their price expectations to achieve success this year
- Inventory Levels: Inventory levels are on the rise, and condo numbers are likely to be particularly affected as the academic year concludes at UBCO. This increase could lead to an oversupply & downward pricing pressure if the increased supply outpaces demand.
- Impact of New BC Short-Term Rental Policy: As of May 1st, 2024, the new BC short-term rental regulations take effect and while the full implications are still unfolding, early indicators suggest that some Owners are waiting to see whether any of the pending lawsuits against the Province can gain traction before they decide to sell.
- Effect of the Struggling Okanagan Economy: Economic challenges in the Okanagan region, including job market fluctuations and sector-specific downturns, are influencing the real estate market. The Okanagan is the only area of BC currently experiencing a downturn in GDP growth. This is adding to a cautious outlook from buyers and the potential to impact property values and investment returns. In reading the latest BC Real Estate Association housing forecast (see link below) they are predicting things are likely to improve later in the year.
Spring 2024 Real Estate Advice For Buyers and Sellers
- Sellers: Be very careful with your list price. While your Agent will endeavour to obtain the best market price they can for you, some Buyers are being scared off by list prices being perceived as too high.
- Buyers: Be warned, we are seeing multiple offers again on well-priced & affordable properties. While it is still a buyer’s market, and it’s ok to negotiate, don’t wait, as you might lose your dream home! If a home seems over-priced against recent sales, don’t be afraid to put pen to paper and try an offer, you just never know!
This month’s photo – Lake Okanagan view from Cedar Creek Park.
Information Links
British Columbia Real Estate April Provincial Market Report 2024 Link
Where did the Kelowna Real Estate Buyers come from in March 2024? Link
Full BC Real Estate Association Housing Forecast April 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.
