Open House Saturday 12 Noon-2pm
January 17, 2024
Just Listed in Kelowna’s Glenmore
January 23, 2024
The Central Okanagan real estate market in Kelowna, BC, experienced various trends throughout 2023 and for December 2023. Here are some key highlights:
SINGLE FAMILY HOMES: Single family homes fluctuated throughout the year, only slightly peaking in spring and early summer. Overall sales dropped -15% compared to 2022, and average prices dropped -7% from last year to $1,065,760. December inventory was up +30% from December 2022, however, overall listing inventory was down -8% for the year. At the end of the 2023 there were 4,635 homes on the market.
CONDOS: Condo sales were down nearly -20% in 2023, and were the lowest we’ve seen in December 2023 with only 45 condos sold last month. Average prices dropped -10% (to $494,801)and we are anticipating that prices will drop further in 2024 and that condo inventory will peak with the new Government short term rental legislation coming into effect this year, and landlords deciding not to put their units into long term rental inventory.
TOWNHOMES: Townhome sales volume also dropped -15% from 2022. The average sale price of townhomes was fairly steady throughout the year, but ended at $711,640 (-5% from 2022). Inventory is -2% from the previous year.
OVERALL MARKET TRENDS: The region experienced a notable slowdown in December 2023 due to persistently high-interest rates. The market slowdown was more pronounced than typical seasonal variations, partly attributed to potential buyers and sellers waiting for a potential decrease in mortgage rates in the upcoming year. External factors like multiple interest rate hikes in 2023, wildfires, and a lack of affordable housing contributed to the subdued market activity in the year.
Have questions, or want to talk about getting your Kelowna or West Kelowna home ready for sale, or finding your next dream home? With 18-years of real estate experience here in the Okanagan, Jaime Briggs and Leon Gaba from the Briggs On Homes Real Estate team are ready to help you with your real estate goals for 2024. Give them a call at 250-215-0015, or go to www.BriggsOnHomes.com
