September 2024 Kelowna Real Estate Market Statistics: Trends for Buyers, Sellers, and Developers
The Kelowna real estate market in September 2024 shows interesting trends, especially for homebuyers, home sellers, real estate developers, and home builders focusing on infill multifamily developments.
Single-Family Homes
- Single-family homes in Kelowna made up 45% of all sales, but accounted for 64% of the total sales volume. This demonstrates the higher price points of single-family properties compared to other housing types.
- With 15 months of inventory for single-family homes, sellers may face challenges as the oversupply puts pressure on prices.
- Buyers in Kelowna looking for single-family homes could see potential price reductions if this oversupply continues.
Single Family
Sales: 122
New Listings: 486
Current Inventory: 1,889
Median Days to Sell: 42
Average Days to Sell: 58
Months of Inventory: 15
Median Sale Price: $957,750
Average Sale Price: $1,068,849
Total Volume: $130,399,600
CLICK HERE FOR SINGLE FAMILY SALES
Townhomes
- Kelowna townhome sales represented 14% of total sales and contributed 13% to the overall sales volume, indicating a more balanced market.
- With 12 months of inventory, the townhome market is slower, providing buyers with plenty of options while sellers may need to adjust expectations for faster transactions.
- Real estate developers focusing on townhome developments should monitor demand closely, as the oversupply may impact project timelines.
Townhome Sales
Sales: 39
New Listings: 135
Current Inventory: 452
Median Days to Sell: 49
Average Days to Sell: 63
Months of Inventory: 12
Median Sale Price: $662,500
Average Sale Price: $673,235
Total Volume: $26,256,180
Apartments
- Apartments in Kelowna made up 30% of total sales but only contributed 19% of the total sales volume. Apartment buyers are benefiting from affordability, and with 9 months of inventory, the apartment market remains more balanced.
- This data suggests that Kelowna apartment sales are moving faster, making it an attractive option for buyers and real estate investors.
- Home builders involved in infill multifamily projects should note the strong demand for apartments, potentially positioning themselves for quicker sales.
Apartment Sales
Sales: 82
New Listings: 188
Current Inventory: 702
Median Days to Sell: 38
Average Days to Sell: 57
Months of Inventory: 9
Median Sale Price: $458,000
Average Sale Price: $460,000
Total Volume: $37,782,662
CLICK HERE FOR APARTMENT SALES
What These Trends Mean for Kelowna Real Estate Sellers, Buyers, and Developers
- Buyers have more negotiating power, especially with an oversupply of single-family homes and townhomes.
- Sellers may need to adjust their pricing strategies to remain competitive, particularly in the single-family home market.
- Developers and home builders should pay attention to the multifamily and apartment market as it shows greater demand and movement.
Total Sales
Sales: 270
New Listings: 989
Current Inventory: 3,817
Median Days to Sell: 42
Average Days to Sell: 60
Months of Inventory: 14
Median Sale Price: $694,500
Average Sale Price: $755,329
Total Volume: $203,938,842
Key Takeaways for Kelowna Real Estate
- If you're a homebuyer or real estate investor, now may be a good time to explore Kelowna’s apartment and townhome market.
- For home sellers, particularly in the single-family home market, flexibility and strategic pricing are key to attracting buyers.
- Developers and builders focusing on infill multifamily builds may want to prioritize apartment developments due to current demand trends.
