Central Okanagan / Kelowna Real Estate Market Report: August 2024
Stay informed with the latest Kelowna real estate market trends for August 2024. Discover key insights into single-family homes, townhomes, and condos in the Central Okanagan real estate market:
Single-Family Homes
- Sales: Sales of single-family homes dropped by 8% in August 2024 compared to August 2023, with 152 homes sold versus 165 in the previous year.
- New Listings: New single-family home listings increased by 10%, reaching 425 in August 2024, up from 388 in August 2023.
- Average Price: The average home price fell by 4% to $1,031,685 in August 2024, down from $1,068,701 in August 2023.
- Days on Market (DOM): Homes stayed on the market 27% longer, with an average of 57 days in August 2024 compared to 45 days in August 2023.
Townhomes
- Sales: Sales of townhomes decreased by 24%, with 45 townhomes sold in August 2024, compared to 59 in August 2023.
- New Listings: New townhome listings grew by 14%, reaching 126 in August 2024, compared to 111 in August 2023.
- Average Price: The average townhome price slightly decreased by 0.6% to $717,399 in August 2024, down from $721,636 in August 2023.
- Days on Market (DOM): The average DOM for townhomes decreased by 6%, with properties selling in an average of 45 days in August 2024, down from 48 days in August 2023.
Condos
- Sales: Condo sales dropped by 23%, with 77 units sold in August 2024, down from 100 in August 2023.
- New Listings: New condo listings rose by 14%, totaling 210 in August 2024, compared to 185 in August 2023.
- Average Price: The average condo price increased by 3%, reaching $460,565 in August 2024, up from $447,950 in August 2023.
- Days on Market (DOM): The average DOM for condos increased by 18%, with properties staying on the market for an average of 59 days in August 2024, compared to 50 days in August 2023.
For more information or guidance on Kelowna real estate, contact Jeff Creamer, your local Kelowna Realtor at Royal LePage Kelowna. Call 250-575-7112 or email jeff@shopkelownahomes.com for personalized real estate advice.
Check out Last Month's Central Okanagan / Kelowna Real Estate Market Statistics
Source: Association of Interior Realtors