Central Okanagan / Kelowna Real Estate Market Statistics Snapshot: May 2024Central Okanagan / Kelowna Real Estate Market Report: May 2024

Stay updated on the latest Central Okanagan / Kelowna real estate trends for May 2024. Here's a comprehensive overview of the market dynamics concerning single-family homes, townhomes, and condos:

Single-Family Homes:

  • Sales Decline: There was a 26% decline in sales in May 2024 compared to May 2023, with 189 homes sold in May 2024, down from 255 in May 2023.
  • New Listings: New listings increased by 14%, reaching 594 in May 2024, up from 522 in May 2023.
  • Average Price: The average price decreased by 3% to $1,057,934 in May 2024, compared to $1,094,315 in May 2023.
  • Days on Market (DOM): The average DOM for single-family homes remained steady at 46 days in both May 2024 and May 2023.

Townhomes:

  • Sales Decrease: Sales decreased by 7% in May 2024 compared to May 2023, with 81 townhomes sold in May 2024 versus 87 in May 2023.
  • New Listings: New townhome listings rose by 36% year-over-year, with 182 in May 2024 compared to 134 in May 2023.
  • Average Price: The average price decreased by 0.4% to $700,205 in May 2024, from $703,098 in May 2023.
  • Days on Market (DOM): The average DOM for townhomes increased by 10% to 46 days in May 2024, up from 42 days in May 2023.

Condos:

  • Sales Decrease: Sales experienced a 13% decrease, with 124 condos sold in May 2024, down from 143 in May 2023.
  • New Listings: New condo listings increased by 24%, totaling 311 in May 2024, up from 252 in May 2023.
  • Average Price: The average condo price decreased by 8% to $483,880 in May 2024, from $524,882 in May 2023.
  • Days on Market (DOM): The average DOM for condos decreased by 2% to 51 days in May 2024, down from 52 days in May 2023.

For additional details, reach out to Jeff Creamer, your local Kelowna Realtor at Royal LePage Kelowna, at 250-575-7112 or via email at jeff@shopkelownahomes.com.

Check out Last Month's Central Okanagan / Kelowna Real Estate Market Statistics

Source: Association of Interior Realtors