Kelowna & Central Okanagan Real Estate Market Update | February 2024 Edition

Hey Everybody!

I’m thrilled to be back with another real estate market report for Kelowna and the Central Okanagan, diving into the latest stats for January 2024. Let’s take a closer look at what’s been happening in our vibrant market.

Market Overview

As anticipated, the market has begun to regain momentum after a period of adjustment. Inflation in Canada has seen a slight uptick, reaching 3.40%. In response, the Bank of Canada has maintained interest rates at 5%, with experts predicting potential rate cuts in April.

Sales Performance

In the Central Okanagan, absorption rates have held steady at 8.3%, indicating a healthy level of activity. January saw a surge in sales, with 218 transactions recorded. This marks a 9.6% increase from December and an impressive 25.2% surge compared to the same period last year.

Pricing Trends

Notably, the overall average sales price has risen by nearly 4% to $741,685. However, condos, townhouses, and single-family homes have seen minimal fluctuations in their average prices over the last month.

Listing Activity

Listing activity has seen a substantial increase of nearly 20% compared to last year, with a current count of 2,602 listings. Properties are spending an average of 75 days on the market, representing a 7.4% decrease from the previous year.

Market Outlook

As mentioned in our previous report, the market likely reached its low point in December or January. As we transition into 2024, signs of improvement are already evident, with this trend expected to amplify as we approach the bustling Okanagan Spring Market.

For those considering real estate transactions, acting swiftly before an increase in competition floods the market may be advantageous for both buyers and sellers.

If you prefer a visual overview of these stats, be sure to check out my full video breakdown below. And as always, if you have any questions or need assistance navigating the market, don’t hesitate to reach out.

Whether you’re buying, selling, or simply curious about the market, staying informed is key. Make sure to watch my latest YouTube videos where I break down the buying and selling process into 10 simple steps each.

Thank you for tuning in to this month’s market update, and I look forward to assisting you with all your real estate needs in 2024!

If you have any questions or need assistance with your real estate journey, feel free to contact me anytime.