Blog > October 2024 - Kelowna Real Estate Market Stats

October 2024 - Kelowna Real Estate Market Stats

by Mark Jontz

October typically sees a slowdown as we move into the winter months, but this year has been an exception, with activity picking up significantly.

Notably, there were 10 vacant lot sales, which is unusually high for this time of year. This suggests that home builders are gaining confidence in the market and are taking advantage of lower interest rates.

Overall, we're starting to see a shift in sentiment, with signs that the tides are starting to turn. Inflation has dropped to 1.6%, and interest rates have fallen by another 0.5% (50 basis points).

With these positive shifts, buyers appear to be regaining confidence as we move into the later months of 2024 and into 2025.

Single Family Homes

Sales jumped significantly for the month of October while new listings slowed, causing upward pressure on home prices. The average price of a single family home increased to $1,191,770 - up 9% from just a month before. Months of inventory dropped from 15 months to 8 months compared to a month before.

Townhomes

Townhome prices bumped back up this month, after dropping a bit in months prior. The average price of a townhome in Kelowna currently sits at $725,730. Listing activity is keeping steady which should balance the demand in this area. We currently have 7 months of inventory in the townhome market.

Condos

The average price of a condo in Kelowna currently sits at $509,137 - an increase of 11.7% from a month ago. Buyers seem to be aiming for larger square footage in the condo market. There is just 7 months of inventory in the condo market.

October 2024 - Kelowna Real Estate Market Stats

Single Family Homes

Townhomes

Condos

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