January 2024 Market Updates

Roundup for the Month of January

For the week ending January 28 2024 our market produced another 27 residential sales. Of note there were eight sales in Rutland and two more in Black Mountain. The west side of the lake was quiet last week with only three sales so look for a big bounce back week from the west side. The average sale price last week was $967,000 and the median sale price was $870,000. This is an increase from the 17 homes sold last week and 19 home sales for the same week last year. Progress is progress I suppose.

We will have more to report next week with the monthly wrap up but we’ve gotten off to a better start than last year so we’re heading into February cautiously optimistic.

Week ending Jan 21 2024

For the week ending January 21 2024 Kelowna realtors reported 17 residential sales at an average price of $1,062,000. Of note, a home in Highpoint in Glenmore sold for close to $3 million while at the other end of the spectrum where us normal people live and breathe a home on Dell Rd in Rutland South sold for just under $700,000. This is a fully detached 1970s (approx) home which seems like a phenomenal price for such a good neighbourhood. It sold as soon as it hit the market.

A Ray of Sunshine

Week ending January 14 2024

Recently this has been the place to come for doom and gloom if you’re looking for booming housing numbers but this week there’s a slight ray of sunshine. Sure, it’s still only mid January but we’re building a bit of momentum. Not enough, but still we’re moving in the right direction.  

Another blue collar workmanlike week put in last week with a not-too-bad 22 residential sales reported which is up from the 12 recorded the previous week. This is also up from the 19 recorded for the same week last year.  The average sale price last week was $939,100 which is a good number for this time of year. With 6 homes selling in the affordable(ok, sort of affordable) communities of Glenrosa and Rutland it kept the average sale price reasonable. 

Same on the condo-apartment side of the ledger. Our market posted 12 sales at an average of $703,000. This is up slightly from the 11 the previous week and over double the 5 for the same week in 2023. The average price was skewed way too high due to high end units selling in The Madison, One Water, West Avenue Lofts and one in Sunset Waterfront Resort. I wouldn’t read too much into the average last week. It might even be AirBnB sellers bailing out early, anticipating price drops. We just don’t know yet.

We’re allowed to to be a little optimistic once in a while as long as we remain grounded in the fact that it’s still too early to guess about what’s to come later this spring but so far so good. Will all the above numbers be higher than what I expected them to be? We’re building a good foundation early. We’re a little troubled with January’s inflation numbers but only a little. Thanks for reading.

This is up slightly from the 16 homes sold the same week in 2023 and down from the 22 sold last week. Year to date we sold 46 homes at this early point in the calendar last year compared to 51 this year. We would all prefer these numbers to be higher but it’s something we can work with.

There were 11 apartment sales last week, which is marginally down from the 12 we reported last week and the 13 reported for the same week last year. The busiest and most active part of our market last week was downtown with 3 sales recorded on Sunset, St. Paul and Ellis. We currently have 483 apartments for sale in our marketplace and 1,036 residential homes.

There were 12 apartment sales last week. Nothing really stood out last week in terms of emerging trends. A two-bedroom, two-bathroom unit on Bertram sold for $340,000 and a two-bedroom unit in Meadowbrook sold for $587,000.

It’s the same story here with apartment numbers. January 2024 looks like it will be better than January 2023 so we’re feeling a little better about things early in the year.

Switching gears, Kierra and I are training for the Vancouver Marathon in early May. I’m hoping to finish sometime under 5 hours, and Kierra hopes to be under 3:45. If you’re looking for early morning running, please reach out if you want to run along with us.

The first week of 2024 is done and dusted, and we can report 102 residential sales price of 1,080,000. The upper end of the market helped keep the average price over a million, with 7 homes selling at or over $2 million.

Another 35 homes sold under $800,000.
Rutland accounted for 21 of the sales.
Glenmore posted 6 transactions
Wilden recorded 1 sale.

If we simply backed the seven homes that sold for $2 million dollars out of the equation the median sale price would be a somewhat affordable $875,000.

Rutland South's average sale price is $780,000, which seems within reach for someone selling an apartment or townhouse with a little bit of equity. Yes, interest rates remain high, and prices appear to have stabilized for the time being. There are no early 2024 signs of price increases. It's still early, though.

We’re considerably further ahead from where we were this time last year when we recorded 73 home sales in January 2023. We’re also showing an increase from the 93 sales recorded in December 2023.

In summary, it’s too early to celebrate anything, but we certainly appear to be building momentum at a critical time in the real estate cycle. The Spring market is right around the corner and things are looking brighter than just a few months ago.

Andrew Smith
Royal Lepage Kelowna
Lifetime Award of Excellence
Toll Free 1-877-330-5884
Real estate photo
Kierra Smith,
Royal Lepage Kelowna
2x Olympian

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