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Kelowna’s Hottest Neighbourhood’s

The story of this year is the increase in inventory and now teetering with the highest amount of single-family inventory we have ever seen; the laws of supply and demand could be coming into effect, but are they? We are going to uncover this on an area by area basis this week.

It's clear that certain Kelowna neighborhoods are seeing significant activity in the single-family home sector. While total sales are trending slightly slower than last year, with 842 sales so far, some areas like Lakeview Heights and Upper Mission are showing impressive resilience and demand.

For the single-family homes certain neighbourhood’ s are pulling their own weight in terms of total sales, ranking the number of sales based on the areas.

When looking at the total sales this is a good indicator so far in 2024 when the demand has been. Seemingly always at the top of the list Lakeview Heights has had 67 sales this year and is on pace to meet last years targets of 144.  Upper Mission, however, seems to have seen an uptick in sales this past year.

With fifty-eight sales so far, they are currently on pace to surpass 2023’s total sales of one hundred. But the area that to me is the most surprising is the Rutland South neighbourhood currently with the three highest number of sales at 57 in 2024 they are already 72 percent of the way to last year’s total sales of 79.

This year has not been shy of government regulatory changes like small scale multi-unit housing, short term restrictions, capital gains changes and flipping taxes. Asides from interest rates, this year has been tough to predict as demand in each neighbourhood seems to be responding differently than others. This real estate market is one of the toughest to predict based on those changes, every consumer is responding differently.

But as we see the effect of supply and demand the home prices there has been an overall softening in the single-family home market in terms of pricing, but there are areas where prices have been impacted more than others. As we look at the comparisons so far in 2024 and compared with the entire 2023 not all areas are seeing the same trends, some are increasing in average price point while some are the same as last year or even some are decreasing.

Despite the average sale price for single family homes right now is sitting at $1,079,000which is down from $1,227,650 in 2022 and $1,142,728 in 2023 (see info graphic above for average price point by area for 2023). Hack- Screenshot it and save the image if you are home searching right now-this will give you a  good baseline on area prices and current trends and an easy reference.

Although we don’t have a full year of data to compare with the sale prices, and seasonality does play a role in home sales and average price points, it may not be a complete apples to apples approach when looking at the prices, however, an indication and trend of what’s happening despite so many external factors asides from interest rates.

Let me know what I missed and what questions you have on the real estate market for future emails.  We do customize our data for each individual and can send out an personally curated report.

If you are interested to see where your home stacks up or what home prices are doing where you are looking to move to, please reach out and we are happy to help.

Until Next Week. Have a great week!

Mark Coons Maddie Coons and Britany Cam

Selling Kelowna Real Estate Group


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