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The Marshall

Luxury

REPORT | SPRING 2024

Reports with a focus on providing valuable insights into the local luxury, lakeshore, acreage, and unique property market throughout the Central Okanagan.

Welcome to the inaugural edition of the Kelowna and Central Okanagan Luxury Real Estate Market Report, a comprehensive analysis curated by Scott Marshall, the number one producing RE/MAX agent in the region.

This report aims to provide in-depth market knowledge that is not readily accessible to the public, offering a unique perspective from a top industry expert.

The Luxury Report is a dynamic document that will be regularly updated to reflect the latest trends and data, ensuring you have the most current insights at your fingertips. It includes data from nine different areas within the Central Okanagan, each featuring area-specific statistics for properties priced between $1,300,000 to $2,000,000, as well as those above $2,000,000. This detailed breakdown allows for accurate data extrapolation, essential for informed selling or purchasing decisions in the luxury market. Additionally, the report aggregates this data to provide an overall average for the Central Okanagan, enabling readers to make valuable comparisons.

In addition to detailed market analysis, this report includes relevant listings and recent sales by the Scott Marshall Homes Group, enhancing the market exposure for sellers’ listings. By leveraging the expertise of Scott Marshall and his team, this report provides invaluable information to help you navigate the complexities of the luxury real estate market in Kelowna and the Central Okanagan.

Personal Real Estate Corporation, BCOM, REALTOR® and Associate Broker RE/MAX Kelowna
#1 individual REALTOR® at RE/MAX Kelowna for 2021.

Welcome

Market Statistics

01
Central Okanagan

Central Okanagan Stats

The luxury real estate market in Kelowna and the Central Okanagan had a notably slow year in 2023, and this trend has persisted into the summer of 2024.

Properties in the $1,300,000 to $1,999,999 range and those priced over $2,000,000 have experienced varied levels of market activity, characterized by lower transaction volumes and extended days on market, reflecting broader economic challenges. Despite these hurdles, property prices have remained relatively stable, indicating strong value retention even amid reduced liquidity.

Albertans continue to be significant market participants, driven by favorable economic conditions in their home province. Their presence is evident in both showings and overall call volumes. In contrast, the Ontario buyer base has significantly diminished, with fewer transactions and reduced interest compared to previous years. Buyers from the Lower Mainland have remained consistent, focusing more on properties priced below $3,000,000, demonstrating a preference for more affordable luxury options.

The standard real estate market, encompassing standard single family homes and condos, has faced similar challenges to the luxury segment, with prolonged difficulties observed throughout 2023. That being said, the single family market sub $1,000,000 has seen the strongest sales volume of all markets in recent months with a number of homes seeing multiple offer situations again and offers being at or above listing price. We have started to see well priced attractive homes in higher luxury price points receiving offers but remain hesitantly optimistic over the summer.

Looking ahead, it is anticipated that these sluggish market conditions may persist through the remainder of 2024. A potential improvement could be seen if there are reductions in interest rates, which would likely stimulate market activity. Patience and strategic marketing will be crucial for sellers aiming to navigate this slow market. There is cautious optimism for a market revival, contingent on economic factors such as interest rate adjustments.

In conclusion, 2023 was a challenging year for the luxury real estate market in Kelowna and the Central Okanagan, and these challenges have continued into 2024. Transaction volumes are down, and properties are taking longer to sell, but prices have held steady, indicating that value remains strong. Moving forward, sellers will need to exercise patience and leverage strategic marketing to achieve successful transactions in this unique market environment. Mean while, Buyers can remain selective and look for a property that truly suites their needs, keeping in mind that unique and desirable homes in this price point are getting significant activity. There is hope that the market will see a positive turn, especially with potential interest rate decreases on the horizon.

There is cautious optimism for a market revival, contingent on economic factors such as interest rate adjustments.

Central Okanagan

$1.3M – $2M

$1,562,557

Avg Sale Price

3,492

Avg Sq.ft.

454.34

Avg Price per Sq.ft.

0.34

Avg Lot size

2004

Avg Age

59

Avg DOM

236

Total Transactions

$2M+

$2,802,458

Avg Sale Price

4,525

Avg Sq.ft.

$635

Avg Price per Sq.ft.

1.23

Avg Lot size

2007

Avg Age

65

Avg DOM

122

Total Transactions

Market Statistics

01
Upper Mission & Kettle Valley

Upper Mission & Kettle Valley

The average sale price in UM/KV is slightly higher than the Central Okanagan average, indicating a strong demand for luxury properties in this sought-after area. With daily amenities being brought to the area with the addition of the Mission Village, many families consider this to have everything they are looking for.

Upper Mission & Kettle Valley

$1.3M – $2M

$1,525,231

Avg Sale Price

3,792

Avg Sq.ft.

$402.22

Avg Price per Sq.ft.

0.38

Avg Lot size

2010

Avg Age

59

Avg DOM

49

Total Transactions

$2M+

$3,258,760

Avg Sale Price

4,982

Avg Sq.ft.

$654

Avg Price per Sq.ft.

0.57

Avg Lot size

2011

Avg Age

64

Avg DOM

25

Total Transactions

Market Statistics

01
Kelowna South/ North

Kelowna South/ North

Properties in KN/KS have an average price lower than the Central Okanagan average, reflecting the diverse range of properties. The downtown core outside of lakeshore focused properties has not yet seen significant redevelopment focused towards luxury single family homes. There is significant multi family redevelopment and older homes that land value wise hold more value for multi family properties over luxury redevelopment.

Kelowna South/ North

$1.3M – $2M

$1,617,667

Avg Sale Price

2,705

Avg Sq.ft.

$598

Avg Price per Sq.ft.

0.31

Avg Lot size

1976

Avg Age

57

Avg DOM

6

Total Transactions

$2M+

$3,012,857

Avg Sale Price

3,670

Avg Sq.ft.

$821

Avg Price per Sq.ft.

0.23

Avg Lot size

1992

Avg Age

63

Avg DOM

9

Total Transactions

Market Statistics

01
Lower Mission

Lower Mission

The LM area shows prices comparable to the Central Okanagan average, highlighting its balanced market dynamics. Being close to everything but not having view as intangible characteristic of homes means the pricing relies more heavily on build quality and square footage, this is why we see it closer correlated to the Central Okanagan Average.

Lower Mission

$1.3M – $2M

$1,589,375

Avg Sale Price

3,827

Avg Sq.ft.

$415

Avg Price per Sq.ft.

0.27

Avg Lot size

2000

Avg Age

70

Avg DOM

25

Total Transactions

$2M+

$3,128,722

Avg Sale Price

5,604

Avg Sq.ft.

$558

Avg Price per Sq.ft.

0.58

Avg Lot size

2008

Avg Age

65

Avg DOM

9

Total Transactions

Market Statistics

01
South East Kelowna/ Crawford

South East Kelowna/ Crawford

SE/CRFD stands out with higher-than-average prices, showcasing its appeal and exclusivity among luxury buyers. With significant view lots mixed in with properties that generally have larger lot sizing, buyers prioritizing privacy are willing to pay a premium to get it and that is why we see higher than average pricing in this area.

South East Kelowna/ Crawford

$1.3M – $2M

$3,293,118

Avg Sale Price

5,681

Avg Sq.ft.

$580

Avg Price per Sq.ft.

5.92

Avg Lot size

1994

Avg Age

78.42

Avg DOM

12

Total Transactions

$2M+

$1,568,562

Avg Sale Price

3,495

Avg Sq.ft.

$449

Avg Price per Sq.ft.

0.67

Avg Lot size

1994

Avg Age

55.90

Avg DOM

29

Total Transactions

Market Statistics

01
Glenmore & Dilworth Mountain

Glenmore & Dilworth Mountain

Average sale prices in GL/DM are slightly below the regional average, suggesting more competitive pricing in this suburban area. There is a significant range in the age of homes in this area which is why we see a slightly lower than average price point in this area. Close proximity to downtown while having access to all the required amenities make this a desirable location for more affordable luxury product.

Glenmore & Dilworth Mountain

$1.3M – $2M

$1,557,300

Avg Sale Price

3,824

Avg Sq.ft.

$407

Avg Price per Sq.ft.

0.24

Avg Lot size

2005

Avg Age

45

Avg DOM

23

Total Transactions

$2M+

$2,612,429

Avg Sale Price

4,929

Avg Sq.ft.

$530

Avg Price per Sq.ft.

1.07

Avg Lot size

2013

Avg Age

67

Avg DOM

5

Total Transactions

Market Statistics

01
Mckinley

Mckinley

MCKY area has higher average prices compared to the Central Okanagan, with a large portion of the homes in this area having a view, paired with the fact that many of the homes coming on market now are new as the Mckinley development enters its final phase is why we see a higher than average price point for this area.

Mckinley

$1.3M – $2M

$1,623,889

Avg Sale Price

3,121

Avg Sq.ft.

$520

Avg Price per Sq.ft.

0.34

Avg Lot size

2012

Avg Age

63

Avg DOM

9

Total Transactions

$2M+

$2,891,900

Avg Sale Price

3,041

Avg Sq.ft.

$951

Avg Price per Sq.ft.

1.79

Avg Lot size

2004

Avg Age

67

Avg DOM

5

Total Transactions

Market Statistics

01
West Kelowna

West Kelowna

The West Kelowna market reflects average prices that are consistent with the Central Okanagan, indicating stable demand across both regions. With limited luxury inventory scattered throughout West Kelowna it makes sense it would be inline with the Central Okanagan Average as it has a mix of luxury product while being slightly discounted due to location.

West Kelowna

$1.3M – $2M

$1,467,959

Avg Sale Price

3,498

Avg Sq.ft.

$420

Avg Price per Sq.ft.

0.30

Avg Lot size

2002

Avg Age

44

Avg DOM

44

Total Transactions

$2M+

$2,850,707

Avg Sale Price

4,395

Avg Sq.ft.

$649

Avg Price per Sq.ft.

0.34

Avg Lot size

2009

Avg Age

76

Avg DOM

29

Total Transactions

Market Statistics

01
Lake Country

Lake Country

LC’s luxury market shows average prices that are competitive with the Central Okanagan, pointing to its attractiveness for buyers seeking a blend of rural and upscale living. Kelowna pricing and general population growth is curating a new need for luxury product in Lake Country, something that was once reserved for properties on the lake is now blending in with single family homes with luxurious feels or larger lots and as a result it is becoming more and more competitive from a pricing perspective with other areas in the Central Okanagan

Lake Country

$1.3M – $2M

$1,597,730

Avg Sale Price

3,266

Avg Sq.ft.

$489

Avg Price per Sq.ft.

0.32

Avg Lot size

2013

Avg Age

75

Avg DOM

31

Total Transactions

$2M+

$2,658,333

Avg Sale Price

4,518

Avg Sq.ft.

$588

Avg Price per Sq.ft.

0.37

Avg Lot size

2015

Avg Age

81

Avg DOM

6

Total Transactions

Market Statistics

01
Black Mountain

Black Mountain

The Black Mountain area has lower than average luxury pricing, this can be attributed to its geographical location, the range of home ages, and luxury product being focused towards affordability with a disproportionate amount of suites being incorporated into homes. However, it continues to see price appreciation as more amenities come to the area as it boast very close proximity to Big White amongst other recreational activities and has a number of view lots.

Black Mountain

$1.3M – $2M

$1,515,299

Avg Sale Price

3,903

Avg Sq.ft.

$388

Avg Price per Sq.ft.

0.22

Avg Lot size

2019

Avg Age

60

Avg DOM

20

Total Transactions

Featured Listings

02
Featured Listings

Featured

Listings

Featured Listings

02
5774 Deadpine Drive, Kelowna

Featured Listings

02
5720 Upper Booth Road, Kelowna

Featured Listings

02
10833 Hare Road, Lake Country

Featured Listings

02
1518 Marble Ledge, Lake Country

Featured Listings

02
1276 Nishi Court, Kelowna

Notable Sales

03

Are you looking for your dream luxury home? We can help.

The Marshall Reports

Reports with a focus on providing valuable insights into the local luxury, lakeshore, acreage, and unique property market throughout the Central Okanagan.

Why Work

With Us

$150M

Total sales volume since 2020

180+

transactions since 2020

3

agents

80+

active listings

The Scott Marshall Homes Group is a sophisticated group of high-producing agents at RE/MAX Kelowna, the #1 producing RE/MAX office in British Columbia.

The production and marketing expertise of the Scott Marshall Homes Group speaks for itself. In his earlier years as an independent agent, Scott Marshall was the #1 producing agent at RE/MAX Kelowna across its 200+ agent office for multiple years, the #2 producing RE/MAX agent in BC, and was ranked in the top 100 agents in the world for RE/MAX across its 144,000+ agents. Since then, Scott began growing his team organically.

Now, with multiple high-producing agents that mirror the success of his individual success, their team has produced hundreds of millions of dollars in sales volume, and have created some of the most effective and irreplaceable marketing platforms in the industry. Being part of the fifth generation of his family to call the Okanagan home, the Marshall family has a proud history in real estate and farming dating back to 1911; Scott knows the area like the back of his hand and every possible detail that is relevant to a potential transaction in the Okanagan. A large percentage of his business comes through repeat business and the referrals of satisfied clients.

Awards

Awards

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* 2022 – RE/MAX Canada

Contact

Scott Marshall and his team are happy to assist in any way possible on the potential purchase or sale of any property here in the Okanagan Valley. With a history dating back to 1911, we know the area like the back of our hands.

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