Kelowna Market Update

As 2024 wrapped up, the Kelowna real estate market showed clear signs of stability, setting the stage for a potentially balanced and opportunity-filled 2025. Here’s a closer look at what the latest data means for buyers and sellers—and how you can take advantage of these trends.

What December's Numbers Say

  • Sales Activity: December saw 716 residential sales across the region—a typical seasonal dip from November but a remarkable 30.7% increase compared to December 2023.
  • Inventory Growth: New listings rose by 7.9% year-over-year, with 928 properties added in December. Active inventory jumped 14.1%, offering buyers more options than we’ve seen in years.
  • Price Shifts:
    • Single-family homes showed steady price growth across all regions.
    • Condos and townhomes, however, saw mixed results, with condo prices dropping by 9.2% in the South Okanagan, creating potential bargains for buyers.

Actionable Insights for Buyers

  1. More Choices, Less Pressure
    With inventory on the rise, buyers may finally have room to breathe. More listings mean less competition and greater negotiation power—especially in the condo market, where prices are trending downward.
  2. Timing is Key
    If you’re considering a purchase, now is an excellent time to take advantage of lower prices before the spring market gains momentum. At Goldilocks Estates, we’re here to help you every step of the way—from narrowing your options to finding the perfect home and negotiating the best deal for you.

Actionable Insights for Sellers

  1. Leverage the Momentum
    December’s strong finish shows buyer demand remains robust, especially for single-family homes. If you’ve been considering selling, listing early in the year could allow you to capitalize on this demand before inventory rises further.
  2. Stand Out in a Growing Market
    With inventory increasing, it’s crucial to make your property shine. This means professional staging, high-quality photography, and competitive pricing. A REALTOR® can help craft a strategy that highlights your home’s unique appeal.

Looking Ahead: Opportunities in 2025

While it’s still early, December’s data suggests that 2025 could bring more balance to the market. This shift benefits both buyers and sellers:

  • For Buyers: A growing inventory may keep prices stable, offering more opportunities to find your dream home.
  • For Sellers: Strong demand in key segments, like single-family homes, continues to support competitive pricing.

Plan Your Next Move

Whether you're buying, selling, or just exploring your options, understanding the latest market trends can help you make confident decisions.  At Goldilocks Estates, we focus on making your experience just right. Whether you’re buying your first condo, selling your family home, or simply exploring your options, we’ll guide you every step of the way.

Ready to take the next step? Contact us today to discuss your goals and create a personalized strategy that works for you.

Warm regards,

Posted by Gillian Krol Personal Real Estate Corporation on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.