Kelowna Real Estate Market Update: December 2024 and 2025 Outlook for Buyers, Sellers, and Developers
As 2024 wraps up, the Kelowna real estate market shows mixed signals but optimism for 2025. Sales activity in December was 15% below the 10-year seasonal norm, with 257 sales and 371 new listings. Active inventory hit a 10-year high at 2,758 properties, providing buyers in Kelowna more choices. While home prices dropped slightly by $85,000 from last year, they remain higher than in 2022 and 2021, suggesting price stabilization in the market.
Key Market Trends for Buyers and Sellers in Kelowna
The median sale price in December was $740,000, with an average of $809,163. Homes took an average of 73 days to sell, reflecting shifts in buyer sentiment due to updated mortgage rules and lower interest rates. For buyers, this could signal an opportunity to find competitive pricing, while sellers may want to capitalize on rising inventory levels.
Opportunities for Developers and Home Builders
For developers and home builders, the Kelowna market’s rising inventory and price stabilization create opportunities, especially in infill multifamily builds. With urbanization increasing, demand for townhouses and condos is strong, making now a good time to explore new construction projects in growing neighborhoods.
2025 Market Outlook: Optimism Amid Uncertainty
Looking to 2025, Kelowna real estate remains appealing for both homebuyers and sellers, as well as developers. While some uncertainty remains due to economic and political factors in Canada, lower mortgage rates and a growing population are expected to boost demand, particularly for multifamily developments. This creates a promising environment for those considering real estate investment in the region.
Should You Buy or Sell in Kelowna Now?
For those looking to buy or sell in Kelowna, the market’s mixed signals offer both challenges and opportunities. With more inventory and stable prices, 2025 could be an ideal time to act—whether for investors eyeing new builds, or buyers looking for a competitive edge in the market.
Total Sales
Sales: 257
New Listings: 371
Current Inventory: 2,758
Median Days to Sell: 60
Average Days to Sell: 73
Months of Inventory: 11
Median Sale Price: $740,000
Average Sale Price: $809,163
Total Volume: $207,145,657
Single Family Sales
Sales: 125
New Listings: 173
Current Inventory: 1,178
Median Days to Sell: 70
Average Days to Sell: 76
Months Inventory: 9
Median Sale Price: $970,000
Average Sale Price: $1,115,264
Total Volume: $139,408,059
CLICK HERE FOR SINGLE FAMILY SALES
Townhome Sales
Sales: 40
New Listings: 50
Current Inventory: 329
Median Days to Sell: 55
Average Days to Sell: 71
Months of Inventory: 8
Median Sale Price: $645,000
Average Sale Price: $688,309
Total Volume: $27,532,360
Apartment Sales
Sales:69
New Listings: 83
Current Inventory: 597
Median Days to Sell: 58
Average Days to Sell: 65
Months of Inventory: 9
Median Sale Price: $432,000
Average Sale Price: $457,519
Total Volume: $31,568,838
CLICK HERE FOR APARTMENT SALES
Hope everyone is having a great 2025 so far. Let us know if you have any questions or topics you would like to see in any upcoming emails, we are always looking to provide as much value as possible.
Mark and Maddie Coons
778-744-0872
