The Okanagan real estate market in December 2024 demonstrated a mix of seasonal slowdowns and significant year-over-year growth in key metrics. Both the Central and North Okanagan regions showed resilience, underscoring their continued appeal to diverse market participants. This detailed report provides a comprehensive overview of market trends, offering critical insights for buyers, sellers, and investors.

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Central Okanagan

The Central Okanagan market displayed strong year-over-year growth in sales volume and units sold, even as it faced the expected seasonal declines in activity.

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Market Overview

• New Listings: The Central Okanagan recorded 411 new listings, a 6.75% increase from 385 in December 2023. This reflects steady seller confidence even during a traditionally slower period.
• Units Sold: A total of 276 units were sold, marking a significant 40.10% increase compared to 197 in December 2023.
• Sales Volume: Total sales volume reached $208,149,971, a 26.23% increase over $164,902,480 in December 2023. This growth indicates ongoing demand and higher-value transactions.
• List/Sell Ratio: The list-to-sell ratio stood at 94.54%, slightly lower than 95.73% in December 2023, reflecting stable yet slightly more flexible market conditions.
• Days to Sell: Properties took an average of 76 days to sell, up 19.52% from 64 days in December 2023.
• Active Listings: Active listings increased by 17.51% to 3,128, compared to 2,662 in December 2023, providing buyers with more options.

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Key Highlights by Property Type

• Residential Properties: 116 units sold; average price: $1,076,544; median price: $957,500; active listings: 1,019.
• Condos & Apartments: 69 units sold; average price: $457,519; median price: $432,000; active listings: 594.
• Townhouses: 40 units sold; average price: $688,309; median price: $645,000; active listings: 321.
• Lots: 6 units sold; average price: $312,983; median price: $288,950; active listings: 351.

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In-Depth Analysis

The Central Okanagan market continued to benefit from strong demand, with significant growth in sales volume and units sold compared to last year. The slight increase in days to sell suggests buyers are taking more time to evaluate their options amid increased inventory. Sellers, however, remain in a favorable position, particularly in high-demand property segments.

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Absorption Rate

The absorption rate for December 2024 was 8.83%, calculated as the number of units sold (276) divided by active listings (3,128). This indicates a balanced market with healthy demand relative to inventory.

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North Okanagan

The North Okanagan market showed robust year-over-year improvements in both sales volume and units sold, highlighting its growing appeal.

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Market Overview

• New Listings: 164 new listings, a 26.15% increase from 130 in December 2023.
• Units Sold: 94 units sold, a 30.56% increase compared to 72 in December 2023.
• Sales Volume: Sales volume rose significantly to $75,573,476, up 61.39% from $46,826,589 in December 2023.
• List/Sell Ratio: The list-to-sell ratio decreased to 90.08%, compared to 97.04% in December 2023, reflecting a slightly more flexible market.
• Days to Sell: Properties took an average of 102 days to sell, up from 71 days in December 2023, a 43.02% increase.
• Active Listings: Active listings increased by 4.50% to 1,044, compared to 999 in December 2023.

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Key Highlights by Property Type

• Residential Properties: 41 units sold; average price: $854,705; median price: $765,000; active listings: 284.
• Condos & Apartments: 9 units sold; average price: $363,556; median price: $330,000; active listings: 64.
• Townhouses: 14 units sold; average price: $499,786; median price: $506,000; active listings: 71.
• Lots: 2 units sold; average price: $273,000; median price: $273,000; active listings: 113.

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In-Depth Analysis

The North Okanagan market showcased a strong performance with significant growth in both sales volume and units sold. The increase in days to sell suggests buyers are taking more time to finalize transactions, likely due to increased inventory and holiday season distractions. Nevertheless, the higher sales volume indicates strong demand, particularly for higher-value properties.

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Absorption Rate

The absorption rate for December 2024 was 9.01%, calculated as the number of units sold (94) divided by active listings (1,044). This rate reflects a balanced market with steady demand.

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November vs. December 2024

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Central Okanagan

• New Listings: Decreased by 43.63% from 729 in November to 411 in December.
• Units Sold: Decreased by 17.12%, from 333 to 276.
• Sales Volume: Decreased by 26.07%, from $281,538,594 to $208,149,971.
• Days to Sell: Increased from 61 days to 76 days, a 24.59% rise.
• Active Listings: Decreased by 13.88%, from 3,637 to 3,128.

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North Okanagan

• New Listings: Decreased by 22.64% from 212 in November to 164 in December.
• Units Sold: Decreased by 26.56%, from 128 to 94.
• Sales Volume: Decreased by 10.34%, from $84,290,974 to $75,573,476.
• Days to Sell: Increased from 66 days to 102 days, a 54.55% rise.
• Active Listings: Decreased by 12.71%, from 1,196 to 1,044.

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Market Outlook

• ‍Buyers: Increased inventory and slower sales provide more options, making it a good time to explore potential deals.‍
• Sellers: Focus on pricing competitively and enhancing property presentation to attract buyers in a slower seasonal market.‍
• Investors: Strong year-over-year growth in sales volume and demand for lots indicate opportunities in residential development and long-term investments.

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The December 2024 Okanagan real estate market balanced seasonal trends with remarkable year-over-year growth. Both Central and North Okanagan regions remain appealing to buyers and investors, offering unique opportunities across property types.

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Source: Association of Interior REALTORS®