The Okanagan real estate market showed notable activity in February 2025, with increased sales volumes and transaction numbers compared to the same period last year. Both Central and North Okanagan regions experienced growth in key metrics while showing some divergent trends in pricing and market dynamics. This report examines the statistical data and provides an objective analysis of market conditions.

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Central Okanagan Market Overview

February 2025 data indicates substantial growth in sales volume despite only marginal increases in new listing activity in the Central Okanagan.

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Market Statistics

• New Listings: 1,019 new properties came to market, nearly unchanged with just a 0.39% increase from February 2024's 1,015 listings.
• Units Sold: 306 properties changed hands, representing a 14.18% increase from 268 units in February 2024.
• Sales Volume: Total transaction value reached $265,004,250, showing a substantial 41.03% increase from $187,910,921 in February 2024.
• List/Sell Ratio: Properties sold for 96.56% of list price on average, marginally up from 96.08% last year.
• Days to Sell: Properties required an average of 74 days to sell, slightly faster than the 76-day average last February.
• Active Listings: Available inventory stood at 3,520 properties, a significant 22.22% increase from 2,880 last year.

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Property Type Analysis

• Single Family Homes: 122 homes sold; average price: $1,144,973; median price: $1,047,500; 1,156 active listings.
• Condos & Apartments: 78 units sold; average price: $506,243; median price: $440,000; 699 active listings.
• Townhouses: 47 units sold; average price: $752,338; median price: $702,000; 392 active listings.
• Residential Lots: 9 lots sold; average price: $268,111; median price: $292,500; 285 active listings.

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Market Analysis

The Central Okanagan's 22.22% increase in active listings indicates expanding inventory, yet sold units only increased by 14.18%, suggesting supply is growing faster than demand. Despite this, the significant 41.03% increase in sales volume points to higher-value transactions driving market growth rather than increased overall transaction numbers. Single-family homes continue to comprise the largest segment of the market with the highest average prices.

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Absorption Rate

With 306 units sold against 3,520 active listings, the absorption rate was 8.69% in February 2025. This represents a balanced market, though tilting slightly toward buyer advantage due to expanding inventory levels.

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North Okanagan Market Overview

The North Okanagan market showed significant transaction growth in February 2025, with improved selling times but a lower list-to-sell ratio than the previous year.

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Market Statistics

• New Listings: 292 properties were listed, an 8.15% increase from 270 in February 2024.
• Units Sold: 126 properties sold, representing a substantial 21.15% increase from 104 units in February 2024.
• Sales Volume: Total sales value reached $79,826,186, up 26.04% from $63,333,984 in February 2024.
• List/Sell Ratio: Properties sold for 91.90% of list price, a noticeable decrease from 96.00% last year.
• Days to Sell: Properties took an average of 92 days to sell, a significant improvement from 113 days in February 2024.
• Active Listings: Available inventory stood at 1,146 properties, a 7.10% increase from 1,070 last year.

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Property Type Analysis

• Single Family Homes: 51 homes sold; average price: $757,567; median price: $710,000; 323 active listings.
• Condos & Apartments: 14 units sold; average price: $309,993; median price: $284,000; 69 active listings.
• Townhouses: 22 units sold; average price: $490,993; median price: $467,000; 91 active listings.
• Residential Lots: 6 lots sold; average price: $423,233; median price: $321,250; 155 active listings.

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Market Analysis

The North Okanagan's decreased list-to-sell ratio (91.90% versus 96.00% last year) indicates buyers are negotiating more successfully than in 2024, despite increased activity. The significant 21.15% increase in transaction volume combined with a 22.19% reduction in average days to sell suggests improved market liquidity, though not necessarily at sellers' desired price points.

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Absorption Rate

With 126 units sold against 1,146 active listings, the absorption rate was 11.00% in February 2025, indicating a relatively balanced market with slightly stronger buyer activity than the Central Okanagan.

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January 2025 vs. February 2025

Central Okanagan

• New Listings: Decreased by 4.14% from 1,063 in January to 1,019 in February.
• Units Sold: Increased by 12.5%, from 272 in January to 306 in February.
• Sales Volume: Increased by 25.43% from $211,278,654 in January to $265,004,250 in February.
• Days to Sell: Remained essentially unchanged, shifting from 75 days in January to 74 days in February.
• Active Listings: Increased by 8.74%, from 3,237 to 3,520.

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North Okanagan

• New Listings: Increased by 11.88% from 261 in January to 292 in February.
• Units Sold: Increased significantly by 40% from 90 in January to 126 in February.
• Sales Volume: Increased substantially by 41.5%, from $56,413,856 in January to $79,826,186 in February.
• Days to Sell: Increased slightly from 89 days in January to 92 days in February.
• Active Listings: Increased by 6.7%, from 1,074 to 1,146.

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Market Outlook

For Buyers: Growing inventory in both regions provides increased selection, though the continued rise in sales volume suggests ongoing competition for desirable properties. The North Okanagan's lower list-to-sell ratio indicates more negotiation room than in the Central Okanagan.

For Sellers: While sales activity has increased year-over-year, the growth in inventory is creating more competition among sellers. Proper pricing remains crucial, particularly in the North Okanagan where the list-to-sell ratio has decreased to 91.90%.

For Investors: The continued expansion in inventory combined with rising transaction volumes presents mixed signals. While there appear to be more investment opportunities, the divergence between sales growth and inventory growth suggests careful analysis is needed when evaluating potential returns.

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Conclusion

The Okanagan real estate market in February 2025 showed increased activity compared to both last month and February 2024. However, the data reveals nuanced conditions that differ between regions. The Central Okanagan showed stronger price resilience with a higher list-to-sell ratio, while the North Okanagan demonstrated significantly improved transaction efficiency with a larger reduction in average days to sell. The growing inventory in both regions merits ongoing attention as it could eventually impact pricing if supply continues to outpace demand.

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Source: Association of Interior REALTORS®