The Okanagan real estate market in January 2025 started the year with strong momentum, demonstrating notable year-over-year growth despite seasonal trends. Both the Central and North Okanagan regions experienced increases in new listings, sales volume, and active listings, making it an interesting time for buyers, sellers, and investors. This report breaks down the key statistics and insights shaping the market this month.

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Central Okanagan Market Overview

January 2025 saw substantial growth in the Central Okanagan real estate market. With a surge in new listings and increased sales activity, the region maintained a competitive landscape.

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Market Highlights

• New Listings: The Central Okanagan recorded 1,063 new listings, a remarkable 48.46% increase from 716 in January 2024.
• Units Sold: A total of 272 units were sold, marking a 24.77% increase compared to 218 in January 2024.
• Sales Volume: The total sales volume reached $211,278,654, a 25.16% increase from $168,811,034 in January 2024.
• List/Sell Ratio: Improved to 94.55%, up from 92.93% last year, signaling strong buyer engagement.
• Days to Sell: Properties averaged 75 days on the market, reflecting a 21.41% increase from 62 days in January 2024.
• Active Listings: Active inventory expanded to 3,237, representing a 26.30% increase from 2,563 last year.

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Property Type Breakdown

• Residential Properties: 107 units sold; average price: $1,025,290; median price: $955,000; active listings: 1,057.
• Condos & Apartments: 63 units sold; average price: $468,633; median price: $441,250; active listings: 627.
• Townhouses: 38 units sold; average price: $763,208; median price: $692,500; active listings: 340.
• Lots: 8 units sold; average price: $531,429; median price: $485,000; active listings: 274.

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Market Analysis

The surge in new listings suggests increased seller confidence, providing buyers with more options. The improved list-to-sell ratio and sales volume indicate sustained demand. However, the increase in average days to sell reflects a more patient buyer pool assessing their options amid higher inventory levels.

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Absorption Rate

The absorption rate for January 2025 was 8.41%, calculated as the number of units sold (272) divided by active listings (3,237). This suggests a stable market with a balanced mix of supply and demand.

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North Okanagan Market Overview

The North Okanagan market continued its upward trajectory in January 2025, with growth across most key metrics, particularly in new listings and sales volume.

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Market Highlights

• New Listings: 261 new listings, an 18.10% increase from 221 in January 2024.
• Units Sold: 90 units were sold, a 16.88% increase compared to 77 in January 2024.
• Sales Volume: The total sales volume surged to $56,413,856, up 21.93% from $46,267,602 in January 2024.
• List/Sell Ratio: Slightly decreased to 95.76%, compared to 96.80% last year.
• Days to Sell: Properties took an average of 89 days to sell, a slight decrease of 1.48% from 90 days in January 2024.
• Active Listings: Inventory increased to 1,074, reflecting a 12.93% rise from 951 last year.

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Property Type Breakdown

• Residential Properties: 44 units sold; average price: $740,129; median price: $687,450; active listings: 292.
• Condos & Apartments: 14 units sold; average price: $283,757; median price: $297,450; active listings: 109.
• Townhouses: 4 units sold; average price: $600,225; median price: $612,950; active listings: 86.
• Lots: 4 units sold; average price: $331,250; median price: $375,000; active listings: 124.

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Market Analysis

The North Okanagan saw a solid rise in new listings and sales volume, indicating strong market participation. The slight increase in days to sell suggests a stable market where properties are moving at a steady pace. The region continues to offer investment opportunities, particularly in single-family homes and condominiums.

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Absorption Rate

With 90 units sold and 1,074 active listings, the absorption rate for January 2025 stood at 8.38%, highlighting a market that remains balanced with healthy turnover.

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December 2024 vs. January 2025

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Central Okanagan

• New Listings: Increased by 158.64% from 411 in December to 1,063 in January.
• Units Sold: Increased by 34.78%, from 202 in December to 272 in January.
• Sales Volume: Increased by 21.58% from $173,782,540 in December to $211,278,654 in January.
• Days to Sell: Increased from 76 days in December to 75 days in January.
• Active Listings: Increased by 3.49%, from 3,128 to 3,237.

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North Okanagan

• New Listings: Increased by 59.14% from 164 in December to 261 in January.
• Units Sold: Decreased by 4.26% from 94 in December to 90 in January.
• Sales Volume: Decreased slightly by 0.94%, from $57,012,840 in December to $56,413,856 in January.
• Days to Sell: Decreased from 102 days in December to 89 days in January.
• Active Listings: Increased by 2.88%, from 1,044 to 1,074.

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Market Outlook

Buyers: Increased inventory levels in both regions provide more choices. However, with prices remaining stable, acting swiftly on desirable properties is advisable.

Sellers: The year-over-year sales growth and improved list-to-sell ratios indicate a favorable market. Competitive pricing and proper presentation remain crucial.

Investors: With both regions showing healthy market activity and stable prices, investing in single-family homes, condos, and development land presents strong opportunities.

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Conclusion

The Okanagan real estate market kicked off 2025 with robust activity, highlighted by rising new listings and strong year-over-year growth in sales volume. While January typically sees increased inventory, the steady demand suggests continued market confidence. Buyers have more options, sellers are seeing sustained demand, and investors can find attractive opportunities in various property types.

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Source: Association of Interior REALTORS®