The Okanagan real estate market demonstrated significant activity in March 2025, reflecting typical seasonal trends with increased sales and listings compared to the previous month, and notable year-over-year changes. Both Central and North Okanagan regions saw growth in transaction volume and units sold compared to March 2024, though inventory levels also continued to climb. This report examines the statistical data from March 2025 and provides an objective analysis of market conditions.

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Central Okanagan Market Overview

March 2025 data for the Central Okanagan shows a strong increase in sales volume and units sold compared to last year, alongside faster selling times, even as active inventory grew. New listings saw a slight decrease compared to March 2024.

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Market Statistics

• New Listings: 1,335 new properties came to market, a decrease of 4.78% from March 2024's 1,402 listings.
• Units Sold: 370 properties changed hands, representing a 10.78% increase from 334 units in March 2024.
• Sales Volume: Total transaction value reached $320,034,845, showing a substantial 24.74% increase from $256,567,954 in March 2024.
• List/Sell Ratio: Properties sold for 97.03% of list price on average, up from 95.77% last year.
• Days to Sell: Properties required an average of 63 days to sell, slightly faster than the 66-day average last March.
• Active Listings: Available inventory stood at 3,932 properties, a significant 16.61% increase from 3,372 last year.

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Property Type Analysis

• Single Family Homes (Excluding lakefront and acreages): 149 homes sold; average price: $1,117,815; median price: $1,025,000; 1,359 active listings.
• Condos & Apartments: 92 units sold; average price: $443,684; median price: $414,000; 803 active listings.
• Townhouses: 61 units sold; average price: $750,493; median price: $720,000; 423 active listings.

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Market Analysis

The Central Okanagan's 16.61% year-over-year increase in active listings indicates a continued expansion of inventory. However, the 10.78% increase in units sold, coupled with a faster average selling time (63 days vs 66) and a higher list-to-sell ratio (97.03% vs 95.77%), suggests demand kept reasonable pace. The significant 24.74% increase in sales volume, outpacing the rise in units sold, points towards higher-value transactions or appreciating prices driving market growth. Single-family homes remain the dominant and highest-priced segment.

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Absorption Rate

With 370 units sold out of 3,932 active listings, the absorption rate in March 2025 was 9.41%, indicating a buyer’s market. However, improved selling times and a stronger list-to-sell ratio suggest conditions may be shifting compared to last year.

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North Okanagan Market Overview

The North Okanagan market experienced robust growth in listings, sales, and transaction volume in March 2025 compared to the previous year, although properties took longer to sell on average.

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Market Statistics

• New Listings: 465 properties were listed, a significant 24.66% increase from 373 in March 2024.
• Units Sold: 138 properties sold, representing a substantial 31.43% increase from 105 units in March 2024.
• Sales Volume: Total sales value reached $88,854,235, up 28.17% from $69,324,279 in March 2024.
• List/Sell Ratio: Properties sold for 96.88% of list price, a marginal decrease from 97.00% last year.
• Days to Sell: Properties took an average of 80 days to sell, an increase from 70 days in March 2024.
• Active Listings: Available inventory stood at 1,297 properties, a 6.31% increase from 1,220 last year.

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Property Type Analysis

• Single Family Homes (Excluding lakefront and acreages): 60 homes sold; average price: $743,483; median price: $700,000; 384 active listings.
• Condos & Apartments: 16 units sold; average price: $354,269; median price: $307,650; 77 active listings.
• Townhouses: 20 units sold; average price: $581,068; median price: $583,750; 110 active listings.

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Market Analysis

The North Okanagan saw strong year-over-year increases in market activity, with new listings up 24.66% and units sold surging by 31.43%. The sales volume increase of 28.17% lagged slightly behind the unit sales increase, suggesting average sale prices saw less upward pressure compared to the Central Okanagan. A key indicator is the increase in average days to sell (80 vs 70 days last year), suggesting that while more deals are happening, the increased inventory and new listings are extending transaction times compared to 2024. The list-to-sell ratio remained relatively stable.

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Absorption Rate

With 138 units sold out of 1,297 active listings, the absorption rate in March 2025 was 10.64%, indicating a buyer’s market. However, compared to the Central Okanagan, buyers may have slightly more leverage due to the increased days on market.

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February 2025 vs. March 2025

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Central Okanagan

• New Listings: Increased significantly by 31.01% from 1,019 in February to 1,335 in March.
• Units Sold: Increased by 20.92%, from 306 in February to 370 in March.
• Sales Volume: Increased by 20.77% from $265,004,250 in February to $320,034,845 in March.
• Days to Sell: Decreased notably by 14.86%, from 74 days in February to 63 days in March.
• Active Listings: Increased by 11.70%, from 3,520 to 3,932.

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North Okanagan

• New Listings: Increased substantially by 59.25% from 292 in February to 465 in March.
• Units Sold: Increased by 9.52% from 126 in February to 138 in March.
• Sales Volume: Increased by 11.31%, from $79,826,186 in February to $88,854,235 in March.
• Days to Sell: Decreased by 13.04%, from 92 days in February to 80 days in March.
• Active Listings: Increased by 13.18%, from 1,146 to 1,297.

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Market Outlook

• For Buyers: Inventory grew both year-over-year and month-over-month in both regions, providing more options. However, the month-over-month increase in sales and decrease in selling times, particularly in the Central Okanagan, indicate the spring market is active, and competition persists for well-priced properties. The North Okanagan shows high activity but slower year-over-year selling times, potentially offering slightly more negotiation time.
• For Sellers: March brought increased activity compared to February, a positive sign. However, the simultaneous rise in inventory means competition remains high. Accurate pricing is crucial. Central Okanagan sellers benefited from faster sales compared to both last month and last year. North Okanagan sellers saw strong demand (high unit sales growth YoY) but should be aware of the longer average selling times compared to March 2024.
• For Investors: The combination of rising inventory and robust sales volume signals an active market. Central Okanagan continues to show relative price strength and faster transaction times. North Okanagan displays high transaction volume but requires attention to the longer selling periods compared to last year. Careful property-specific analysis remains essential.

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Conclusion

The Okanagan real estate market in March 2025 showed clear signs of the typical spring market acceleration, with activity metrics up notably from February and showing significant year-over-year growth in sales volume and units sold. The Central Okanagan market demonstrated faster selling times compared to both the previous month and March 2024, alongside a strong list-to-sell ratio. The North Okanagan experienced substantial increases in listings and sales year-over-year, though average selling times increased compared to March 2024. Growing inventory across both regions remains a key characteristic, suggesting a balanced market dynamic heading further into spring.

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Source: Association of Interior REALTORS®