January Real Estate Update
Okanagan Real Estate Market Update – A Look Back at 2024 and What’s Ahead for 2025
Hope everyone had a wonderful relaxing holiday season.?The Okanagan real estate market experienced notable challenges in 2024, with sales activity?dropping to levels reminiscent of the 2008 financial crisis. Despite these headwinds, property values showed remarkable resilience, with some sectors even achieving growth. This raises the pressing question: Have we reached the bottom of the market?
A Boost in December Sales
In December,?sales surged by over 40%, largely driven by a drop in interest rates that bolstered buyer confidence. This promising trend offers hope for continued recovery in 2025 as we look ahead to a potentially more active market.
How Did Prices Perform Across BC?
According to the BCREA,?the average price in BC increased by 5.6% in December 2024?compared to the previous year.?However, the Okanagan saw a -2.4% dip in its average price, contrasting with gains in regions like:
-Kootenays:?+18.3%
-Fraser Valley:?+10.5%
-Greater Vancouver:?+2.8%
-Victoria:?+0.9%
Interestingly, while average prices declined in the Okanagan, the?benchmark price—reflecting the value of a typical home adjusted for attributes such as size, location, and features—rose by over 5%. This highlights the nuanced nature of market statistics and their varying calculations.
Days on Market and Luxury Listings
In December, homes in the Okanagan lingered on the market longer:
-Kelowna:?108 days
-Lake Country:?117 days
-Vernon:?123 days
The most expensive luxury listings within the last 30 days are:
-Vernon:?8399 Bench Row Rd, listed at $8.9M
-Lake Country:?4511 Crawford Rd, listed at $6.4M
领英推荐
-Kelowna:?180 Shearwater Crt Unit #20, listed at nearly $16M
Market Recovery on the Horizon
With interest rates stabilizing and buyer confidence improving, the?market is showing encouraging signs of recovery. Historically, the spring season brings increased activity, and?we anticipate a busier 2025 as market conditions continue to strengthen.
For a deeper dive into these trends, check out our latest?Market Update with Stephanie Lefurgy (Denk)?on our Move Okanagan YouTube Channel.
For detailed statistics and insights by area, please see the charts below.
As always, feel free to reach out with any questions or for personalized advice. Here’s to a brighter real estate market in 2025!
Warm winter wishes,
Annette & Stephanie
Quote of the day:?Growth demands a temporary surrender of security.
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Okanagan’s best website to get the latest listings:??www.moveokanagan.com
Move Okanagan Group – serving Kelowna – Lake Country – Vernon – Silver Star - South Okanagan
Based on MLS??active residential listings taken & sold units as reported by Association of Interior Realtors??in 2024 and YTD December 2024 for Central Okanagan.