The Central Okanagan real estate market continued to lean in favor of buyers in February, with home sales increasing, prices trending upward, and inventory levels remaining higher than last year. However, there was a slight shift, with inventory dropping from a 10-month supply in January to 9 months in February for single family homes.
What’s Happening in the Market?
More Homes Sold – February saw an increase in sales across single-family homes, townhomes, and condos compared to the same time in 2024.
Prices Are Holding Strong – Both average and median home prices continued to rise year over year, showing steady demand for well-priced properties.
Inventory is Still High but Showing Signs of Change – Buyers still have a good selection of homes, but the slight dip in supply from January suggests the market could be shifting.
What Buyers and Sellers Need to Know
For Buyers
More available homes mean more options and greater negotiating power, but with prices rising, well-priced properties are still moving quickly. If you’re looking to buy, be ready to act when you find the right home.
Tip: Getting pre-approved can give you a competitive edge and help you move quickly when the right opportunity comes up.
For Sellers
With plenty of homes on the market, standing out is key. Pricing your home correctly and making sure it looks its best will help attract serious buyers.
Tip: Homes that are well-presented and competitively priced tend to sell faster, even in a market with high inventory.
Looking Ahead
As we move into spring, it will be interesting to see whether inventory continues to tighten or if buyers remain in control. If you’re thinking about buying or selling, understanding these trends can help you make the best decision for your situation.
If you’d like to chat about what this means for your real estate plans, feel free to reach out. I’m happy to answer any questions and provide insight.
