đź“° August 2025 Kelowna Market Snapshot
What’s Really Going On in Kelowna Real Estate?
Prices are still down about 12% from the 2022 peak, but in some categories, we’ve actually seen increases since the start of the year. At the same time, inventory is higher than anything we’ve seen in nearly a decade, and in July, that started to affect prices.If you’re looking at the market and feeling unsure, you’re not alone. Here’s a quick breakdown of what’s happening right now.Sales Are Up, But It’s Not a Boom
Sales in July were up 6% compared to July 2024. This year has outpaced last year’s activity, but we’re still below 2023 levels. The takeaway? Well-priced homes are still moving, but buyers are cautious and selective.Inventory Is High Across the Board
Inventory remains elevated in all categories:- Single family homes have slightly less inventory than last year but are still well above the norm.
- Townhome inventory is also high but down from last summer.
- Condo inventory is the standout, with more active listings than we’ve seen in any July in over a decade.
Price Trends Vary by Property Type
- Single Family: $1.045M, down 2.1% from June, up 1.9% year over year
- Townhomes: $724K, up slightly month over month, down 7% year over year
- Condos: $504K, down 2.3% from June, still up year over year
Buyers Have the Upper Hand
We are in a buyer’s market. Most properties are seeing 8 months of inventory, and sale prices are coming in around 96 to 98 percent of list. Buyers are negotiating. Sellers need to be strategic.If you're buying, this is a great time to explore your options. If you're selling, pricing your home correctly is critical.Want to dig deeper into the numbers and trends? I break it all down in more detail in the full video.Watch the full update on my YouTube channel
Tyrell