If you're keeping an eye on the Kelowna real estate market, here are the most important updates from September:We're seeing inventory levels we haven't experienced in a decade, and the market has shifted significantly. Right now, only one in eight properties are selling each month, which means most sellers are in a holding pattern.Here's what's happening: Prices have been gradually declining over the past four months. The composite benchmark price has dropped to $783,900. That's lower than where we started the year and about 13% below the 2022 peak.If you've been on the market for a while, it might be time to have an honest conversation about pricing. What seemed competitive a month or two ago may need another look in today's market conditions.
What's Happening to Prices by Property Type
Single-Family Detached Homes: The benchmark price dropped nearly 3% in just one month, from August to September, landing at $1,020,000. We're down 13.5% from the market peak and inching closer to that million dollar mark, which we haven't seen since October 2024. Year over year, prices are only up 0.3%, which tells us the market has essentially been flat.Townhomes: This segment showed some resilience in September, with the benchmark price coming in at $736,000, up 2% from the previous month. Year over year, it's up about 1.5%. However, this market has been volatile, bouncing around the $700,000 to $720,000 range for the past two years, making it difficult to predict where prices will head next.Condos: This is where we're seeing the most pressure. The benchmark price slipped to $494,000 in September. With 800 to 900 condo listings sitting on the MLS for most of this year, prices have dropped about $20,000 from where we started 2025. We're down 11% from the peak three years ago and essentially back to fall 2022 pricing.This is genuinely a buyer's market right now, with 8 to 9 months of inventory across all property types. You have the time and space to find the right fit without the pressure of competing offers. You can do your homework, ask questions, and make thoughtful decisions.The same conditions that are challenging for sellers are creating real opportunities for you. You're not competing with multiple offers anymore on every listing. You can negotiate from a position of strength and take the time to find a property that truly fits your needs and budget.One thing to keep in mind: While you don't need to rush, when you do find a property that feels right at a price that works for you, it's worth moving with confidence. I recently worked with clients who found their ideal home but wanted to think about it for a few days. Unfortunately, another buyer made an offer first and we lost out.A buyer's market doesn't mean every property will sit forever. When you find the one that checks all your boxes at the right price, it's important to act decisively.
I dive much deeper into all the numbers, charts, and market trends in my full September video update. You'll get detailed insights into:
- Sales activity and how it compares to previous years
- Inventory levels across different property types
- Complete benchmark pricing trends over the past decade
- What the price-to-list ratios tell us about negotiations
- Months of inventory and what that means for market conditions
- Why the condo market is facing unique challenges
[Watch the Full Video Here]
Whether you're thinking about buying or selling, I'm here to help you make informed decisions so you can move forward with confidence and peace of mind.Every situation is different, and understanding how these market conditions affect your specific goals is important. If you have questions about pricing strategy as a seller or want to know if now is the right time to buy, I'd love to have that conversation with you.