The Okanagan real estate market in May 2025 continued to reflect the region’s active spring-to-summer transition, with both Central and North Okanagan showing notable shifts in sales, listings, and inventory. The Central Okanagan saw a strong year-over-year increase in sales volume and a further rise in active listings, while the North Okanagan experienced a decline in sales volume and units sold compared to last year, but inventory continued to build. This report analyzes the latest statistics for May 2025 and provides an objective assessment of current market conditions.
Central Okanagan Market Overview
May 2025 data for the Central Okanagan indicates a robust market with a significant increase in sales volume and active inventory compared to May 2024. The number of new listings decreased slightly, while units sold remained stable year-over-year.
Market Statistics
- New Listings: 1,369 new properties were listed, down 3.93% from 1,425 in May 2024.
- Units Sold: 477 properties changed hands, nearly flat compared to 473 units in May 2024 (+0.85%).Sales Volume: Total transaction value reached $418,585,244, a 16.15% increase from $360,384,289 last year.
- List/Sell Ratio: Properties sold for 96.92% of list price on average, up from 96.45% last year.
- Days to Sell: Properties required an average of 52 days to sell, significantly faster than the 64-day average last May.
- Active Listings: Inventory rose to 4,448 properties, an 11.17% increase from 4,001 last year.
Property Type Analysis
- Single Family Homes (Excluding lakefront and acreages): 221 homes sold; average price: $1,150,234; median price: $1,015,000; 1,548 active listings.
- Condos & Apartments: 98 units sold; average price: $515,795; median price: $461,000; 951 active listings.
- Townhouses: 75 units sold; average price: $698,299; median price: $685,000; 441 active listings.
Market Analysis
The Central Okanagan’s 11.17% year-over-year increase in active listings continues to expand buyer choice. Units sold remained stable, but the 16.15% jump in sales volume suggests higher-value transactions or price appreciation. The average list-to-sell ratio improved to 96.92%, and the average days to sell dropped sharply to 52, indicating strong demand and faster market turnover. Single-family homes remain the highest-priced and most active segment.
Absorption Rate
With 477 units sold out of 4,448 active listings, the absorption rate in May 2025 was 10.73%, indicating a market that still leans toward buyers, though improved selling times and a higher list-to-sell ratio suggest balanced conditions.
North Okanagan Market Overview
The North Okanagan market in May 2025 saw a decrease in both sales volume and units sold compared to last year, while inventory continued to rise. Properties took longer to sell on average, and the list-to-sell ratio improved slightly.
Market Statistics
- New Listings: 491 properties were listed, unchanged from 491 in May 2024.
- Units Sold: 184 properties sold, down 11.96% from 209 units in May 2024.
- Sales Volume: Total sales value reached $126,965,805, down 14.71% from $148,865,011 last year.
- List/Sell Ratio: Properties sold for 95.61% of list price, up from 94.81% last year.
- Days to Sell: Properties took an average of 69 days to sell, down from 75 days in May 2024.
- Active Listings: Inventory stood at 1,622 properties, a 9.23% increase from 1,485 last year.
Property Type Analysis
- Single Family Homes (Excluding lakefront and acreages): 82 homes sold; average price: $819,660; median price: $754,500; 510 active listings.
- Condos & Apartments: 15 units sold; average price: $335,093; median price: $310,000; 93 active listings.
- Townhouses: 27 units sold; average price: $521,055; median price: $452,500; 145 active listings.
Market Analysis
The North Okanagan’s sales activity declined year-over-year, with both units sold and sales volume down. The average days to sell improved to 69, but the market remains slower than Central Okanagan. The list-to-sell ratio increased to 95.61%, indicating sellers are achieving prices closer to their asking values. Inventory growth continues, providing buyers with more options and leverage.
Absorption Rate
With 184 units sold out of 1,622 active listings, the absorption rate in May 2025 was 11.35%, consistent with a buyer’s market.
April 2025 vs. May 2025
Central Okanagan
- New Listings: Decreased by 1.93% from 1,397 in April to 1,369 in May.
- Units Sold: Increased by 6.95%, from 446 in April to 477 in May.
- Sales Volume: Increased by 17.74%, from $355,502,613 in April to $418,585,244 in May.
- Days to Sell: Improved from 62 days in April to 52 days in May.
- Active Listings: Increased by 5.35%, from 4,222 to 4,448.
North Okanagan
- New Listings: Increased by 0.20% from 489 in April to 491 in May.
- Units Sold: Increased by 12.20%, from 164 in April to 184 in May.
- Sales Volume: Increased by 18.99%, from $106,611,044 in April to $126,965,805 in May.
- Days to Sell: Improved from 82 days in April to 69 days in May.
- Active Listings: Increased by 9.01%, from 1,488 to 1,622.
Market Outlook
- For Buyers: Inventory continues to grow in both regions, providing a wider selection of properties. The Central Okanagan’s faster sales and higher list-to-sell ratio suggest that well-priced homes are moving quickly, while the North Okanagan’s slower pace and increased inventory may offer more negotiation opportunities.
- For Sellers: May brought increased activity compared to April, especially in units sold and sales volume in both regions. However, rising inventory means competition remains high, and accurate pricing is essential. Central Okanagan sellers are achieving prices closer to their list values and benefiting from faster sales, while North Okanagan sellers may need to be more flexible due to softer demand.
- For Investors: The market remains active, with robust sales volume and growing inventory. Central Okanagan continues to show price resilience and strong demand for single-family homes. North Okanagan’s softer prices and longer selling periods may present opportunities for value-focused investors.
Conclusion
The Okanagan real estate market in May 2025 maintained its spring momentum, with both regions seeing increased inventory and steady sales activity. The Central Okanagan market demonstrated faster sales and improved pricing power for sellers, while the North Okanagan experienced a decline in sales and volume but a slight improvement in selling times. As inventory continues to build, buyers have more options, and the market dynamic remains balanced heading into summer.
Source: Association of Interior REALTORS®
The content of this article is for informational purposes only and should not be considered as financial, legal, or professional advice. Coldwell Banker Horizon Realty makes no representations as to the accuracy, completeness, or suitability of the information provided. Readers are encouraged to consult with qualified professionals regarding their specific real estate, financial, and legal circumstances. The views expressed in this article may not necessarily reflect the views of Coldwell Banker Horizon Realty or its agents. Real estate market conditions and government policies may change, and readers should verify the latest updates with appropriate professionals.
