As we bid farewell to 2024, it’s time to dive into December’s numbers and reflect on the real estate market trends across the North Okanagan, Central Okanagan, and Shuswap regions. Whether you’re planning to buy or sell, this detailed review will help you navigate the market effectively in 2025.

December Market Overview: Absorption Rates

The absorption rate, or sell-to-inventory ratio, reveals how quickly homes are selling in a specific market:

• North Okanagan: 14.44% with an average of 89 days on the market.
• Central Okanagan: 11.38% with a faster pace of 77 days on the market.
• Shuswap: 7.46%, matching North Okanagan’s 89-day average.

Pricing Dynamics: Year-End Averages

As 2024 closed, the Central Okanagan led in residential prices:

• Central Okanagan: $1,076,544
• North Okanagan: $854,705 (notably higher due to increased sales of more expensive homes)
• Shuswap: $787,300

December Listing and Sales Volume

• North Okanagan: 164 new listings (26.15% increase YoY) and 94 sales (30.56% increase YoY).
• Central Okanagan: 411 new listings (6.75% increase YoY) and 276 sales (41% increase YoY).
• Shuswap: 68 new listings (7.94% increase YoY) and 38 sales (20% decrease YoY).

2024 Year-End Recap: Listings and Sales

Total Listings:

• North Okanagan: 3,822 (up 6.46% YoY)
• Central Okanagan: 12,585 (up 12.49% YoY)
• Shuswap: 2,553 (up 7.94% YoY)

Waterfront Listings:

• North Okanagan: 65 listings (up from 56 in 2023)
• Central Okanagan: 142 listings (up from 116)
• Shuswap: 75 listings (up from 70)

Total Sales:

• North Okanagan: 1,645 (down 2.84% YoY)
• Central Okanagan: 4,250 (down 3.08% YoY)
• Shuswap: 1,047 (up 5.12% YoY)

Residential Sales:

• North Okanagan: 754 (down 1.05% YoY)
• Central Okanagan: 1,748 (slight decrease from 1,817)
• Shuswap: 437 (up a bit from 434)

What’s Ahead for 2025?

With increased listings and varying sales performance, the real estate market in these regions remains dynamic. Whether you’re considering a move in the coming months or simply curious about market trends, the North, Central, and Shuswap markets have plenty to offer. Let's dive into some more specifics for prospective and active sellers and buyers in our region.

Sellers:

Our message to sellers at the end of 2024 and beginning of 2025 is to make the necessary adjustments to stay in the game. As a whole, 2024 stayed relatively steady in regards to sales, however supply has been increasing, which puts more pressure on sellers to make price changes in order to stay competitive. It may be the time to have a discussion with your agent about the best way to get buyers to zero in on your home. Now is the time to talk game plan with a pro listing agent today.  

If you're currently listed or considering listing your property, our new video "7 Reasons Why a Pre-Listing Home Inspection is Vital." could be an interesting watch for you!

Buyers:

By all accounts, things are looking good for sellers as we finished up 2024. With interest rates down, inventory up, and prices staying consistently moderate compared to years prior, the ball is in your court as long as you are flexible in your home buying search. As we head into a fresh New Year of Real Estate, now is more important than ever to get your financing in order and a real estate expert to guide you in your journey. Reach out to our office today to get started!

If you're in the market for your first home and not sure where to start, the new video, "Unboxing Vernon BC." will definitely be of interest to you!

Here is our feature listing of the month, a single family home in Okanagan Landing. View our listing video for 6534 Apollo Road here:

Need guidance? Let’s chat! Call, text, or email to discuss your real estate goals, and don’t forget to subscribe to our updates. Just Add Salt!

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About the Author: The article above, DECEMBER 2024 and Year End REAL ESTATE Update Report: North Okanagan, Central Okanagan, and Shuswap, was provided by Lisa Salt, an authority on Vernon BC and area real estate and a leader in the field of real estate blogging and vlogging.  Lisa and her group have helped literally helped thousands of families buy and sell homes since 1993. 

Looking to buy a home in the Vernon/North Okanagan area?  Check out "Everything You Need to Know About Buying a Home" article. It’s free of charge and will save you a ton of time!

Looking to sell?  We use the latest technology to get our clients’ homes sold quickly and for as much money as possible.

We help people buy and sell real estate in the following Okanagan/Shuswap areas: Vernon, Armstrong, Enderby, Lake Country, Lumby, Westside and Salmon Arm/Shuswap.

Call or Text 250-549-7258 or email webinfo@saltfowler.com