Kelowna Real Estate:
Why Pricing Right Matters More Than Ever in 2025
A Market Built on Confidence and Strategy
The Kelowna real estate market has always been dynamic, shaped by shifting buyer confidence, evolving economic conditions, and local supply and demand. In 2025, the market looks very different than it did just a few years ago. Gone are the days when homes would sell within hours of hitting MLS® with multiple offers well above asking. Instead, today’s environment requires careful strategy, patience, and above all, correct pricing right from the start.
The numbers don’t lie: homes are selling below asking more often than not, price reductions are climbing, and buyers have more leverage than they’ve had in years. But that doesn’t mean sellers are powerless. In fact, the right approach can still lead to quick sales — and sometimes even multiple offers.
This blog will walk through the hard data and highlight the strategies buyers and sellers should use in today’s Kelowna market. We’ll explore a decade of trends, the most recent 30 days of sales, the breakdown by property type, the surge in price reductions, and why correct pricing matters more than ever.
A 10-Year Look at the Sold-to-List Price Ratio
One of the clearest indicators of market conditions is the sold-to-list price ratio — the percentage of the final sale price compared to the original list price. This simple number reveals how much leverage buyers and sellers have at any given point in time.
From 2015 through 2020, Kelowna homes consistently sold for 96 to 98 percent of list price. The market was stable and predictable. Buyers and sellers negotiated, but neither side had overwhelming power.
Then came the COVID-19 surge. In 2021 and 2022, the market turned red-hot. For nearly two years, homes sold for 100 percent of asking or more. Bidding wars became the norm, offer nights were standard practice, and many buyers felt pressured to pay well over asking to secure a property.
Fast forward to 2023, 2024, and now into 2025, and the ratios have reset. Most homes today are selling for 95 to 97 percent of list price. July 2025 closed at 95.9 percent — the lowest July in more than a decade.
This context matters. It proves that Kelowna’s current market is not a collapse but rather a recalibration back to a more balanced environment. Buyers once again have negotiating room, and sellers must adapt by setting the right strategy from the very beginning.
10-Year Sold-to-List Ratio (2015–2025), showing peak at 100%+ in 2021–22 and 2025 dip into 95–97% range.
What Happened in the Last 30 Days
The past month provides a sharp snapshot of where we are right now. Between July 20 and August 19, 2025, there were 388 homes sold in Kelowna and surrounding areas.
Of those:
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Only 6 homes sold above their original list price — roughly 1.6 percent of all sales.
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That means more than 98 percent of homes sold at or below asking.
This is a dramatic contrast to the peak years, when almost every property sold above asking. Today, over-ask sales are rare and isolated.
For buyers, this is evidence that “Hail Mary” offers — those lower-than-list offers buyers once hesitated to make — are no longer unrealistic. For sellers, it is a reminder that unless a home is priced correctly, the market is unlikely to respond quickly.
Pie chart showing % of sales over ask vs. at/under ask (Last 30 Days).
Property Type Breakdown: Where Buyers Have Leverage
Not every segment of the market behaves the same way. By breaking down sales by property type, we can see where buyers have the most leverage and where sellers still hold stronger positions.
2025 Year-to-Date Ratios:
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Single Family Detached: 97.6% of list
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Townhomes: 97.9% of list
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Apartments (Condos): 97.1% of list
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Manufactured Homes in Parks: 95.7% of list
Last 30 Days of Sales (July 20 – Aug 19, 2025):
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Detached Homes: 172 sales, $194.6M in volume, average $1.13M
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Apartments: 110 sales, $52.7M in volume, average $479K
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Townhomes: 56 sales, $39.8M in volume, average $710K
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Manufactured Homes: 28 sales, $8.6M combined, average $233–577K
Detached homes remain the core of the Kelowna market by both sales volume and count. They also tend to sell closer to asking compared to other segments, giving sellers a slight edge here. Apartments and manufactured homes, however, show the widest gaps, giving buyers more negotiating power. Townhomes fall in the middle, appealing to families but still subject to negotiation.
Stacked bar chart – sales count and total volume by property type (Last 30 Days).
The Surge in Price Reductions
Another revealing indicator is the number of price reductions happening across the market. In the past 7 days alone, Kelowna and West Kelowna saw:
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139 price reductions
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An average cut of 4 percent
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Reductions ranging from 0.1 percent to over 33 percent
On the surface, this looks like sellers are adjusting and buyers should benefit. But the reality is more complicated.
The myth of price cuts is that they bring buyers flooding in. In truth, they often do the opposite. Once a listing has been reduced, buyers assume something is wrong with it. The home becomes “stale” in the eyes of the market, and the price cut invites more low offers rather than stronger activity.
The stronger strategy is to price a home correctly from the start. The first two weeks on the market are the most important. If you miss that window by overpricing, repeated reductions will rarely bring back the momentum you lost.
Bar chart – distribution of price reductions by % cut (0–2%, 2–5%, 5–10%, 10%+).
The Power of Pricing Right From Day One
The data also proves the upside of correct pricing. While over-ask sales are rare in 2025, they are not impossible.
Of the 388 homes sold in the last 30 days, the 6 that sold at or above asking price all shared two traits:
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They were priced correctly in line with the market.
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They sold quickly, often within the first two weeks of hitting MLS®.
By contrast, homes that sold below asking tended to linger. Many sat on the market for 45 days or longer, and the longer they sat, the greater the eventual discount.
This is why correct pricing matters so much. When a home is priced right from the start, it generates strong interest among active buyers. Those buyers, who have been watching the market and are ready to act, move quickly. In some cases, competitive pricing can even lead to multiple offers — yes, even in today’s more balanced market.
Correct pricing doesn’t mean underpricing. It means aligning with where the market is truly at. Sellers who do this not only avoid the “discount bin” effect of reductions, but sometimes still achieve a faster sale and a stronger outcome.
Days on Market: The Time Factor
Days on Market (DOM) is closely tied to pricing success. Homes that sell near asking generally do so quickly. Homes that sit tend to sell below asking.
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Homes that sold at or above asking averaged very short DOM — typically under two weeks.
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Homes that sold below asking often stayed on the market 45+ days.
The longer a property stays listed, the more negotiating power shifts to buyers. This is why the first two weeks are critical — they set the tone for the entire sale.
Strategy for Buyers
If you are buying in Kelowna right now, you have more negotiating power than you have in years. The key is to focus your energy strategically.
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Target older listings. Homes that have been on the market 45 days or more are the most likely candidates for negotiation.
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Look for price reductions. These are signs of motivated sellers.
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Make clean offers. A strong deposit, short subject removal period, and certainty of closing can help you secure a home at a lower price.
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Don’t fear the Hail Mary. In this market, a well-structured offer below asking is not an insult — it is a valid strategy.
Strategy for Sellers
For sellers, the message is equally clear:
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Price with the market, not against it. Overpricing sets you up for failure and opens the door to lowball offers.
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Capitalize on the first two weeks. This is when your listing has the most visibility and the best chance of attracting motivated buyers.
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Avoid relying on reductions. Price cuts often signal weakness and rarely create the momentum sellers hope for.
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Work with data. An agent who understands the market can help you protect your equity while still generating buyer interest.
A Market That Rewards Strategy
The Kelowna housing market in 2025 is not crashing, and it is not booming. It is recalibrating.
The last decade of data shows us the full cycle: stable ratios, bidding wars, and now a balanced market where negotiation is back on the table. The last 30 days confirm it — only 1.6 percent of homes sold above asking, while price reductions are climbing. Buyers are testing the waters with Hail Mary offers, and sellers who overprice are being forced to adjust.
Yet the data also proves there is opportunity. Homes priced correctly still sell quickly. Some even attract multiple offers.
For buyers, strategy means patience and targeting the right listings. For sellers, strategy means nailing the price from day one. Either way, clarity, data, and the right approach are the keys to success in today’s Kelowna market.
If you are considering buying or selling, let’s connect. I’ll help you understand the numbers, the strategies, and the opportunities available right now.
Talk soon,
Mark Coons
778-744-0872
Personal Real Estate Corporation
Selling Selling Kelowna Real Estate
