Kelowna Real Estate Weekly: Price Drops, Surprising Sales & What Buyers Should Do Now
If you’re watching the Kelowna real estate market right now, things are getting interesting. Prices are shifting, sales are rising, and we’re seeing motivation from both buyers and sellers across the Okanagan. This is your simple breakdown of what’s actually happening this week — and how it affects your next move.
Sales Are Picking Up—At a Weird Time
Sales jumped to 91 this week, which is unusual for late November. Just a few weeks ago we were sitting around the 50–60 range.
Why does this matter?
- It normally slows down right now
- Buyers are stepping back in
- Sellers are adjusting faster
- Confidence is creeping back into the market
This could be the delayed impact from the interest-rate reduction at the end of October. Most accepted offers need a few weeks to clear subject conditions, so we’re now seeing those deals complete.
New Listings & Inventory Are Dropping
New listings came in at around the 120–130 range, which is normal this time of year.
More importantly:
- Homes are expiring
- Homes are coming off the market
- Inventory is slowly shrinking
This keeps pressure on buyers — especially if more people jump back in after rate cuts.
Price Drops Are the Real Story This Week
This is where things get interesting.
There were 112 price reductions this week.
Most were in the 5% range, which is becoming the “normal” adjustment for many sellers right now.
But the big headline?
A 25% price drop on a Sunset Drive apartment — and the new price is still $4M.
That’s real motivation.
Other strong drops included:
- 11% on Old Vernon Rd
- 13% on multiple listings
- Numerous 6–8% reductions
This tells you one thing:
👉 Some sellers want to get deals done before the end of the year.
Activity Is Strong at Both Ends of the Market
Even with price drops, the market isn’t dead — it’s moving.
Lower-End Market
- 8 sales under $300,000.
These are small units, older units, and manufactured homes. They always pull in investors and first-time buyers when motivation increases.
Upper-End Market
- 16 sales over $1,000,000
- Multiple high-end properties moving fast
- A $10.5M sale in Carr’s Landing
- A record-setting $32M year-to-date in Lake Country
(high confidence in that area right now)
Our listing on Stockwell Ave also sold for $1,350,000 — great value for the buyer coming in.
Year-to-Date Sales: A Bigger Picture
We’re sitting at 221 total sales so far this month.
To compare:
- January 2025: 241 sales
- We are on track to beat January (with a week left)
- We’re already ahead of 2023
- We could match or beat 2024 if momentum holds
Looking at the long-term chart:
- 2015 had 366 sales in November
- 2021 and 2022 were the “wild years”
- Today is nowhere near the peak
- But also nowhere near the slowest years
We are climbing — slowly, but clearly.
What Buyers Need to Know
If you plan to buy in the next 6–12 months, now is the time to plan.
Why?
- Price drops are happening
- Sellers are motivated
- Rate cuts take a few weeks to show up in real demand
- Smart buyers prepare early
- The best deals are found before the crowd returns
If you wait until “the perfect time,” you’ll probably find out you’re already too late.
What Sellers Need to Know
If you plan to sell soon:
- Get crystal clear on your goals
- Price correctly from day one
- Expect buyers to push harder on price
- You can still win — with the right strategy
Homes priced right are selling.
Homes priced too high are dropping fast — 5%… 11%… 25%.
Final Thoughts
The Kelowna and Okanagan real estate market is moving, and the window for good deals is open right now. But the market is also changing weekly.
That’s why I break this down for you every week — to help you stay ahead and make smart decisions before everyone else catches up.
If you’re planning a move, looking at a purchase, or thinking about selling…
👉 Reach out for a Clarity Call.
Let’s map out your plan before the market shifts again.
— Mark & Maddie
Selling Kelowna Real Estate Group | eXp Realty Kelowna
📞 778-744-0872
