Hello to all my Clients, Colleagues & Friends! Welcome to my “Quick Market Report” for April 2023. Here is everything YOU need to know about the current housing market here in Penticton.
- Residential unit sales and total dollars are still quite a bit lower versus 2022.
- Only 72 homes were sold in Penticton in April vs. 96 in April 2022.
- The “Median” value for a Single Family home in Penticton is now $697,000 in 2023.
- “Median” Townhome price in April is $513,000.
- The “Median” price for a Condo is now $365,000. Down 6% ($390,000) from April 2022.
- 48 million dollars of residential property was sold in April 2023. That’s a decrease of 26% ($65 million) vs. last year.
- Inventory levels continue to bounce back with 365 active “Doors” for sale in Penticton.
- 139 new properties hit the market in April 2023.
The key indicators are signaling to me that the market demand for homes is now on the rise as we roll into Spring. However, at this moment, we are nicely settled into a “BALANCED MARKET”. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
