Welcome to my “Quick Market Report” for “August 2022. Here is what YOU need to know about the current housing trends here in Penticton!
- Residential sales continue to see sizable drops in both unit sales and dollars versus 2021.
- Only 68 homes were sold in Penticton in August. In August 2021 we sold 123 homes.
- The average Single Family home is worth $913,000. Up 12% ($817,000) from August 2021.
- Average Townhome price is now $575,000. Up 14% ($506,000) from last August.
- $45 million dollars of residential property was sold in August 2022. That’s a considerable decrease of 33% ($68 million) vs. last year.
- Inventory levels continue to see slower than anticipated growth with only 301 active “Doors” for sale in Penticton.
- 117 homes were listed this August compared to 145 listings in August 2021. That’s a decrease of 19% in new inventory.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. We are now considered to be in a BALANCED MARKET at this moment in time. Remember, I’m always here to help you NAVIGATE through the selling or buying process!
