Welcome to my “Quick Market Report” for April 2019. Here’s what YOU need to know!
- There were 81 Residential home sales in April. That’s down 19 homes compared to last year, or a decline of 19%. For the year we have sold 111 fewer homes (235 vs 346). This is a 32% decline vs. the same period last year. The housing market has certainly softened, but the inventory “Churn” rates tell me that we are firmly locked into a “balanced” market at this time.
- YTD Residential sales just surpassed $95 million dollars. Compare that to the same time last year where we had sales of more than $139 million dollars. That’s a $44 million-dollar shortfall or 32% drop in sales volume year over year.
- The average Single-Family Home is now worth $524,000. This is a decrease in value of just over 2.5% ($538,000). However, the difference continues to tighten vs. last year’s actual, and I still believe we will end up a lot closer to the $550,000 mark as we go through the year.
- 181 new properties hit the Penticton real estate market in April compared to 169 from the year prior.
- There are currently 466 “active” listings in Penticton. That’s up 29% (331 listings) from 2018.