Welcome to my Quick Market Report for August 2019. Here’s what YOU need to know!
- There were 74 Residential home sales this month. In August 2018 we sold 83 homes here in Penticton, that’s down 11%.
- We have sold 602 homes (YTD) in the first 8 months of 2019 vs. 708 homes sold for the same period last year. That’s an 18% decline. The housing market has certainly softened, and the inventory “Churn” rates tell me that we have moved into a “Balanced” Market with the trend leaning towards buyers.
- YTD Residential sales just surpassed $255 million dollars. That’s a $50 million-dollar swing down compared to last year ($255m vs. $305m) and a 20% drop in sales volume year over year.
- The average Single-Family Home in Penticton is now worth $544,000. This is a decrease in value of 6% ($575,000) vs. the same time last year. I believe (as we go through the remainder of 2019) that we will end up with a Single-Family home average price right around $545,000.
- 144 new properties hit the Penticton real estate market in August compared to 135 from the year prior.
- There are currently 465 “active” listings in Penticton. That’s up 15% (404 listings) vs. August 2018.
Check out all my easy to read graphs below. If you want to keep up on the latest housing trends in Penticton, then this report is for you! Remember, I’m always here to help you make sense of it all!