Welcome to my “Quick Market Report” for February 2020. Here’s what YOU need to know about the housing market in Penticton!
- 56 Residential homes were sold this February. That’s 2 more homes sold (54) vs. February 2019. This is an increase of 4%.
- YTD there have been 109 Residential homes sold so far. That’s 18 more homes sold (91) compared to last year. An increase of 20%.
- This has equated to more than $49 million dollars of residential property sold so far in 2020. An increase of $12.5 million dollars ($36.5 million) over last year.
- We have 378 active listings in the city of Penticton this February vs. 395 in February 2019. A decrease of 5% in inventory. The supply of homes on the market may become an issue as we head into spring!
- 128 new listings hit the Penticton real estate market in February.
- Average condo price in Penticton is now $312,000.
With the Coronavirus (Covid 19) gripping BC, and the world for that matter, we are living in uncertain times for the foreseeable future. I’m hopeful that with all the measures taking place to keep us safe, that we will come through this with a renewed level of optimism and hope for a return to normalcy and a brighter light for future times to come.
Please take care for now.