- There were 90 Residential home sales this July. In July 2018 we sold 74 homes here in Penticton, that’s up 18%.
- YTD, we have sold 525 homes vs. 625 last year for the same period. That’s 100 fewer homes or a 19% decline. The housing market has certainly softened, and the inventory “Churn” rates tell me that we have strongly moved to a buyer’s market.
- YTD Residential sales just surpassed $222 million dollars. That’s a $49 million-dollar shortfall compared to last year ($222m vs. $271m) and a 22% drop in sales volume year over year.
- The average Single-Family Home is now worth $540,000. This is a decrease in value of 7% ($580,000) vs. July 2018. I believe (as we go through the remainder of 2019) that we will end up with an average price closer to $545,000.
- 141 new properties hit the Penticton real estate market in July compared to 153 from the year prior.
- There are currently 454 “active” listings in Penticton. That’s up 11% (404 listings) from 2018.
