Welcome to my “Quick Market Report” for July 2019. Here’s what YOU need to know!
- 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.
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!