Welcome to my “Quick Market Report” for May 2019. Here’s what YOU need to know!
- There were 105 Residential home sales in May. For the first time in 2019, that’s up over last year where we sold 103 properties. However, year to date we have sold 110 fewer homes (340 vs 450). That’s a 25% decline vs. the same period last year. The housing market has certainly softened, but the inventory “Churn” rates tell me that we are still locked into a “balanced” market at this time.
- YTD Residential sales just surpassed $140 million dollars. Compare that to the same time last year where we had sales of more than $191 million dollars. That’s a $51 million-dollar shortfall or 27% drop in sales volume year over year.
- The average Single-Family Home is now worth $530,000. This is a decrease in value of 7% ($571,000). I still believe (as we go through the remainder of 2019) that we will end up with an average price closer to $540,000.
- 193 new properties hit the Penticton real estate market in May compared to 179 from the year prior.
- There are currently 494 “active” listings in Penticton. That’s up 26% (364 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!
Take care for now.