Welcome to my Quick Market Report for October 2019. Here’s what YOU need to know!
- 55 Residential homes were sold in October. That’s 3 less homes sold more vs. October 2018. A small decrease of 5%.
- We have sold 734 homes in the first 10 months of 2019 vs. 822 homes sold for the same period last year. That’s a decline of 12% in home sales for the year.
- YTD Residential sales just surpassed $316 million dollars. That’s $37 million dollars less (12% decline) compared to last year ($316m vs. $353m).
- The average Single-Family Home in Penticton is now worth $551k. This is a decrease in value of 5% compared to last year when the average home value was $579k.
- 106 new properties hit the Penticton real estate market in October.
- There are currently 447 “active” residential listings in Penticton.
- The housing market has obviously softened in 2019, and the inventory levels tell me that we have moved into a “Balanced” Market with the trend line leaning towards buyers.
- I believe (as we go through the remainder of 2019) that we will end up with a Single-Family home average price around $545,000.
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!