Happy New Years! Welcome to my “Quick Market Report” for December 2022. Here is everything YOU need to know about the current housing trends here in Penticton!
- Residential home sales continue to slide in unit sales and total dollars versus 2021.
- 40 homes were sold in Penticton this December.
- The average Single Family home is worth $781,500. Down 4% ($812,000) from December 2021.
- Average Townhome price is now $537,500. Up 7% ($502,000) from last December.
- Average Condo price is now $375,000. Down 7% ($403,000) from December 2021.
- Just $21 million dollars of residential property was sold this December. That’s a sizeable decrease of 37% ($29 million) vs. last year.
- Inventory levels continue to rebound with 300 active “Doors” currently for sale in Penticton.
- 40 new properties were listed this December.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. We are now firmly set into a “BUYERS MARKET” at this time. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL! Shannon
