Happy New Year to all my Clients, Colleagues & Friends! Welcome to my “Quick Market Report” for the month of December 2023. Here is everything YOU need to know about the current housing market here in Penticton.
- Just 24 homes sold in Penticton this December vs. 40 sales in December 2022.
- The “Median” price for a Single Family home in Penticton is now $737,000. That’s down 5% ($775,000) versus December 2022.
- Over $14 million dollars of residential property was sold in December 2023. That’s down 44% ($21 million) vs. last year.
- The “Median” Townhome price is now $492,500. This is down 9% ($540,000) from December 2022.
- The “Median” value for a Half-Duplex in Penticton is now $620,000. Down 3% ($640,000) from December 2022.
- The “Median” Condo price is now $386,000. Up 3% ($375,000) from December 2022.
- Inventory levels continue to GROW with 381 active “Doors” for sale in Penticton as of the end of December.
- Only 47 new listings hit the market in December 2023.
Every key indicator confirms that the market demand for homes is softer than normal as we roll into the Winter months. We have shifted into a strong “BUYER’S MARKET”. We currently have more than 15 months of home inventory FOR SALE in Penticton right now. I base this analysis on the average number of homes we sell each month versus the number of homes currently for sale. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
