Welcome to my “Quick Market Report” for February 2022. Here is what YOU need to know about the housing trends here in Penticton!
- For three months in a row, residential sales have taken a significant drop in both sales volume and revenue. However, make no mistake, we’re still very much LOCKED into a “Sellers” market, and there are no indicators that tell me that this will change anytime soon. We will continue to be in a “Seller’s” market for many more months to come.
- We sold 87 homes in Penticton this February. In February 2021 we sold 102 homes.
- The average Single Family home price is now $916,000. Up 8% ($847,000) from February 2021.
- Average Townhome price is now $586,000. Up 13% ($507,000) from last February.
- $52 million dollars of residential property was sold in February 2022. This is a modest decrease of 9% ($57 million) vs. last year.
- Inventory levels are exceptionally low. There are only 50 Single Family Homes currently for sale in Penticton at this very moment.
- ONLY 151 “active listings” (single family, condos, townhomes, half-duplexes) in the entire city of Penticton vs. 240 last year.
- 102 new home listings hit the market this February compared to 126 listings in February 2021. That’s a decrease of 19% in listing inventory.
If you have any thoughts about selling – there may never be a better time! Remember, I’m always here to help you NAVIGATE through the selling or buying process!