Hello 2023! Welcome to my “Quick Market Report” for February! Here is everything YOU need to know about the current housing market here in Penticton!
- Residential home sales continue to slide in unit sales and total dollars versus 2022.
- 44 homes were sold in Penticton in February vs. 87 in February 2022.
- The average Single Family home in Penticton sold for $883,000. This is still a bit skewed based on the small volume of Single Family homes sold (only 27 Sales since January 1st) – this is NOT a true representation of current home values.
- Average Townhome price for February was $584,000.
- Average Condo price is now $468,000. Up 7% ($439,000) from February 2022.
- Just $27 million dollars of residential property sold in February 2023. That’s a sizable decrease of 47% ($52 million) vs. last year.
- Inventory levels continue to see a positive growth with 327 active “Doors” currently for sale in Penticton.
- 109 new properties hit the market in February 2023.
The key indicators are signaling to me that the market (and buyer demand for houses) has obviously slowed down. We are still firmly trenched 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!
