Welcome to my “Quick Market Report” for January 2022. Here is what YOU need to know about the housing trends here in Penticton!
- In back to back months, 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 57 homes in Penticton this January. In January 2021 we sold 89 homes.
- The average Single Family home price is now worth $899,000. Up 7% ($837,000) from January 2021.
- Average Townhome price is now $595,000. Up 12% ($531,000) from last January.
- $37 million dollars of residential property was sold in January 2022. This is a sizable decrease of 26% ($47 million) vs. last year.
- Inventory levels are exceptionally low. There are only 55 Single Family Homes currently for sale in Penticton at this moment.
- ONLY 149 “active listings” (single family, condos, townhomes, half-duplexes) in the entire city of Penticton vs. 248 last year.
- 81 new home listings hit the market this January compared to 114 listings in January 2021. That’s a decrease of 41% 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!
