Hello 2023! Welcome to my “Quick Market Report” for January! 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.
- Only 31 homes were sold in Penticton in January vs. 58 in January 2022.
- The average Single Family home in Penticton sold for $658,000. This is skewed based on the small volume of Single Family homes sold (only 12 Sales) – this is NOT a true representation of home values.
- Average Townhome price for January was $520,000.
- Average Condo price is now $417,000. Up 15% ($362,000) from January 2022.
- Just $15 million dollars of residential property was sold in January 2023. That’s a considerable decrease of 59% ($37 million) vs. last year.
- Inventory levels continue to rebound with 297 active “Doors” currently for sale in Penticton.
- 78 new properties hit the market in January.
The key indicators are signaling to me that the market (and buyer demand for houses) have 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! Shannon
