Welcome to my “Quick Market Report” for the month of January 2024. Here is everything YOU need to know about the current housing market here in Penticton.
- Just 21 homes sold in Penticton this January vs. 31 sales in January 2023.
- The “Median” price for a Single Family home in Penticton is now $658,000. That’s down 7% ($704,000) versus January 2023.
- Over $10 million dollars of residential property was sold in January 2024. That’s down 67% ($18 million) vs. last year.
- The “Median” Townhome price is now $492,500. This is down 9% ($540,000) from January 2023.
- The “Median” value for a Half-Duplex in Penticton is now $620,000. Down 3% ($640,000) from January 2023.
- The “Median” Condo price is now $396,000. Up 5% ($375,000) from January 2023.
- Inventory levels continue to GROW with 406 active “Doors” for sale in Penticton as of the end of January.
- 94 new listings hit the market in January 2024.
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 18 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!
