Welcome to my Quick Market Report for January 2025. Here’s the latest update on the housing market in Penticton:
- Home Sales: 44 homes were sold in January 2025, compared to 29 in January 2024.
- Total Sales Volume: $30 million worth of residential property was sold in January 2025, up 80% from $16 million last year.
- Single Family Homes: The median price is now $823,000, a 10% increase from $747,500 in January 2024.
- Townhomes: The median price is $365,950, down 8% versus last year at $400,000.
- Half-Duplexes: The median price is $750,000, up 11% from $675,000 in January 2024.
- Condos: The median price in January was $357,500. This is down from $457,500 in January 2024.
- Inventory Levels: There are currently 425 active listings in Penticton, up 9% from 391 in January 2024.
- New Listings: 148 new listings hit the market in January 2025, compared to 103 in January 2024.
Is the market shifting? YES, it is! There are strong indicators suggesting we’re at the bottom of our housing market in terms of prices and inventory in Penticton. For now, we remain in an UNSETTLED “buyer’s market” with just over Nine months of inventory in reserve. This is calculated by taking the average number of homes sold each month versus the number of homes currently listed for sale.
Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
