Welcome to my “Quick Market Report” for July 2022. Here is what YOU need to know about the current housing trends here in Penticton!
- Residential sales continue to see sizable drops in both unit sales and dollars versus 2021.
- 73 homes were sold in Penticton in July. In July 2021 we sold 102 homes.
- The average Single Family home is worth $908,000. Up 11% ($818,000) from July 2021.
- Average Townhome price is now $579,000. Up 18% ($489,000) from last July.
- $42 million dollars of residential property was sold in July 2022. This is a decrease of 28% ($58 million) vs. last year.
- Inventory levels continue to rebound. There are now 313 “Doors” for sale in Penticton.
- 124 homes were listed this July compared to 115 listings in July 2021. That’s a slight increase of 8% in new inventory.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. We are now considered to be in a BALANCED MARKET at this moment in time. Remember, I’m always here to help you NAVIGATE through the selling or buying process!
