Here is my “Quick Market Report” for June 2024. Here is everything YOU need to know about the current housing market here in Penticton.
- Home Sales: 90 homes were sold in June 2024, compared to 83 in June 2023.
- Total Sales Volume: $58 million worth of residential property was sold in June 2024, up 12% from $52 million last year.
- Single Family Homes: The median price is now $750,000, a 4% increase from $720,000 in June 2023.
- Townhomes: The median price is $480,000, a 2% decrease from $490,000 last year.
- Half-Duplexes: The median price is $607,000, down 3% from $626,000 in June 2023.
- Condos: The median price is $400,000, a 5% rise from $382,000 in June 2023.
- Inventory Levels: There are currently 565 active listings in Penticton, up 32% from 427 in June 2023.
- New Listings: 180 new listings hit the market in June 2024, compared to 165 in June 2023.
Is the market shifting? While the demand for purchasing homes remains softer than usual as we head into summer, June saw a notable increase in property sales compared to last year. Could this be the start of a new trend or just a temporary spike? Time will tell. For now, we remain in a strong “BUYER’S MARKET” with over six months of inventory available. This is calculated by the average number of homes sold each month versus the number currently for sale. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
