March 2020 | Market Update

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    Welcome to my “Quick Market Report” for March 2020. Here’s what YOU need to know about the housing market in Penticton!
    • 59 Residential homes were sold this March. That’s 2 less homes sold (61) vs. March 2019. 
    • YTD there have been 172 Residential homes sold so far. That’s 20 more homes sold (152) compared to last year.
    • More than $77 million dollars of residential property sold to date in 2020. An increase of $16.5 million dollars ($60.5 million) vs. last year.
    • We have 480 active listings in the city of Penticton vs. 425 in March 2019. An increase of 13% in inventory. 
    • The additional supply of homes in Penticton tells me that we’re headed towards a BUYERS Market in the coming weeks.
    • 231 new MLS listings hit the Penticton market in March.
    • Average Single Family home price in Penticton is now $612,000. Down $5,000 from February.
    With the Coronavirus (Covid 19) gripping the world, we are living in uncertain times for the foreseeable future. I’m hopeful that with all the safety measures taking place, we will come through this with a renewed level of optimism and hope for a return to normalcy and brighter future. Please take care for now. Shannon
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