SALES SLOWED DOWN BUT INVENTORY LEVELS LOOKS LIKE THEY MIGHT BE ON THE RISE!
In total, 17 properties changed hands this past week in the Penticton housing market, that’s DOWN 7 sales (24) from the week prior, and DOWN a WHOPPING 33 sales (50) for the same time period one year ago. The highest priced transaction was a Single-Family Home on the West Bench of Penticton which “SOLD” for more than $1.3 million. The difference between the listing price and the actual negotiated sales price for the week was at 103%, with 13 of the 17 homes selling “AT OR OVER” their listing price. In fact, one Single Family Home sold for $100K over asking, and a Half-Duplex in the North end of Penticton sold for $60K over the asking price. Inventory levels look like they might be on the rebound with 182 homes (of all types) on the market right now compared to 229 homes this time last year. That’s only a 26% decrease in Inventory from one year to the next. It’s too early to call this a trend, but the market might just be slowing for the first time in two years.
Here are the sales by property type for the 17 properties SOLD this past week (April 11 – April 17). Breakdown is as follows:- 1 Townhouses
- 4 Half-Duplexes
- 4 Condos
- 8 Single Family Homes
- 1 Mobile Home
- 1 Full-Duplex
- 3 Lots
- 3 Half-Duplexes
- 7 Townhomes
- 9 Condos
- 10 Single Family Homes
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