Monday Market Report April 18 – April 24, 2022

SECOND WEEK OF SLOW SALES GIVES INVENTORY LEVELS A CHANCE TO RECOVER!

Just 19 properties changed hands this past week in the Penticton housing market, that’s only UP 2 sales (17) from the week prior, and DOWN a STAGGERING 32 sales (51) for the same time period one year ago. The highest priced transaction was a Single-Family Home in the Uplands/Redlands neighbourhood 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 101%, with 11 of the 19 homes selling “AT OR OVER” their listing price. In fact, one Single Family Home sold for $65K over asking. Inventory levels look like they might be on the rebound with 196 homes (of all types) on the market right now compared to 229 homes this time last year. That’s only a 14% decrease in Inventory from one year to the next. It’s still a bit too early to call this a trend, but the market is showing signs of slowing down for the first time in two years.

Here are the sales by property type for the 19 properties SOLD this past week (April 18 – April 24). Breakdown is as follows:
  • 1 Townhouse
  • 3 Half-Duplexes
  • 4 Mobile Homes
  • 4 Condos
  • 7 Single Family Homes
There were 36 NEW Listings that hit the market last week (April 18 – April 24). Breakdown is as follows:
  • 2 Half-Duplexes
  • 2 Townhomes
  • 3 Mobile Homes
  • 5 Lots
  • 8 Condos
  • 16 Single Family Homes
Remember…If you’re thinking of Buying or Selling the South Okanagan, please give me a call at 250-328-5138 to see how YOU fit into today’s real estate market!

CONNECT WITH SHANNON SIMPSON

https://www.simpsonsellspenticton.ca/contact-shannon