SPRING SELLING IS IN FULL SWING IN PENTICTON’S “OVER HEATED” REAL ESTATE MARKET!
In total, 24 properties changed hands this past week in the Penticton housing market, that’s DOWN 8 sales (32) from the week prior, and DOWN 13 sales (37) for the same time period one year ago. The highest priced transaction was a Single-Family Home in the Uplands/Redlands area of Penticton which “SOLD” for more than $1.5 million. The difference between the listing price and the actual negotiated sales price for the week was at 101%, with 13 of the 24 homes selling “AT OR OVER” their listing price. In fact, there were 2 Single Family Homes that stood out for me. One that sold for $200K over asking, and another which sold for $95K over the asking price. We also had a Townhome on the North side of the city that sold for $51k over the asking price, THESE CONTINUE TO BE MIND-BLOWING STATISTICS! Inventory levels continue to struggle with 171 homes (of all types) on the market right now compared to 229 homes this time last year? That’s a 34% decrease in Inventory from one year to the next. If you’re a buyer looking to get into the market, it doesn’t seem to be getting any easier.
Here are the sales by property type for the 24 properties SOLD this past week (April 4 – April 10). Breakdown is as follows:- 1 Half-Duplex
- 2 Mobile Homes
- 3 Condos
- 7 Townhouses
- 11 Single Family Homes
- 2 Mobile Homes
- 2 Lots
- 3 Townhouses
- 3 Half-Duplexes
- 6 Condos
- 24 Single Family Homes
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