HELLO AUGUST! WELCOME TO THE DOG DAYS OF SUMMER IN THE PENTICTON REAL ESTATE MARKET.
In total, just 15 properties SOLD this past week, that’s PAR with last weeks sales figures (15), but down 6 home sales (21) for the same period one year ago. The highest priced transaction was a single-family home on the North side of Penticton which sold for more than $1.3 million. The difference between the listing price and the negotiated sales price for all homes SOLD this past week ended up at 97%, and ONLY 3 of the 15 properties sold “AT OR OVER” there asking price. Inventory levels continue to RISE with 310 homes (of all types) on the market right now compared to 206 homes this time last year. That’s an increase in inventory year over year of 50% – A VERY WELCOMED TREND! We’re now working on four straight months where inventory levels are trending higher than the previous year. This confirms for me that the housing market will be back to a “BALANCED” state before the end of summer.
Here are the SALES by property type for the 15 properties SOLD this past week (August 1 – August 7). Breakdown is as follows:
- 1 Fourplex
- 4 Townhomes
- 4 Single Family Homes
- 6 Condos
- 1 Half-Duplex
- 1 Triplex
- 2 Lots
- 5 Condos
- 8 Townhomes
- 9 Single Family Homes
CONNECT WITH SHANNON SIMPSON