Monday Market Report December 20

THE HOLIDAY SEASON IS OFFICIALLY UPON US – AND THE REAL ESTATE MARKET IS TAKING A QUICK BREATHER!

In total, only 8 properties changed hands this past week in the Penticton region, that’s on par with the week prior in door sales (8), but DOWN 3 sales (11) for the same period one year ago. The TOTAL value of these 8 transactions was just over $4.5 million compared to $7 million the week prior. The highest priced sale was a Single-Family home in the Wiltse/Valleyview area which “SOLD” for more than $800,000. The difference between the listing price and actual negotiated sales price for the week stayed strong at 101%. However, JUST 3 of the 8 homes sold this past week were “AT OR OVER” the stated listing price – that’s 37% of all sales for the week. DID YOU KNOW that there are currently only 180 homes (of all types) on the market right now compared to 254 homes this time last year? It doesn’t appear that the housing market will shift back towards a “BALANCED” position anytime soon. I’m still suggesting that the longer you WAIT to buy a home, the more you will PAY!

Here was the Sales breakdown by property type for the 8 homes sold this past week (Dec. 20 – Dec. 26):

1 Half-Duplex
2 Townhomes
5 Single Family Homes

There were also 5 NEW Listings that hit the market last week (Dec. 20 – Dec. 26). Breakdown is as follows:

1 Half-Duplex
4 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!