HAPPY NEW YEAR TO EVERYONE! IT WAS PRETTY MUCH A GIVEN THAT WE WOULD HAVE OUR SECOND QUIET WEEK OVER THE HOLIDAY SEASON…AND IT DIDN’T DISSAPOINT!
In total, only 7 properties changed hands this past week in the Penticton region, that’s DOWN 1 door sale from the week prior (8), and DOWN 2 sales (9) for the same period one year ago. The TOTAL value of these 7 transactions was just over $2.3 million compared to $4.5 million the week prior. The highest priced sale was a Single-Family home in the West Bench area which “SOLD” for more than $1.1 million. The difference between the listing price and actual negotiated sales price for the week was 95%, with all 7 properties selling lower than there asking price. DID YOU KNOW that there are currently only 158 homes (of all types) on the market right now compared to 254 homes this time last year……Inventory is at an ALL-TIME LOW. There is little chance that the housing market will shift back towards a “BALANCED” position anytime soon. I’m still very confident in saying that the longer you WAIT to buy a home, the more you will PAY!
Here was the Sales breakdown by property type for the 7 homes sold this past week (Dec. 27 – Jan. 2):- 1 Building Lot
- 1 Condo
- 1 Townhome
- 1 Single Family Home
- 3 Mobile Homes
- 1 Townhome
- 1 Single Family Home