Monday Market Report February 28- March 6, 2022


In total, 23 properties changed hands this past week in the Penticton housing market, that’s UP 2 sales (21) from the week prior, but DOWN 10 sales (33) for the same time period one year ago. The highest priced transaction was a Single-Family Home in the Wiltse/Valleyview area of Penticton which “SOLD” for more than $1.9 million. The difference between the listing price and actual negotiated sales price for the week was at 102%, we are starting to see more & more properties going over the asking price. Three homes this week sold for almost $100k over the asking price, WOW! Also of note, 15 of the 23 homes sold this past week were “AT OR OVER” there stated listing price. DID YOU KNOW that there are currently only 143 homes (of all types) on the market right now compared to 228 homes this time last year? That’s a 60% decrease in Inventory from one year to the next. There is little chance that the housing market will shift back towards a “BALANCED” position anytime soon. If you’re a buyer looking to get into the market, the longer you WAIT, the more you will PAY!

Here was the breakdown by property type for the 23 homes sold this past week (Feb. 28 – Mar. 6):
  • 1 Lot
  • 2 Half-Duplexes
  • 4 Townhouses
  • 8 Condos
  • 8 Single Family Homes
There were 19 NEW Listings that hit the market last week (Feb. 28 – Mar. 6). Breakdown is as follows:
  • 1 Lot
  • 3 Mobile Homes
  • 4 Townhouses
  • 5 Condos
  • 6 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!