JUST A ONE-WEEK BLIP FOR SALES IN THE PENTICTON HOUSING MARKET!
In total, just 6 properties changed hands this past week in the Penticton region, that’s DOWN 7 door sales from the week prior (13), and DOWN 15 sales (21) for the same time period one year ago…..I’m absolutely convinced that this is just a “BLIP” on the screen and the market will bounce back with a HIGH VOLUME of sales next week. The TOTAL value of these 6 transactions was just over $7 million compared to $6 million the week prior. The highest priced sale was a full duplex in the North end of Penticton which “SOLD” for more than $2.3 million. The difference between the listing price and actual negotiated sales price for the week was 98%, and 3 of the 6 homes sold this past week were “AT OR OVER” there stated listing price. DID YOU KNOW that there are currently only 165 homes (of all types) on the market right now compared to 248 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 13 homes sold this past week (Jan. 10 – Jan. 16):- 1 Townhome
- 1 Full-Duplex
- 1 Condo
- 3 Single Family Homes
- 1 Acreage
- 1 Lot
- 1 Half-Duplex
- 2 Single Family Homes
- 3 Mobile Homes
- 3 Townhomes
- 10 Condos