A SECOND WEEK OF LOW HOME SALES VOLUME IN THE PENTICTON HOUSING MARKET!
In total, just 7 properties changed hands this past week in the Penticton region, that’s only UP 1 door sale from the week prior (6), and DOWN 16 sales (23) for the same time period one year ago…..I’m absolutely convinced that this is still just a “BLIP” (and not a TREND) and the market will bounce back with a HIGH VOLUME of home sales in the next few weeks. The TOTAL value of transactions was just over $5.5 million compared to $7 million the week prior. The highest priced sale was a Single-Family Home in the Wiltse/Valleyview neighbourhood of Penticton which “SOLD” for more than $1.5 million. The difference between the listing price and actual negotiated sales price for the week was back to 99%, and 4 of the 7 homes sold this past week were “AT OR OVER” there stated listing price. DID YOU KNOW that there are currently only 178 homes (of all types) on the market right now compared to 248 homes this time last year……Inventory is STILL SIGNIFICANTLY LOW! There is little chance that the housing market will shift back towards a “BALANCED” position anytime soon. I’m 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 (Jan. 17 – Jan. 23):- 1 Lot
- 2 Townhomes
- 4 Single Family Homes
- 1 Lot
- 5 Townhomes
- 7 Single Family Homes
- 11 Condos