BUYERS – FASTEN YOUR SEAT BELTS! SELLERS, YOU’RE DRIVING THE MARKET RIGHT NOW!
Another big week in home sales as another 35 homes change hands this week, up 12 sales from the week prior. The TOTAL value of these purchases was just over $22 million dollars compared to $14.5 million the week prior. The highest priced sale was a single family home in the Uplands/Redlands area of Penticton which sold for more than $3,000,000 dollars. The difference between the listing price and actual sales price for the week ended up at 96%, which is two percentage points lower than last week’s sales ratio of 98% – this is NOT a trend, only an anomaly based on one of the homes being sold went for substantially less than the actual listing price. In MOST cases, homes are being sold AT or ABOVE the asking price. As I said earlier, today’s housing market is HEAVILY tilted towards SELLERS as there continues to be a tremendous amount of DEMAND in the marketplace, with very little SUPPLY. Here’s a breakdown of sales by property “type” for this past week (Jan. 25th to Jan. 31st)- 1 Building Lot
- 2 Half Duplexes
- 5 Townhomes
- 13 Condos
- 14 Single Family Homes
Remember…If you’re thinking of Buying or Selling in the South Okanagan, please give me a call at 250-328-5138 to see how YOU fit into today’s real estate market!