Monday Market Report July 18, 2022

HOME SALES STILL VERY STEADY IN THE CITY OF PENTICTON!

There were 21 properties SOLD this past week, that’s UP 3 sales (18) from the previous week, and ONLY down 6 home sales (27) for the same (record-breaking) period one year ago. The highest priced transaction was a single-family home in the Wiltse/Valleyview neighbourhood which sold for more than $1 million. The difference between the listing price and the negotiated sales price for the week ended up at 98%, with ONLY 5 of the 21 properties selling “AT OR OVER” there asking price. Inventory levels continue to RISE with 306 homes (of all types) on the market right now compared to 223 homes this time last year. That’s an increase in inventory year over year of 37% – A VERY WELCOMED TREND! We’ve now seen three straight months where inventory levels are trending higher than the previous year which leads me to believe that the housing market will be back to a “BALANCED” state before the end of summer. .

Here are the sales by property type for the 21 properties SOLD this past week (July 18 – July 24). Breakdown is as follows:

2 Half-Duplexes
2 Townhomes
3 Mobile Homes
4 Condos
10 Single Family Homes

There were 35 NEW LISTINGS to hit the market last week (July 18 – July 24). Breakdown is as follows:

1 Mobile Home
1 Half-Duplex
1 Fourplex
2 Acreages
2 Townhomes
4 Condos
9 Building Lots
15 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!

CONNECT WITH SHANNON SIMPSON

https://www.simpsonsellspenticton.ca/contact-shannon