Monday Market Report July 4, 2022

A SLOW WEEK OF HOME SALES IN THE CITY OF PENTICTON!

Just 15 properties SOLD this past week, that’s DOWN 1 sale (16) from the previous week, but DOWN 10 home sales (25) for the same period one year ago. The highest priced transaction was a Condo on the North side of the city which sold for more than 1.5 million dollars. The difference between the listing price and the negotiated sales price for the week ended up at 100%, with only 7 of the 15 properties selling “AT OR OVER” their asking price. Inventory levels continue to CLIMB with 306 homes (of all types) on the market right now compared to 223 homes this time last year. That’s 3 MONTHS where inventory levels are trending higher than the previous year. The housing market will be back to a “BALANCED” state before the end of summer.

Here are the sales by property type for the 15 properties SOLD this past week (July 4 – July 10). Breakdown is as follows:

1 Mobile Home
1 Lot
1 Half Duplex
2 Townhomes
4 Condos
6 Single Family Homes

There were 20 NEW listings to hit the market last week (July 4 – July 10). Breakdown is as follows:

1 Townhome
2 Mobile Homes
6 Condos
11 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