Monday Market Report March 7 – March 13, 2022


In total, 24 properties changed hands this past week in the Penticton housing market, that’s UP 1 sale (23) from the week prior, but DOWN 13 sales (37) for the same time period one year ago. The highest priced transaction was a Single-Family Home in the Uplands/Redlands area 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 at 101%. Also of note, 14 of the 24 homes sold this past week were “AT OR OVER” there stated listing price and one Townhome and one Single-Family Home sold around $100k over there asking price, CRAZY STUFF! DID YOU KNOW that there are currently only 150 homes (of all types) on the market right now compared to 228 homes this time last year? That’s a 35% decrease in Inventory from one year to the next. There is little chance that the housing market will shift back towards a “BALANCED” position anytime soon. If you’re a buyer looking to get into the market, the longer you WAIT, the more you will PAY!

Here was the breakdown by property type for the 24 homes sold this past week (Mar. 7 – Mar. 13):
  • 2 Townhouses
  • 3 Lots
  • 5 Single Family Homes
  • 14 Condos
There were 37 NEW Listings that hit the market last week (Mar. 7 – Mar. 13). Breakdown is as follows:
  • 4 Townhomes
  • 6 Mobile Homes
  • 6 Half-Duplexes
  • 10 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!