COULD THE PENTICTON (AND B.C.) REAL ESTATE MARKET BE LEVELING OUT?
After a “ROBUST” start to 2021, I’ve started to see a slowdown of home sales in Penticton. In total, just 33 homes change hands this past week, down 2 sales vs. the week prior. The TOTAL value of these 33 transactions was just under $22 million dollars which is on par with the sales dollars from the week prior. The highest priced property to sell was a Single Family Home in the Naramata region which fetched more than $1.8 million dollars. The difference between the listing price and actual sales price for the week was 99%. This is the second week in a row where the combined sales price for all properties sold in a week has not been over 100%. However, in saying that, 21 of the 33 homes did sell AT OR OVER asking price. I would say that sales volumes are now relatively “Seasonal” for this time of year but the “Average Selling Prices” still tell me that SELLERS have the upper hand in the market.
Here’s a breakdown of sales by type of property for this past week (May 10th – May 16th).- 1 Building Lots
- 2 half Duplexes
- 4 Town Homes Condos
- 11 Condos
- 15 Single Family Homes