Monday Market Report May 16 – May 22, 2022


After six weeks of slower than normal housing sales, the sales stats this week have absolutely confirmed for me that the market has switched! In total, just 14 properties changed hands this past week, that’s down 8 sales (22) from the week prior, and DOWN 19 home sales (33) for the same time period one year ago. The highest priced transaction was a Single-Family Home on the South side of Penticton which “SOLD” for more than $800K. The difference between the listing price and the negotiated sales price for the week ended up at 99%, with 8 of the 14 homes selling “AT OR OVER” their asking price. Inventory levels continue to rebound with 253 homes (of all types) on the market right now compared to 231 homes this time last year. That’s the SECOND CONSECUTIVE WEEK in almost two years that we’ve seen an increase in inventory from one year to the next.

Here are the sales by property type for the 14 properties SOLD this past week (May 16 – MAY 22). Breakdown is as follows:
  • 1 Lot
  • 1 Half Duplex
  • 1 Townhome
  • 2 Mobile Homes
  • 4 Condos
  • 5 Single Family Homes
There were 42 NEW listings to hit the market last week (May 16 – MAY 22). Breakdown is as follows:
  • 1 Fourplex
  • 1 Half Duplex
  • 1 Lot
  • 6 Townhomes
  • 10 Condos
  • 23 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!