A SLOWER THAN NORMAL START TO MAY FOR HOMES SALES IN PENTICTON!
ONLY 16 properties changed hands this past week in the Penticton housing market, that’s DOWN 7 sales (23) from the week prior, and DOWN a further 19 sales (35) for the same time period one year ago. The highest priced transaction was a Single-Family Home in the Columbia/Duncan neighbourhood which “SOLD” for more than $900k. The difference between the listing price and the actual negotiated sales price for the week ended up at 101%, with 10 of the 16 homes selling “AT OR OVER” their listing price. In fact, one Townhome sold for $60K over asking, and one single-family home was sold for $85k over the ask price! DID YOU KNOW that we only sold 96 homes in April 2022? In April 2021 we sold 155 homes. THAT’S A DECREASE OF 38% IN SALES VOLUME YEAR OVER YEAR. Inventory levels continue to rebound with 221 homes (of all types) on the market right now compared to 231 homes this time last year. That’s only a 4% decrease in Inventory from one year to the next. The Penticton housing market is certainly starting to show signs of slowing down for the first time in two years.
Here are the sales by property type for the 16 properties SOLD this past week (May 2 – May 8). Breakdown is as follows:- 2 Half-Duplexes
- 2 Townhomes
- 5 Condos
- 7 Single Family Homes
- 2 Half-Duplexes
- 4 Townhomes
- 6 Mobile Homes
- 6 Lots
- 8 Single Family Homes
- 10 Condos
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