Penticton’s Housing Market Holds Steady: 18 Sales, 54 Listings, A Robust Inventory, and Prime Opportunities for Buyers!
In the past week, 18 properties in Penticton found new owners – a slight jump from the previous week’s 14 sales and nearly matching last year’s 19 for the same timeframe, all while the housing market continues to offer plenty of quality options!
🌟 The highlight of the week? A stunning Single-Family Home in the Columbia Duncan Neighbourhood which sold for over $1.2 Million Dollars! On average, buyers managed to secure properties for 96% of the listing price, with just 1 of 18 homes selling at or above their asking price.
📈 Inventory Watch: Currently, there are 572 properties (of all types) available for sale, compared to 562 listings in May 2024—marking a 2% increase in year-over-year inventory.
🏠 New Listings Surge: Over the past 30 days, more than 200 new properties have hit the market, giving buyers even more options to explore and choose from.
💡 Pro Tip for Buyers: In today’s market, waiting could end up costing you. Interest rates are quite competitive, inventory is good at this moment in time, and demand continues to be relatively strong. The best deals aren’t sitting around—they’re getting snatched up. If you wait, you may find yourself paying more or missing out altogether. Now is the time to make your move!
18 SALES by property type for the homes SOLD this past week (May 4 – May 11). Breakdown is as follows:
- 1 Mobile Home
- 1 Townhome
- 2 Half Duplexes
- 5 Condos
- 9 Single Family Homes
- 2 Lots
- 2 Half Duplexes
- 4 Mobile Homes
- 8 Townhomes
- 12 Condos
- 26 Single Family Homes
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