AND INTO NOVEMBER WE GO…….IS THE HOUSING MARKET SHOWING SIGNS OF COOLING OFF?
In total, 22 homes changed hands this past week in the Penticton region, that’s DOWN 9 properties (31) from the week prior, and DOWN 12 sales (34) for the same week one year ago. The TOTAL value of these 22 purchases was just over $15.5 million compared to $21 million the week prior. The highest priced sale was a Single-Family Home in the Naramata area which “SOLD” for more than $2 million dollars. The difference between the listing price and actual negotiated sales price for the week was 98%. It’s still important to mention that 10 of the 22 homes sold this past week were “AT OR OVER” the listing price….that’s almost half of all home sales. DID YOU KNOW that there are currently only 193 homes (of all types) on the market right now compared to 325 this time last year? It’s still a bit too early to say that the market is shifting towards a “BALANCED” market position, but I will be keeping my eyes on this trend over the next few weeks.
Here is the breakdown by property type for this past week (Nov. 1 – Nov. 7)- 2 Building Lots
- 2 Townhouses
- 2 Half-Duplexes
- 5 Condos
- 11 Single Family Homes
- 1 Building Lot
- 1 Condo
- 1 Half-Duplex
- 3 Townhouses
- 8 Single Family Homes