Monday Market Report November 14, 2022 – November 20, 2022


13 properties SOLD in Penticton this past week, that’s UP 8 sales (5) from the previous week, but DOWN 7 home sales (20) from the same week one year ago. The highest priced transaction was a single-family home in the Columbia/Duncan neighbourhood which sold for more than $980,000. The difference between the average listing price and the average negotiated sales price for every home SOLD this past week ended up at 96%, with only 3 of the 13 properties selling “AT OR OVER” their stated listing price. Our current Inventory levels hover around 362+ homes (of all types) “For Sale” right now compared to 178 homes this time last year. That’s an increase in inventory year over year of 103%. We are now into our FIFTH straight month where inventory levels are higher than the previous year. Based on our October month-end stats, we had settled into a “BALANCED” housing market, but with the increase in New Listings (Skaha Lake Tower #3) this past week, we have undoubtedly swung back to a “BUYERS” housing market.

Here are the SALES by property type for the 13 properties SOLD this past week (Nov. 14 – Nov. 20). Breakdown is as follows:

  • 3 Townhomes
  • 4 Condos
  • 6 Single Family Homes

There were 86 NEW LISTINGS that hit the market last week (Nov. 14 – Nov. 20). Breakdown is as follows:

  • 1 Mobile Home
  • 4 Townhomes
  • 4 Condos
  • 7  Single Family Homes
  • 70 NEW Skaha Lake Tower Condos
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!