A SUPER SLOW WEEK OF HOME SALES IN PENTICTON – BLIP OR TREND?
JUST 7 properties SOLD in Penticton this past week, that’s DOWN 6 sales (13) from the previous week, and DOWN A WHOPPING 16 home sales (23) from the same week one year ago. The highest priced transaction was a single-family home in the Wiltse/Valleyview neighbourhood which sold for more than $900,000. 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 NONE of these 7 properties selling “AT OR OVER” their stated listing price. Our current Inventory levels hover around 356+ 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 100%. 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) 2 weeks ago, we have undoubtedly swung back to a “BUYERS” housing market.
Here are the SALES by property type for the 7 properties SOLD this past week (Nov. 21 – Nov. 27). Breakdown is as follows:
- 1 Half-Duplex
- 3 Condos
- 3 Single Family Homes
There were 11 NEW LISTINGS that hit the market last week (Nov. 21 – Nov. 28). Breakdown is as follows:
- 1 Condo
- 3 Mobile Homes
- 7 Single Family homes
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