Monday Market Report October 10, 2022 – October 16, 2022

A NICE BUMP IN SALES AS WE ROLL THROUGH OCTOBER!

WE had 17 properties SELL in Penticton this past week, that’s UP 5 sales (12) from the previous week and UP 1 home sale (16) from the same week one year ago. The highest priced transaction was a single-family home on the West Bench which sold for more than $1.9 Million. The difference between the combined listing price and the combined negotiated sales price for every home SOLD this past week ended up at 98%, with 6 of these 17 properties STILL selling “AT OR OVER” their asking price. Our current Inventory levels hover around 304+ homes (of all types) “For Sale” right now compared to 210 homes this time last year. That’s an increase in inventory year over year of 45%. We have now seen four straight months where inventory levels are trending higher than the previous year. For the first time in more than 2+ years, we have shifted into a “BUYERS MARKET”.

Here are the SALES by property type for the 17 properties SOLD this past week (Oct. 10 – Oct. 16). Breakdown is as follows:

  • 2 Condos
  • 6 Half-Duplexes
  • 9 Single Family Homes

There were 14 NEW LISTINGS that hit the market last week (Oct. 10 – Oct. 16). Breakdown is as follows:

  • 2 Mobile Homes
  • 2 Townhomes
  • 4 Condos
  • 6 Single Family Homes
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!

CONNECT WITH SHANNON SIMPSON

https://www.simpsonsellspenticton.ca/contact-shannon