THE HOUSING MARKET APPEARS TO BE “PUMPING THE BRAKES”!
In total, we sold 25 properties in the Penticton region over the past seven days, this is a decrease of 18 sales vs. the week prior. The TOTAL value of these 25 purchases was just over $11 million dollars, which is down about $9 million dollars vs. the week before. The highest priced sale was a Single Family home on the West Bench which sold for more than $700,000. The difference between the listing price and actual sales price for the week ended up at 99%. This is slightly above the average sales ratio of 98% vs. last week, and also the year to date average. We are still very much locked into a “SELLERS” market with a lot of buyer “DEMAND” and not very much seller “SUPPLY”. 2020 is turning out to be a BANNER year for sales in Penticton. In fact, we are on pace to sell 950 doors this year, which will be an increase of 15% (828 homes sold) over 2019.
Here’s a breakdown of sales by property “type” for this past week (October 12th – October 18th )- 5 Townhomes
- 4 Half-Duplexes
- 2 Mobile Homes
- 1 Building Lots
- 4 Condos
- 9 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!