A TYPICAL FALL WEEK FOR HOME SALES IN THE PENTICTON MARKET!
In total, 23 homes changed hands this past week in the Penticton region, that’s UP 7 properties (16) from the week prior, but DOWN 7 sales (30) for the same week one year ago. The TOTAL value of these 23 purchases was just over $15 million compared to $14 million the week prior. The highest priced sale was a Single-Family Home on the Naramata Bench which “SOLD” for more than $1.5 million dollars. The difference between the listing price and actual negotiated sales price for the week was 101%….however, this percentage is influenced/inflated by one home that sold for more than $315,000 over asking price – WOW! If we take this sale out of the equation, the negotiated sales price for the week was 99%. It’s still important to mention that 11 of the 23 homes sold this week were “AT OR OVER” the listing price….almost half of all home sales. 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 (Oct. 18 – Oct. 24)- 1 Mobile Homes
- 1 Building Lots
- 1 Half-Duplex
- 3 Townhouses
- 6 Condos
- 11 Single Family Homes