Monday Market Report October 3, 2022 – October 9, 2022

HOME SALES CONTINUE TO SOFTEN AS WE ROLL INTO OCTOBER!

In total, just 12 properties SOLD in Penticton this past week, that’s DOWN 2 sales (14) from the previous week, but DOWN 11 home sales (23) from the same week one year ago. The highest priced transaction was a single-family home in the main South area which sold for more than $1.8 Million. The difference between the listing price and the negotiated sales price for ALL homes SOLD this past week ended up at 97%, and only 4 of the 12 properties sold “AT OR OVER” their asking price. Our current Inventory levels hover around 315+ 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 +50%. We’ve 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 12 properties SOLD this past week (Oct. 3 – Oct. 9). Breakdown is as follows:

  • 1 Half-Duplex
  • 2 Townhomes
  • 4 Condos
  • 5 Single Family Homes

There were 26 NEW LISTINGS that hit the market last week (Oct. 3 – Oct. 9). Breakdown is as follows:

  • 2 Half-Duplexes
  • 3 Mobile Homes
  • 3 Townhomes
  • 5 Single Family Homes
  • 13 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!

CONNECT WITH SHANNON SIMPSON

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