Monday Market Report October 4 – October 10, 2021

ARE BUYERS STARTING TO “PUMP THE BRAKES” ON BUYING HOMES IN THE REGION?

Is a slowdown imminent? Just 23 homes changed hands this past week in Penticton. That’s DOWN 3 property purchases (26) from the week prior, but DOWN a significant 20 sales (43) for the same week one year ago. The TOTAL retail value of these 23 purchases was just over $12 million compared to $18 million the week prior. The highest priced sale was a Single-Family home in the Columbia/Duncan area of Penticton which had a “SOLD” price tag of more than $890,000 dollars. The difference between the listing price and actual negotiated sales price for the week was 98%, and only 7 of the 23 homes sold this week were sold “AT OR OVER” the listing price. At this moment, sales volumes continue to stay reasonably buoyant for this time of year, it will be interesting to see if this DOWNWARD trend continues on and maybe a shift is in the air? However, the “Average Selling Price” tells me that the real estate market is still leaning in the favour of SELLERS. Here’s a breakdown of sales by type of property for this past week (October 4 – October 10, 2021).
  • 5 Condos
  • 6 Townhouses
  • 12 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!