Welcome to my “Quick Market Report” for November 2022. Here is what YOU need to know about the current housing trends here in Penticton!
- Residential home sales continue to see sizeable drops in unit sales versus 2021.
- Only 42 homes were sold in Penticton this November. In November 2021 we sold 82 homes.
- The average Single Family home is worth $885,000. Up 9% ($812,000) from November 2021.
- Average Townhome price is now $564,000. Up 12% ($503,000) from last November.
- Average Condo price is now $436,000. up 6% ($413,000) from November 2021.
- Just $24 million dollars of residential property was sold in November. That’s a significant decrease of 60% ($59 million) vs. last year.
- Inventory levels continue to see substantial growth with 357 active “Doors” for sale in Penticton currently.
- 142 homes were listed this November compared to 83 listings in November 2021. That’s an increase of 71% in new inventory.
- Skaha Lake Tower #3 was introduced to market in November – This added 70 NEW doors to our available inventory.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. We are now in a “BUYERS MARKET” at this moment in time. Remember, I’m always here to help you MAKE SENSE OF IT ALL! Shannon
