Happy Holiday Season to all my Clients, Colleagues & Friends! Welcome to my “Quick Market Report” for the month of November 2023. Here is everything YOU need to know about the current housing market here in Penticton.
- Only 38 homes sold in Penticton this November vs. 44 sales in November 2022.
- The “Median” value for a Single Family home in Penticton is now $740,000. That’s down 5% ($775,000) versus November 2022.
- Over $18 million dollars of residential property was sold in November 2023. That’s down 28% ($24 million) vs. last year.
- The “Median” Townhome price is now $490,000. Down 11% ($544,000) from November 2022.
- The “Median” value for a Half-Duplex in Penticton is now $620,000. Down 3% ($637,000) from November 2022.
- The “Median” Condo price is now $386,000. Up 3% ($375,000) from November 2022.
- Inventory levels continue to GROW with 444 active “Doors” for sale in Penticton as of the end of November.
- 109 new listings hit the market in November 2023.
Every key indicator confirms that the market demand for homes is softer than normal as we roll into the Winter months. We have shifted into a strong “BUYER’S MARKET”, and currently have more than 11 months of home inventory FOR SALE in Penticton right now. I base this information on the average number of homes we sell each month versus the number of homes currently for sale. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
