Welcome to my Quick Market Report for November 2024. Here’s the latest update on the housing market in Penticton:
- Home Sales: 68 homes were sold in November 2024, compared to 40 in November 2023.
- Total Sales Volume: $41 million worth of residential property was sold in November 2024, up 106% from $20 million last year.
- Single Family Homes: The median price is now $750,000, a 1% increase from $740,000 in November 2023.
- Townhomes: The median price is $485,000, basically on PAR with last year at $487,000.
- Half-Duplexes: The median price is $600,000, down 2% from $610,000 in November 2023.
- Condos: The median price is $404,000, a 4% rise from $390,000 in November 2023.
- Inventory Levels: There are currently 462 active listings in Penticton, up 6% from 435 in November 2023.
- New Listings: 90 new listings hit the market in November 2024, compared to 106 in November 2023.
Is the market shifting? I strongly believe it is! There are key indicators suggesting we’re at the bottom of our housing market in terms of prices and inventory here in Penticton. One key indicator is the Total Home Sales in 2024. As of November 30th, we’ve now surpassed the total number of home sales year-to-date compared to 2023 – a positive sign. Today’s Bank of Canada rate drop of 50 basis points will have a positive boost on the housing market as we roll into 2025! For now, we still remain in a “buyer’s market” with just over six months of inventory. I calculate this average based on the number of homes sold 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!
