Welcome to my “Quick Market Report” for October 2022. Here is what YOU need to know about the current housing trends here in Penticton!
- Residential sales continue to see sizeable drops in unit sales versus 2021.
- Only 60 homes were sold in Penticton in October. In October 2021 we sold 89 homes.
- The average Single Family home is still worth $896,000. Up 10% ($808,000) from October 2021.
- Average Townhome price is now $563,000. Up 12% ($504,000) from last October.
- $36 million dollars of residential property was sold in October 2022. That’s a substantial decrease of 33% ($54million) vs. last year.
- Inventory levels continue to see moderate growth with 310 active “Doors” for sale in Penticton currently.
- 103 homes were listed this October compared to 108 listings in October 2021. That’s a decrease of 5% in new inventory.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. We are now considered to be in a BALANCED MARKET at this moment in time. Remember, I’m always here to help you NAVIGATE through the selling or buying process!