Hello to all my Clients, Colleagues & Friends! Welcome to my “Quick Market Report” for October 2023. Here is everything YOU need to know about the current housing market here in Penticton.
- We sold 55 homes in Penticton this October vs. 60 sales in October 2022.
- The “Median” value for a Single Family home in Penticton is now $740,000. That’s down 8% versus October 2022.
- Over $37 million dollars of residential property was sold in October 2023. That’s an increase of 1% ($36 million) vs. last year.
- The “Median” Townhome price is now $490,000.
- The “Median” value for a Half-Duplex in Penticton is now $612,000.
- The “Median” Condo price is now $405,000. Up 7% ($375,000) from October 2022.
- Inventory levels continue to GROW with 470 active “Doors” for sale in Penticton.
- 152 new listings hit the market in October 2023.
Every key indicator is signaling to me that the market demand for homes is softer than normal as we roll into Fall, and as such, we have moved into a strong “BUYER’S MARKET”. We currently have more than 8 months of home inventory FOR SALE in Penticton right now. I base this statement on the average number of homes we sell each month. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!