Welcome to my Quick Market Report for October 2024. Here’s the latest update on the housing market in Penticton:
- Home Sales: 71 homes were sold in October 2024, compared to 55 in October 2023.
- Total Sales Volume: $46 million worth of residential property was sold in October 2024, up 25% from $37 million last year.
- Single Family Homes: The median price is now $750,000, a 1% increase from $737,000 in October 2023.
- Townhomes: The median price is $485,000, a 1% decrease from $490,000 last year.
- Half-Duplexes: The median price is $600,000, down 2% from $612,500 in October 2023.
- Condos: The median price is $425,000, a 5% rise from $405,000 in October 2023.
- Inventory Levels: There are currently 544 active listings in Penticton, up 18% from 461 in October 2023.
- New Listings: 119 new listings hit the market in October 2024, compared to 152 in October 2023.
Is the market shifting? There continues to be a few signals that have me believing that we are near the bottom of the housing market here in Penticton. While the demand for purchasing homes remains softer than normal, the next few Bank of Canada rate reviews will see at least one (or two) more drops in the key lending rate which would push us to not only finish strong in 2024 but will give us some optimism to start 2025! For now, we remain in a passive BUYER’S MARKET with just over Seven months of inventory available. This is calculated by the average number of homes sold each month versus the number currently for sale.
Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
