Welcome to my “Quick Market Report” for September 2022. Here is what YOU need to know about the current housing trends here in Penticton!
- Residential sales continue to see sizeable changes in sales versus 2021.
- Only 49 homes were sold in Penticton in September. In September 2021 we sold 124 homes.
- The average Single Family home is still worth $902,000. Up 10% ($825,000) from September 2021.
- Average Townhome price is now $574,000. Up 12% ($511,000) from last September.
- $27 million dollars of residential property was sold in September 2022. That’s a considerable decrease of 58% ($65 million) vs. last year.
- Inventory levels continue to see moderate growth with 312 active “Doors” currently for sale in Penticton.
- 129 homes were listed this September compared to 123 listings in September 2021. That’s a moderate increase of 5% in new inventory.
The key indicators are signaling to me that the market (and buyer demand for houses) has slowed down. For the first time in more than 2+ years, we have shifted into a “BUYERS MARKET”. Remember, I’m always here to help you NAVIGATE through the selling or buying process
