Here is my “Quick Market Report” for September 2024. Here is everything YOU need to know about the current housing market here in Penticton.
- Home Sales: 52 homes were sold in September 2024, compared to 56 in September 2023.
- Total Sales Volume: $33 million worth of residential property was sold in September 2024, down 8% from $36 million last year.
- Single Family Homes: The median price is now $750,000, a 1% increase from $740,000 in September 2023.
- Townhomes: The median price is $485,000, a 1% increase from $482,50000 last year.
- Half-Duplexes: The median price is $599,000, down 3% from $620,000 in September 2023.
- Condos: The median price is $425,000, a 5% rise from $405,000 in September 2023.
- Inventory Levels: There are currently 530 active listings in Penticton, up 14% from 466 in September 2023.
- New Listings: 130 new listings hit the market in September 2024, compared to 137 in September 2023.
Is the market shifting? While the demand for purchasing homes remains softer than usual as we head into fall, the next Bank of Canada rate review will most likely see another drop in the key lending rate – I expect this will happen! If so, I believe it will bring more buyers off the sidelines and we could see a nice finish to 2024. For now, we remain in a dominant “BUYER’S MARKET” with over thirteen 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!