Here is my “Quick Market Report” for May 2024. Here is everything YOU need to know about the current housing market here in Penticton.
- 69 homes sold in Penticton this May vs. 81 sales in May 2023.
- The “Median” price for a Single Family home in Penticton is now $747,500. That’s up 6% ($702,500) versus May 2023.
- $39 million dollars of residential property was sold in May 2024. That’s down 6% ($52 million) vs. last year.
- The “Median” Townhome price is now $480,000. This is down 2% ($490,000) from May 2023.
- The “Median” value for a Half-Duplex in Penticton is now $640,000. Up 1% ($635,000) from May 2023.
- The “Median” Condo price is now $384,000. Up 1% ($380,000) from May 2023.
- Inventory levels continue to GROW with 562 active “Doors” for sale in Penticton as of the end of May 2024. This is up 41% (398) from May 2023.
- 144 new listings hit the market in May 2024.
Every key Every key indicator confirms that the market demand for homes is softer than normal as we roll into the Spring Selling Season. We are undoubtedly in a strong “BUYER’S MARKET” as we currently have more than 7 months of home inventory FOR SALE in Penticton right now. I base this analysis on the average number of homes we sell each month versus the number of homes currently for sale. Remember, if you have any questions, I’m always here to help you MAKE SENSE OF IT ALL!
