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JULY MARKET REPORT
Housing Inventory continues to exceed the numbers from this time last year. We ended the month of July with 322 listings of all types in Penticton, that's compared to 270 homes this time last year. We saw 124 new listings hit the market in July, compared to 115 in July 2021. While the number of listings continues to beat last years pace, we're seeing a slowing in the amount of properties selling, with sales dropping 33%. Although these numbers seem to show a significant drop in the market, it's worth noting that last year (2021) was a bit of a wild year, where demand was extremely high, and buyers could get their hands on money at very low interest rates. The activity in 2021 was unlike anything we've seen in recent years. So yes, compared to last year, We've seen a pretty significant drop in sales, and more homes on the market but a big part of that is due to 2021 being a standout year, and not the norm. With the rise of inventory and the slowing of sales, the market has moved out of a strong "Seller's Market" and is now fairly balanced. This is great for buyers, as we're seeing more home options on the market, and the pace has slowed allowing buyers to breath a little bit. Although less in favour of the seller than previous months, the market is still not bad for sellers either. There is more inventory out there than last year, but we're still under the 5 year average.
If you have any questions, or would like to chat about buying or selling in the South Okanagan, please let me know!
Associate | License# #188497
RE/MAX Penticton Realty
3115 Skaha Lake Road Ste 101
Penticton, BC V2A 6G5