Penticton home sales decline by nearly 50 per cent in January from a year ago

PENTICTON – South Okanagan residential real estate listing are up, but prices and sales were down in January compared to results one year ago.

The South Okanagan Real Estate Board reported today, Feb. 14, the number of home sales fell to 69 units this year from 134 last January, a decline of 47.7 per cent.

“The slowdown that began a year ago, along with a return to more normal levels of supply has put the market back into balanced territory,” South Okanagan Real Estate Board President Dori Lionello says.

January’s average house price of $377,203 was also down 7.5 per cent from the January 2018 average of $409,488.

Total dollar value of all home sales fell 52.7 per cent from $55 million to $26 million this January.

New listings rose to 217, up 24.7 per cent over January 2018’s 174 listings.

There were 1,063 active residential listing recorded at the end of January this year, an increase of 47 per cent over last year’s January low of 714.

This year’s active listing numbers are considered a more normal supply level with which to start the year.

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