It’s back to school time once again, and the latest market stats have just been released for the August quarterly update. Housing in Penticton is in fairly high demand by the looks of this report. With school back in session, there’s no better time to start fresh in a new home. There are various property types currently available for purchase. No matter what you are searching for, Penticton is sure to have it! Follow along as we dissect the latest market statistics from August of 2021.
Single-family homes and condominiums are among the most popularly bought housing in Penticton. Presently, there are 93 active single-family home listings in the area. Of which, the average listing price is 809,233 dollars. This baseline cost is up 29% from last year at this time. Moreover, the average time each home spent on the market fell to 43 days. Thus, decreases the average timeframe for a home to be sold by 35%. The sell-to-list ratio is 123%, meaning homes sold for 23% more than what was listed.
The condominium statistics are alike to those of single-family homes. Apartments are being listed at an average cost of 471,344 dollars per unit. Equating to a 31% price increase from August of 2020. However, the sell-to-list ratio is 68% which is below the asking price. Right now there are 56 active townhome listings. Apartments in Penticton are predicted to sell within 56 days as of now. Therefore, making the approximate sell period lessen by 59%.
As for townhomes, the basal price is over double the cost of what it was in August of last year. A townhome will likely cost around $663,867. There are only 24 active listings at the moment for houses of this variety. Again, like other real estate types, townhomes are being sold 43% faster than before. It is now taking an average of 63 days from the time your townhome is listed to sell. Additionally, the sell-to-list ratio is 150%, so home sellers are getting the most from this transaction.
Mobile homes, land, and commercial properties are all available for purchase right now in Penticton. Mobile homes are selling for an affordable $137,157. The cost of a mobile home only jumped 1% over the last year making it an affordable option for homeowners. The sell-to-list ratio has gone down from 100% in 2020 to 88% in 2021. Furthermore, the days to sell have gone down 72% since August past.
At present, there is no waterfront acreage or lots or farmland available for purchase in the city. However, there is normal acreage listed. There are 7 active listings, with none of these properties being reported as sold. As such, there are no average pricing details for this category.
In addition to this, there are 30 lots being sold at this time. These listings are going fast, as the days to sell have gone down by a whopping 88%. To add, the typical price of a lot in Penticton is sitting at $418,315. Buying a lot in Penticton is a great way to build your dream housing in Penticton. Customization and design are two perks of building on a lot in this area.
Business properties are selling rather slow this quarter. There are now 9 active business listings in Penticton, and only one of these has sold. In turn, making the average price 70,000 dollars. The listing that sold took 112 days from the date it hit the market to sell.
If you are looking to sell your home, now could be a good time to do so. Many housing types are selling fast! Most sellers are getting more or the same amount of money as their asking price. Those who have any further questions about this month’s market report can feel free to contact us at Team Thompson today! We’d be happy to help explain the current real estate conditions or help you find some incredible housing in Penticton. If you’d like to take a look a the statistics for yourself, please click this link. We look forward to meeting you soon!