Penticton is a city in Canada and is an ideal place to stay and live forever. It is located in the Okanagan Valley, in the south of the province of British Columbia. Do you want to know what is happening in the real Estate world in this city? You must read on.
It is located between Skaha and Okanagan lakes, it has 2000 hours of sun throughout the year, so it has hot and long summers. It has beaches and specialized and award-winning wineries. Outdoors lovers will find plenty of grounds to distract themselves and walk to feel free.
It is a city with many attractions, and that is why its real Estate Market has always been strong. It has always been in high demand, and house prices are high. In 2019, she obtained a high real estate activity where retirees accumulate their secondary properties.
Last year in Penticton, the median price for a single-family home was $ 549,000. As in many parts of the country, COVID-19 has lowered the real estate market rates in this city. Due to social distancing, buyers cannot do their job of showing the houses as they should, and therefore, the demand has decreased.
It also affects because many people do not want to sell their properties with the economic uncertainty that exists at the moment. Below, you will know the main trends that have emerged in the Penticton real estate market.
Market activity in southern Okanagan
CREA (Canadian Association of Real Estate) has carried out statistics and reported that this region is one of those affected in the real estate market. They were able to see exactly the numbers of sellers and buyers who were suspending their plans in the real estate area.
By May, house sales in this region only reached 55 homes. This indicates a very strong decrease of 52, 3% compared to the figures for the same month but last year.
At the end of last month the figures continued to slow, there were only 117 properties on the region’s real estate listings. This indicates a decrease of almost 60.6% from May 2019.
The pandemic problem has generated a slowdown in the figures of purchase and sale of real estate.
Prices remain stable in Penticton
Although sales are low, prices remain high and strong. The average price of houses in this region increased by 5.2% since May of last year; this means that it reached $ 449,761.
According to reports by famous experts and institutions, real estate activity is already rising again. This indicates that buyers have started looking for homes for their investments. In the case of this region, the upward trend is unlikely to change in these months.
Real estate agents in good spirits
Throughout the Okanagan province, real estate agents in the Penticton region know that this place has a very picturesque appeal. It is an ideal city for pensioners for its pleasant and idyllic communities. This offers a lot of optimism for all experts in this industry.
Real estate agents believe that the purchase and sale of homes will increase significantly in the coming months. Although the pandemic is not yet over, all real estate experts are clinging to little to do to get out of this serious problem.
If you are interested in acquiring a home in the Penticton region, this will be your best time to get it.