It is likely not news to anyone that a change is in the air with regards to the local real estate market. Now, whenever there is uncertainty you typically see households and businesses alike pulling back from big purchases. However, it bares repeating that Squamish is NOT in a balanced market just yet. Our sales/active listings ratio is still well above 21% in all property categories (which indicates a sellers market). We still saw multiple offers on select properties throughout Squamish, however, it has now become the minority as opposed to the majority.
This is good news. Seller’s there is no reason for concern. Everything is still selling, however, the strategy has changed. This is why it is so important to work with a local realtor who has their finger on the pulse.
For instance, Pemberton and Whistler are seeing very different markets right now. Multiple offers is still very much commonplace, especially in their townhouse market.
Back to the numbers…
April statistics show that we are in still in a strong sellers market with the average sold price in Squamish ticking over $1.3M and 11 days as the average time to sell a property. It’s worth mentioning that this is both the highest average sales price as well as the lowest average days on market recorded in 10 years (if not ever). Despite there being an obvious shift in the market, certain segments – most notably detached homes – remained strong which is reflected in the sales data. Let’s take a closer look at the numbers…
SQUAMISH – ALL PROPERTY TYPES
Average Sold Price: $1,343,487 | +31%
Average Days on Market: 11 days | -35%
New Listings: 98 new listings | -19%
Sales: 52 sales | -44%
Absorption Rate: 40% | -33%
DETACHED
Average Sold Price: $1,846,450 | +15%
Average Days on Market: 10 days | -23%
New Listings: 41 new listings | -18%
Sales: 24 sales | -20%
Absorption Rate: 33% | -14%
TOWNHOUSE
Average Sold Price: $988,567 | +9%
Average Days on Market: 10 days | -0%
New Listings: 30 new listings | -11%
Sales: 15 sales | -40%
Absorption Rate: 57% | -40%
CONDOMINIUM
Average Sold Price: $654,889 | +8%
Average Days on Market: 15 days | -40%
New Listings: 22 new listings | -26%
Sales: 9 sales | -74%
Absorption Rate: 36% | -55%
These statistics are very useful in understanding the market, however, it is just as important to understand that they are limited in what inventory we saw in that month. For example, if we saw more luxury homes sell we would definitely get a higher average sales price for that month, which is essentially what happened this month with 16 of our detached sales being above $1.5M to $2.4M.
If you are interested in better understanding what your home is worth I am here to help you navigate.
Give me a call on 604-213-0833
