Hello, I am back with your April Squamish Market Update. But before we jump into the numbers, how about this weather! I certainly hope you have been able to get outside and enjoy the glorious weather this Spring has delivered so far. As we all know too well, June(uary) typically brings with it lots of rain, so soak in this sunshine while you can.
Before I go into the numbers, its worth noting that we are seeing a fair amount of activity on the entry points of all property categories. Properties that are pushing pricing barriers i.e. townhouses in the detached market price point or detached homes without income suites available are lagging and not seeing the same interest that other properties that are more price sensitive are seeing. This is not surprising given the cost of borrowing / high qualification requirements attached to mortgages today.
You will also notice the differences in the year-over-year stats start to creep closer together, especially once we hit July/August – as that is when we started to see the effects of higher interest rates on our local market conditions. We are still seeing most segments performing a sellers market, however, for the most part we are still seeing below asking sold prices and offers (even in multiples) with subjects in place.
Squamish – All Home Types
HPI Benchmark Price: $1,077,700 (-8% year-over-year)
Average Sold Price: $1,044,909 (-22% year-over-year)
Average Days on Market: 33 Days (+200% year-over-year)
Total Inventory: 154 Active Listings (+12% year-over-year)
New Listings: 74 New Listings (-24% year-over-year)
Sales: 40 Sold Homes (-23% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 26% (-31% year-over-year) *Sellers market*
Squamish – Detached Homes
HPI Benchmark Price: $1,635,700 (-7% year-over-year)
Average Sold Price: $1,363,433 (-26% year-over-year)
Average Days on Market: 38 Days (+280% year-over-year)
Total Inventory: 92 Active Listings (+24% year-over-year)
New Listings: 236 New Listings (-12% year-over-year)
Sales: 15 Sold Homes (-37% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 16% (-49% year-over-year) *Balanced market*
Squamish – Townhouses
HPI Benchmark Price: $1,006,100 (-8% year-over-year)
Average Sold Price: $1,074,077 (+8% year-over-year)
Average Days on Market: 28 Days (+180% year-over-year)
Total Inventory: 29 Active Listings (+7% year-over-year)
New Listings: 21 New Listings (-30% year-over-year)
Sales: 13 Sold Homes (-13% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 45% (-19% year-over-year) *Sellers market*
Squamish – Condominiums
HPI Benchmark Price: $574,900 (-9% year-over-year)
Average Sold Price: $543,805 (-17% year-over-year)
Average Days on Market: 33 Days (+120% year-over-year)
Total Inventory: 26 Active Listings (+10% year-over-year)
New Listings: 13 New Listings (-40% year-over-year)
Sales: 11 Sold Condos (+22% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 42% (+36% year-over-year) *Sellers market*
Thanks for tuning in to the Squamish March market update. If you have specific questions relating to Squamish real estate, market and statistical information or general pricing for your home vs. other homes on the market, we should chat. I am here to help guide you in understanding the ever-changing market conditions in Squamish and the Sea to Sky Corridor.
