Welcome back to the February Market Update for the local Squamish real estate sector. February saw some new activity return to the market, which had a lot of sellers breathing a sigh of relief. The MLS HPI Price Benchmark was up 2.6% in February to $119,300 from $993,000 in January. Both sales and listings were up month over month in February – granted they are still vastly below the February 2022 numbers. The sales-to-active listings ratio was up as well to 19% – which falls into a healthy balanced market verging on a sellers market. Average Days on Market were down in February to 64 days, compared to 68 days in January.
Here is a look at the benchmark pricing analysis provided by Real Estate Board of Greater Vancouver for Squamish over a three year period: CLICK HERE
Squamish – All Home Types
HPI Benchmark Price: $1,019,300 (-11.2% year-over-year)
Average Sold Price: $1,062,675 (-6.8% year-over-year)
Average Days on Market: 64 Days (+433% year-over-year)
Total Inventory: 145 Active Properties (+68% year-over-year)
Sales: 28 Sold Homes (-65% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 19% (-79% year-over-year) *Balanced market*
Squamish – Detached Homes
HPI Benchmark Price: $1,478,200 (-14% year-over-year)
Average Sold Price: $1,479,667 (-16% year-over-year)
Average Days on Market: 79 Days (+393% year-over-year)
Total Inventory: 92 Active Properties (+87% year-over-year)
New Listings: 46 New Listings (+58% year-over-year)
Sales: 12 Sold Homes (-40% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 13% (-68% year-over-year) *Balanced market*
Squamish – Townhouses
HPI Benchmark Price: $978,600 (-9.7% year-over-year)
Average Sold Price: $851,700 (-20% year-over-year)
Average Days on Market: 29 Days (+123% year-over-year)
Total Inventory: 24 Active Properties (+100% year-over-year)
New Listings: 16 New Listings (-38% year-over-year)
Sales: 7 Sold Homes (-70% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 29% (-85% year-over-year) *Sellers market*
Squamish – Condominiums
HPI Benchmark Price: $579,700 (-4% year-over-year)
Average Sold Price: $646,500 (-9% year-over-year)
Average Days on Market: 81 Days (+912% year-over-year)
Total Inventory: 25 Active Properties (+31% year-over-year)
New Listings: 15 New Listings (-54% year-over-year)
Sales: 8 Sold Condos (-73% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 32% (-79% year-over-year) *Sellers market*
Thanks for tuning in to the Squamish February 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.
