February was an interesting month; sold pricing and sales went up, with inventory and days on market down when compared to February 2021. We did start to see a few sales come in below list price with subjects in place. I know, it seems like an eternity since I last said that. That being said, we are still very much in a sellers market and pricing is still on the rise. Properties that are priced correctly and show well are still enjoying multiple offers and high sales prices.
March 2nd also saw our first interest rate increase since the start of the pandemic of 25 basis points (.25%). We are expecting to see interest rate rises continue throughout 2022 and into 2023. Sadly, we have also seen civil unrest with Russia declaring war on Ukraine at the end of February.
The average sold price in Squamish was $1,140,005 (+18.5%) with an average of 12 days on market. There were 95 new listings recorded throughout the month and 80 sales, that brings the absorption rate (sales to listings ratio) to 100% (up 66% since last year). Keep in mind that anything over 20% is considered to be a sellers market. Detached properties saw the largest increases in February with a MASSIVE average sold price of $1,646,468 throughout the month and a price per square foot of $778 – that’s a 40% increase year-over-year!
Let’s take a closer look at individual property types to see how they performed throughout the month…
Average sales price: $1,646,468 | +19.6%
Average days on market: 16 days | -40.7%
Total Inventory: 44 | -38.0%
New Listings: 29 | -43.1%
Sales: 20 | -37.5%
Sale/Listings Ratio: 45% | +0.9%
Average sales price: $1,069,665 | +28.4%
Price Per Square Foot: $744 | +31.7%
Average days on market: 13 | +116.7%
Total Inventory: 12 | +9.1%
New Listings: 26 | +44.4%
Sales: 24 | +71.4%
Sale/Listings Ratio: 200% | +57.1%
Average sales price: $715,063 | +36.5%
Price Per Square Foot: $849 | +30.2%
Average days on market: 8 | -69.2%
Total Inventory: 18 | -56.1%
New Listings: 33 | +37.5%
Sales: 30 | +20.0%
Sale/Listings Ratio: 166% | +173.3%