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FEBRUARY SQUAMISH MARKET UPDATE

Posted by KatieMcLachlan on March 21, 2024
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Welcome back to the February Squamish market update. I am officially back to regular postings now that I have returned from Maternity Leave. It’s currently spring-break, which is typically a slower time in our market while everyone is away vacationing. And generally speaking its not as quiet as I was expecting the break to be. There have been a few properties go into multiple offers over the last couple of weeks, and showings have been fairly regular at majority of listings. I dare say its because there continues to be more of a liklihood for interest rates to drop at the next announcement, or at least that’s what economists are predicting thanks to favourable inflation stats that have been released.  

We are however still in a price sensitive market where particular thresholds are doing well and if you are over-priced, you tend to sit for a while. Here is a basic breakdown of the popular trends currently:

  1. Condos: 1 beds between $600,000 – $650,000 and 2 beds around $700,000 mark.
  2. Townhouses: 3 bedroom townhouses under $1M
  3. Single Family Homes – 3 bed up w/ income suite under $1.5M or single family without a suite under $1.4M
  4. Luxury listings above $2M are starting to move. We have had 4 listings sell above $2M in the last 4 weeks, which is a huge change for the market.

Through the BCREA’s statistics it shows that condominiums are sitting in a balanced market, while townhouses and detached homes are sitting in a sellers market currently above 20% sales to listing ratio. See below for a more thorough breakdown:

Squamish – All Home Types

HPI Benchmark Price: $1,076,300 (+4% year-over-year)
Average Sold Price: $1,265,892 (+19% year-over-year)
Average Days on Market: 42 Days (-35% year-over-year)
Total Inventory: 153 Active Listings (+2% year-over-year)
New Listings: 67 New Listings (-16% year-over-year)
Sales: 36 Sold Homes (+33% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 23% (+30% year-over-year) *Sellers market*

Squamish – Detached Homes

HPI Benchmark Price: $1,531,600 (+1% year-over-year)
Average Sold Price: $1,552,167 (+2% year-over-year)
Average Days on Market: 35 Days (-56% year-over-year)
Total Inventory: 71 Active Listings (-23% year-over-year)
New Listings: 27 New Listings (-41% year-over-year)
Sales: 18 Sold Homes (+63% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 25% (+115% year-over-year) *Sellers market*

Squamish – Townhouses

HPI Benchmark Price: $1,030,500 (+3% year-over-year)
Average Sold Price: $1,031,055 (+21% year-over-year)
Average Days on Market: 44 Days (+51% year-over-year)
Total Inventory: 28 Active Listings (+7% year-over-year)
New Listings: 17 New Listings (+6% year-over-year)
Sales: 11 Sold Homes (+57% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 39% (+46% year-over-year) *Sellers market*

Squamish – Condominiums

HPI Benchmark Price: $638,900 (+9% year-over-year)
Average Sold Price: $720,300 (+11% year-over-year)
Average Days on Market: 17 Days (-79% year-over-year)
Total Inventory: 46 Active Listings (+70% year-over-year)
New Listings: 21 New Listings (+40% year-over-year)
Sales: 5 Sold Condos (-37% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 11% (-63% year-over-year) *Buyers market – heading towards a balanced market*

Thanks for tuning in to the Squamish May market update. If you have any specific questions relating to Squamish real estate and the statistical information I have shared – just reach out. I am here to help guide you in understanding the ever-changing market conditions in Squamish and the Sea to Sky Corridor.

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