As you would have noticed from the last two months of market updates we are in a transitioning marketplace, as is the rest of Canada / North America.
There are a number of reasons why the market is changing, the most pertinent is the Bank of Canada aggressively increasing interest rates. Why are they doing this? It’s a last ditch effort to curb escalating inflation that hit a 40 year high in May.
The media will lead you to believe that the world is ending, however, we are still working with lower interest rates than what we have seen in years past and as the last few decades have shown us, a small bump in the road is followed by appreciation and growth. The Sea to Sky Region is incredibly desirable and demand for this area will continue to grow. Even in a down month like May where we experienced 52 less sales than 2021, we still recorded a 9% increase year over year in average sales price.
SQUAMISH – ALL PROPERTY TYPES
Average Sold Price: $1,109,782 | +9% year over year
Average Days on Market: 19 days | +35% year over year
New Listings: 119 new listings | +5% year over year
Sales: 49 sales | -46% year over year
Absorption Rate: 28% | -52% year over year
Average Sold Price: $1,493,163 | +3% year over year
Average Days on Market: 19 days | -42% year over year
New Listings: 61 new listings | +41% year over year
Sales: 19 sales | -42% year over year
Absorption Rate: 19% | -56% year over year
Average Sold Price: $985,853 | +4%
Average Days on Market: 18 days | +125%
New Listings: 31 new listings | -16%
Sales: 15 sales | -34%
Absorption Rate: 39% | -38%
Average Sold Price: $683,954 | +28%
Average Days on Market: 17 days | -10%
New Listings: 23 new listings | -14%
Sales: 13 sales | -53%
Absorption Rate: 41% | -46%
If you want to have a honest chat about how you can make your real estate dreams come true in this market, lets connect.
Doors open for those who are bold enough to knock.