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MAY MARKET UPDATE

Posted by KatieMcLachlan on June 14, 2024
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Coming in with your May Market Update in Squamish. May was an interesting month, we saw the highest amount of new listings come to market in two-years (109 new listings), we saw 53 sales throughout the month, so for every two listings coming to market one was selling. The average sale price in May was $1,133,057 for all property types in Squamish (2.8% higher than the same time last year). Days on market reduced greatly from the previous month – from 52 days to 27 days on average to sell a home. We are still seeing properties selling below asking price across all market segments, with most homes selling at 98% of their listed price.

Generally speaking, the market is sitting within a balanced market where properties that are priced correctly are selling and those that are not, sit for a longer period of time. Buyers don’t seem too interested to put pen to paper on over-priced homes in the current market. This is likely due to the higher cost of purchasing right now. We should start to see this mentality change and more buyer confidence return now that the first (of hopefully many) rate cuts announced. I don’t anticipate a radical change to occur until we see around 3-4 rate cuts take place. This is because most people want to see a real shift in mindset from the Bank of Canada as well as affordability return to the housing market. 

Here is a breakdown of how the different market segments performed in May 2024:

Squamish – All Home Types

HPI Benchmark Price: $1,111,100 (+2% year-over-year)
Average Sold Price: $1133,057 (+2% year-over-year)
Average Days on Market:27 Days (-20% year-over-year)
Total Inventory: 206 Active Listings (+21% year-over-year)
New Listings: 109 New Listings (+21% year-over-year)
Sales: 53 Sold Homes (no change year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 26% (-18% year-over-year) 

Squamish – Detached Homes

HPI Benchmark Price: $1,535,700 (-5% year-over-year)
Average Sold Price: $1,446,415,167 (+3% year-over-year)
Average Days on Market: 34 Days (-22% year-over-year)
Total Inventory: 102 Active Listings (+10% year-over-year)
New Listings: 44 New Listings (+12% year-over-year)
Sales: 20 Sold Homes (-16% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 19% (-24% year-over-year) *balanced market*

Squamish – Townhouses

HPI Benchmark Price: $1,091,000 (+9% year-over-year)
Average Sold Price: $1,029,511 (+2% year-over-year)
Average Days on Market: 18 Days (-18% year-over-year)
Average Price Per Sq. Ft: $766 (+13% year-over-year)
Total Inventory: 35 Active Listings (+3% year-over-year)
New Listings: 32 New Listings (+45% year-over-year)
Sales: 18 Sold Homes (+28% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 51% (+24% year-over-year) *Sellers market*

Squamish – Condominiums

HPI Benchmark Price: $622,800 (+2% year-over-year)
Average Sold Price: $735,577 (+12% year-over-year)
Average Days on Market: 27 Days (-20% year-over-year)
Average Price Per Sq. Ft: $810 (+13% year-over-year)
Total Inventory: 54 Active Listings (+45% year-over-year)
New Listings: 25 New Listings (no change year-over-year)
Sales: 13 Sold Condos (no change year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 24% (-31% year-over-year) *Sellers market*

Thanks for tuning in to the Squamish May market update. If you have any specific questions relating to Squamish real estate and the 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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