Welcome back to the May Market Update in Squamish. Very similarly to last month, we have seen a fair amount of activity on all entry points of property categories throughout Squamish. Properties that are pushing pricing barriers i.e. townhouses in the detached market price point or detached homes without income suites available are lagging and not seeing the same kind of interest that other properties that are more price sensitive are seeing. This is not overly surprising given the cost of borrowing / high qualification requirements attached to mortgages today – especially after the BOC’s announcement of a .25% increase to the overnight rate.
Currently the most popular property types are:
- Condos: 1 beds between $600,000 – $650,000 and 2 beds around $700,000 mark.
- Townhouses: 3 bedroom townhouses under $1M
- Single Family Homes – 3 bed up w/ income suite under $1.5M – $1.6M.
Through the BCREA’s statistics we are seeing all property categories sitting within a sellers market. This again, should be taken fairly lightly as it is very dependent on the type of property that we are referring to. May also saw inventory start to track marginally upwards and sales followed in a similar trend. These are all positive indicators for our local Squamish Real Estate market.
Squamish – All Home Types
HPI Benchmark Price: $1,089,900 (-8% year-over-year)
Average Sold Price: $1,103,794 (-.5% year-over-year)
Average Days on Market: 34 Days (+78% year-over-year)
Total Inventory: 159 Active Listings (-12% year-over-year)
New Listings: 90 New Listings (-24% year-over-year)
Sales: 54 Sold Homes (+10% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 34% (+25% year-over-year) *Sellers market*
Squamish – Detached Homes
HPI Benchmark Price: $1,647,000 (-9% year-over-year)
Average Sold Price: $1,393,875 (-6% year-over-year)
Average Days on Market: 44 Days (+100% year-over-year)
Total Inventory: 90 Active Listings (-8% year-over-year)
New Listings: 39 New Listings (-36% year-over-year)
Sales: 24 Sold Homes (+26% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 27% (+37% year-over-year) *Sellers market*
Squamish – Townhouses
HPI Benchmark Price: $1,014,100 (-6% year-over-year)
Average Sold Price: $1,022,793 (+3% year-over-year)
Average Days on Market: 21 Days (+16% year-over-year)
Total Inventory: 30 Active Listings (-25% year-over-year)
New Listings: 22 New Listings (-29% year-over-year)
Sales: 15 Sold Homes (No change year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 50% (+33% year-over-year) *Sellers market*
Squamish – Condominiums
HPI Benchmark Price: $597,100 (-8% year-over-year)
Average Sold Price: $655,846 (-4% year-over-year)
Average Days on Market: 34 Days (+100% year-over-year)
Total Inventory: 34 Active Listings (-2% year-over-year)
New Listings: 25 New Listings (+8% year-over-year)
Sales: 13 Sold Condos (No change year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 38% (+3% 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 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.
