Don’t let the gorgeous weather fool you, we are in fact in October and the fall market is upon us. With that being said, I have been paying extra close attention to market conditions due to the dynamic market we are in at the moment. The downward pressure on pricing has continued due to the aggressive increases to the Bank of Canada’s overnight rate. Currently we are at 3.25%, however, economist are suggesting there will be – at least – a .50% increase. Of course, we are all patiently waiting for the inflation report to come out next week. We have has two consecutive reports showing a slight decrease in Canada’s inflation rate, however, substantial change is still needed in order to see the interest rate hold steady or start to lower.
Here are the numbers for September in the real estate market for Squamish, British Columbia.
Squamish – All Property Types
HPI Benchmark Price: $1,083,500 (+8% year-over-year)
Average Sold Price: $960,648 (-9% year-over-year)
Average Days on Market: 39 Days (+69% year-over-year)
Total Inventory: 192 Active Properties (+82% year-over-year)
Sales: 31 Sold Homes (-39% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 16% (-66% year-over-year)
Detached Homes
HPI Benchmark Price: $1,659,500 (+9% year-over-year)
Average Sold Price: $1,335,958 (-1% year-over-year)
Average Days on Market: 47 Days (+123% year-over-year)
Total Inventory: 106 Active Properties (+82% year-over-year)
New Listings: 35 New Listings (+12% year-over-year)
Sales: 12 Sold Homes (-40% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 11% (-68% year-over-year) *Buyers market for this segment*
Townhouses
HPI Benchmark Price: $1,005,000 (+9% year-over-year)
Average Sold Price: $919,100 (-1% year-over-year)
Average Days on Market: 46 Days (+48% year-over-year)
Total Inventory: 40 Active Properties (+122% year-over-year)
New Listings: 19 New Listings (-5% year-over-year)
Sales: 5 Sold Homes (-70% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 12% (-68% year-over-year) *Balanced market*
Condominiums
HPI Benchmark Price: $574,700 (+5% year-over-year)
Average Sold Price: $648,700 (-8% year-over-year)
Average Days on Market: 31 Days (+93% year-over-year)
Total Inventory: 42 Active Properties (+75% year-over-year)
New Listings: 19 New Listings (-24% year-over-year)
Sales: 13 Sold Homes (+18% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 31% (-32% year-over-year) *Sellers market for this segment*
If you want to see a better picture of what your home is worth in this market, lets talk. Realistic goals and proper presentation of your home is the best chance for achieving your real estate goals.
