Welcome back to your Squamish Real Estate Market Update for July.
Are you confused with this market? If you answered yes, I completely understand why. There has been a very sudden cooling in the market, that literally felt like a light switch went off. Combine that with new policy changes plus huge increases in both inflation rates as well as interest rates. I get it, there is a lot of change happening right now.
The basic overview is that we are in a transitional market that is trending toward a buyers market by the end of the year. We are also transitioning towards a seasonal market, which is historically speaking, is trending back towards a more ‘normal’ market for Squamish pre-pandemic during the summer months.
Below is a snapshot of how the Squamish real estate market fared over July. The condo market has been the first to hit *buyers market* territory. However, Detached homes have seen the most significant price adjustments year over year recording a 10% decrease in average sold prices when compared to July 2021. All other markets are still showing an increase in average sales price for the month.
We noticed a slow down of new inventory in July (down to 72 new listings vs 104 listings the previous month in June) as well as a significant decrease in sales (down to 26 in July from 45 in June). This, as I said earlier, is more reminiscent of pre-pandemic market seasonality – which essentially means, people go away over the holidays and don’t buy/sell homes as much in summer & in over the holidays in winter. September 2022 will be a defining month, when we typically see these numbers go up.
SQUAMISH – ALL PROPERTY TYPES
Average Sold Price: $1,107,327 | +16% year over year
Average Days on Market: 22 days | +5% year over year
New Listings: 72 new listings | +60% year over year
Sales: 26 sales | -38% year over year
Absorption Rate: 13% | -61% year over year *currently a balanced market, but just on the cusp of a buyers market*
DETACHED
Average Sold Price: $1,274,750 | -10% year over year
Average Days on Market: 17 days | -34% year over year
New Listings: 30 new listings | +30% year over year
Sales: 14 sales | no change year over year
Absorption Rate: 13% | -23% year over year *currently a balanced market, but just on the cusp of a buyers market*
TOWNHOUSE
Average Sold Price: $1,014,857 | +25% year over year
Average Days on Market: 32 days | +128% year over year
New Listings: 18 new listings | +38% year over year
Sales: 7 sales | – 41% year over year
Absorption Rate: 17% | -65% year over year *in a balanced market*
CONDOMINIUM
Average Sold Price: $635,000 | +3.6% year over year
Average Days on Market: 34 days | +79% year over year
New Listings: 21 new listings | +200% year over year
Sales: 3 sales | -80% year over year
Absorption Rate: 7% | -95% *just transitioned into a buyers market*
If you want to have a honest chat about how you can make your real estate dreams come true in this ever-changing market, lets connect.
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