And just like that Q1 is done and gone and we are now in Spring market mode. March 2023 was the second month in a row that we saw price increases month-over-month. The average sales price in February 2023 was $1,062,675 for all property types in Squamish and that number in March was $1,091,205. As a standard we are still seeing properties selling below asking price with 97% being the median percentage value of the sale price when compared to the list price.
New listings were down month over month from 80 to 76 with sales up from 28 in February to 48 in March. That paints a picture of a sellers market (33% sales/actives ratio). Days on market also took a big drop from February 2023 where 64 days was the average amount of time to sell a home in Squamish. That number was just 41 days in March. That is a big change month-over-month, and is likely due to the renewed buyer confidence we are seeing in the market combined with the constrained inventory levels.
Here is a look at the benchmark pricing analysis provided by Real Estate Board of Greater Vancouver for Squamish over a three year period: CLICK HERE
Squamish – All Home Types
HPI Benchmark Price: $1,056,800 (-10.4% year-over-year)
Average Sold Price: $1,091,205 (-9.4% year-over-year)
Average Days on Market: 41 Days (+156% year-over-year)
Total Inventory: 145 Active Properties (+42% year-over-year)
Sales: 48 Sold Homes (-32% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 33% (-52% year-over-year) *Sellers market*
Squamish – Detached Homes
HPI Benchmark Price: $1,543,300 (-12% year-over-year)
Average Sold Price: $1,560,941 (-4.2% year-over-year)
Average Days on Market: 52 Days (+160% year-over-year)
Total Inventory: 85 Active Properties (+37% year-over-year)
New Listings: 26 New Listings (-42% year-over-year)
Sales: 17 Sold Homes (-37% year-over-year)
Sales/Active Listings Ratio (Absorption Rate): 20% (-68% year-over-year) *Just into the Sellers market*
Squamish – Townhouses
HPI Benchmark Price: $1,007,000 (-9% year-over-year)
Average Sold Price: $937,461 (-14% year-over-year)
Average Days on Market: 15 Days (+7% year-over-year)
Total Inventory: 29 Active Properties (+81% year-over-year)
New Listings: 27 New Listings (+8% year-over-year)
Sales: 17 Sold Homes (no change year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 59% (-44% year-over-year) *Sellers market*
Squamish – Condominiums
HPI Benchmark Price: $608,000 (-2% year-over-year)
Average Sold Price: $576,417 (-24% year-over-year)
Average Days on Market: 59 Days (+353% year-over-year)
Total Inventory: 27 Active Properties (+58% year-over-year)
New Listings: 18 New Listings (-18% year-over-year)
Sales: 12 Sold Condos (-47% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 44% (-67% year-over-year) *Sellers market*
Thanks for tuning in to the Squamish March market update. If you have specific questions relating to Squamish real estate, market and statistical information or general pricing for your home vs. other homes on the market, we should chat. I am here to help guide you in understanding the ever-changing market conditions in Squamish and the Sea to Sky Corridor.
