We are back with your Squamish real estate market update for January 2023, as compared to January 2022.
With only 17 registered sales posted for the month of January, it definitely felt like a slow start for Squamish’s real estate market in 2023. It was well below the 5 & 10-year average of 28 and 29 sales respectively.
While inventory has gone up year-over-year from 78 listings in 2022 to 121 listings in 2023, we are still below the five and ten year averages.
Interestingly enough, the sales-to-listings ratio comes in at 14%, which indicates a balanced market. This is ultimately due to low sales and low inventory stabilizing the statistics.
Numbers aside, with my feet firmly planted on the ground, things are starting to move a lot faster than we have experienced over the last 4-5 months. I have seen everything from multiple offers (with a couple of subject-free offers thrown in there) on well priced & unique property types to homes being snapped up in 24 hours and even homes that have sat on the market for 200+ days now being snatched up – while achieving very close to list price sales.
Squamish – All Home Types
HPI Benchmark Price: $993,000 (-8% year-over-year)
Average Sold Price: $967,133 (-16% year-over-year)
Average Days on Market: 68 Days (+209% year-over-year)
Total Inventory: 121 Active Properties (+55% year-over-year)
Sales: 17 Sold Homes (-50% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 14% (-67% year-over-year)
Squamish – Detached Homes
HPI Benchmark Price: $1,470,900 (-11% year-over-year)
Average Sold Price: $1,177,750 (-16% year-over-year)
Average Days on Market: 69 Days (+97% year-over-year)
Total Inventory: 70 Active Properties (+66% year-over-year)
New Listings: 22 New Listings (-29% year-over-year)
Sales: 8 Sold Homes (-38% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 11% (-63% year-over-year) *Buyers market*
Squamish – Townhouses
HPI Benchmark Price: $961,600 (-2% year-over-year)
Average Sold Price: $938.470 (-14% year-over-year)
Average Days on Market: 62 Days (+588% year-over-year from 9 days on market in Jan 2022)
Total Inventory: 20 Active Properties (+53% year-over-year)
New Listings: 6 New Listings (-64% year-over-year)
Sales: 5 Sold Homes (-58% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 25% (-72% year-over-year) *Sellers market*
Squamish – Condominiums
HPI Benchmark Price: $538,800 (-5% year-over-year)
Average Sold Price: $581,728 (-27% year-over-year)
Average Days on Market: 73 Days (+192% year-over-year from 25 days in Jan 2022)
Total Inventory: 29 Active Properties (+61% year-over-year)
New Listings: 7 New Listings (-61% year-over-year)
Sales: 4 Sold Condos (-42% year-over-year)
Sales/Active Listings Ratio *Absorption Rate*: 14% (-64% year-over-year) *Balanced market*
Here is the Rennie Review produced by the wonderful team of economists at Rennie regarding the Greater Vancouver Region: CLICK HERE. As a sub-area within the Greater Vancouver Board, its critical to watch how Vancouver’s housing market is performing as it will play a big role in our local market conditions in Squamish, BC.
