August monthly market update squamish real estate

Welcome back to your August installment of real estate statistics for Squamish.

The market has been interesting, to say the least, with some properties sitting around and selling slightly below asking price, while more desirable properties have seen 16+ offers and are selling for $50,000 – $150,000 over asking. In particular, three bedroom homes with an attached garage have been a hot commodity, with SEVENPEAKS and Newport Landing being popular townhouse complexes and entry level single family homes like 2089 Diamond Road performing well.

As always, here are the numbers for August. First with an overview of Squamish as a whole, and than separated by property type (detached, townhome and condo).

SQUAMISH – ALL PROPERTY TYPES

MLS HPI Price: $1,012,600 | +22.5% year-over-year
Average Sold Price: $911,202 | +7.5% year-over-year
New Listings: 37 | -54.9% year-over-year
New Sales: 46 | -32.4% year-over-year
Average Days on Market: 26 | -33.3% year-over-year
Absorption Rate: 47% | -61.2% year-over-year

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,133,358 | -2.8% year-over-year
New Listings: 14 | -60% year-over-year
New Sales: 19 | -34.5% year-over-year
Average Days on Market: 33 | -10.8% year-over-year
Absorption Rate: 31.7% | +13.6% year-over-year

SQUAMISH – TOWNHOMES
Average Sold Price: $897,591 | +28.9% year-over-year
New Listings: 6 | -73.9% year-over-year
New Sales: 11 | -47.6% year-over-year
Days on Market: 23 | -37.8% year-over-year
Absorption Rate: 61%| +45.5% year-over-year

SQUAMISH – CONDOMINIUMS
Average Sold Price: $502,100 | +5.7% year-over-year
New Listings: 14 | -33.3% year-over-year
New Sales: 10 | -41.2% year-over-year
Days on Market: 13 | 72.9% year-over-year
Absorption Rate: 77% | +234.3% year-over-year

The common theme across the board is low inventory. All market segments – except condominiums – recorded more sales than listings happening within the month of August. High sales/active listings ratio (the absorption rate) show that in all property types there is low inventory and high demand, which leads to competition and upward pressure on pricing.

Townhomes recorded the strongest results in August, with a 28.9% increase in average sold price on a year-over-year basis. Townhomes in August had an average of 23 days on market (this includes subject periods), which is 37.8% faster than the same time last year, which saw an average of 37 days on market to sell a townhouse and an average sold price of $713,164 (August 2020 stats).

I will leave it at that, however, if you have any questions about buying or selling Real Estate, do not hesitate from reaching out. I am here to help.

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