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.

Squamish real estate statistics katie mclachlan realtor

Welcome back to your monthly installment of real estate stats for Squamish.

Sales volume (in dollars) continued to decline in July to $40,099,336 in sales throughout the month. This represents a 28.8% decrease from July 2020. The average sales price in Squamish also continued to decline from previous months, however, it is still up 18.8% from July 2020. Active sales to listing ratio (absorption rate) also went down in June to 33% (from 60% in May, 48% in June) – this is still 17.5% higher than this time last year. For reference, the market is considered to be in a sellers market above 20%, so we are still in a Sellers Market.

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

SQUAMISH – ALL PROPERTY TYPES

Average Sold Price: $954,746 | +18.7% year-over-year
New Listings: 45 | -59.8% year-over-year
New Sales: 42 | -40% year-over-year
Average Days on Market: 21 | -38.2% year-over-year
Absorption Rate: 33% | +17.5% year-over-year

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,418,231 | +22.9% year-over-year
New Listings: 23 | -34.3% year-over-year
New Sales: 14 | +44% year-over-year
Average Days on Market: 26 | -25.7% year-over-year
Absorption Rate: 17.5% | -22.9% year-over-year (dropping into a balanced market for detached properties)

SQUAMISH – TOWNHOMES
Average Sold Price: $808,217 | +11.2% year-over-year
New Listings: 13 | -60% year-over-year
New Sales: 12 | -40% year-over-year
Days on Market: 14 | -60.0% year-over-year
Absorption Rate: 50%| +27.6% year-over-year

SQUAMISH – CONDOMINIUMS
Average Sold Price: $613,033 | +31.3% year-over-year
New Listings: 7 | -83.3% year-over-year
New Sales: 15 | -25% year-over-year
Days on Market: 19 | 45.7% year-over-year
Absorption Rate: 136% | +445.6% year-over-year

Overall there is definitely a shift happening in the market. By no means does that mean there is a drop in pricing, in fact, the pricing in Squamish is continuing to see generalized increases. What we are seeing is an increase in days on market, subjects in offers and slower absorption of inventory – especially with detached homes.

Condominiums are showing the strongest results in July, with 33% increases year over year in pricing, nearly 50% faster sales taking place than the same time last year and out-of-this-world high absorption rates. Why? It’s a combination of a few things: low inventory & high sales (which is the calculation used to find the absorption rate), as well as it being a much more attainable option within Squamish as detached homes & townhouses become less affordable and finally, we are seeing strong investor cliental. Investors are attracted to the lower entry rates in Squamish ($561 per sq. ft.) when compared to Vancouver (with an average of $1,034 per sq. ft.) and the strong returns.

I could go on all day about the market, but every situation is unique. If you want to better understand your homes value, or the option of buying a home, let’s chat!

Welcome back to your monthly installment of real estate stats for Squamish.

Over the last month we have experienced record temperatures, continual sunshine as well as consistent sales.

Sales volume took a slight dip in June, however, that is reflective of the weather and the relaxing COVID-19 restrictions which saw more people heading out of town. The average sales price in Squamish dropped from May 2021, however was still up 21.6% from June 2020. Active sales to listing ratio (absorption rate) also went down in June to 50% (from 60% in May & April and 66% in March) – this is still a huge 122% higher than this time last year. For reference, the market is considered to be in a sellers market above 20%, so we are still in a very active Sellers Market – sorry buyers!

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

SQUAMISH – ALL PROPERTY TYPES

Average Sold Price: $953,657 | +21.6% year-over-year
New Listings: 77 | -27.4% year-over-year
New Sales: 69 | +32.7% year-over-year
Average Days on Market: 23 | -34.3% year-over-year
Absorption Rate: 49% | +122.4% year-over-year

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,488,316 | +31.5% year-over-year
New Listings: 35 | -32.7% year-over-year
New Sales: 19 | +11.8% year-over-year
Average Days on Market: 20 | -60.0% year-over-year
Absorption Rate: 23% | +56.6% year-over-year

SQUAMISH – TOWNHOMES
Average Sold Price: $875,200 | +21.2% year-over-year
New Listings: 25 | -7.4% year-over-year
New Sales: $875,200 | +21.2% year-over-year
Days on Market: 13 | -50.0% year-over-year
Absorption Rate: 100%| +180.9% year-over-year

SQUAMISH – CONDOMINIUMS
Average Sold Price: $578,226 | +17.3% year-over-year
New Listings: 13 | -45.8% year-over-year
New Sales: 21 | +23.5% year-over-year
Days on Market: 40 | +25.0% year-over-year
Absorption Rate: 95% | +288.2% year-over-year

Overall there is definitely a shift happening in the market. By no means does that mean there is a drop in pricing, in fact, the pricing in Squamish is continuing to see generalized increases across the boards. What we are seeing is an increase in days on market, subjects in offers and slower absorption of inventory – especially with detached homes. Now you might be asking why condominiums and townhouses are experiencing such high absorption rates? Well its a combination of a few things: low inventory of those property types as well as it being a much more attainable/affordable option within Squamish.

I could go on all day about the market, but let’s be honest, every situation is unique. If you want to better understand your homes value, or the option of buying a home, let’s chat!

kitchen renovation. sremax agent. real estate squamish

Let’s talk home renovations…

There are a number of strategies when buying real estate, the old faithful is buying a fixer-upper that you can put your finishing touches on. This is traditionally a great way to see a good return on investment, specifically when you plan to put in a bunch of sweat equity yourself. Remember that the cost of building/renovating has increased drastically so taking on some manageable tasks yourself is a great way to cut down on the costs.

Currently, I am right in the midst of the a full-blown kitchen renovation. When I say full-blown I mean, floors – gone, ceiling – gone, lighting – gone, cabinets – gone, sink – gone, countertops – gone, dividing wall – gone, oven – gone. It’s all GOING, GOING, GONE!

I am here to tell you that IT IS NOT AS EASY AS IT LOOKS OR SEEMS.

Now, this large renovation was always the plan when we were buying the home, so it’s not a surprise by any stretch of the imagination. It’s just that renovations are ALWAYS more work (and more money) than you expected. Thankfully, we have the best crew that we are working with who are making this renovation as seamless as humanly possible. I also have a handyman husband who has been able to assist / do some of the work himself, which not only helps to keep costs down, it also speeds up the process somewhat.

I often get asked if its beneficial to buy a renovated home or a home that requires renovations. There is no one correct answer here. It really depends on your individual situation.

BUYING AN ALREADY RENOVATED HOME IS FOR YOU IF:
– You lead a very busy life
– You do not have a handy bone in your body
– You are able to afford a previously renovated home
– You have not set aside some funds for a renovation
– You simply do not want to have to put up with the inconvenience of a home renovation
– You don’t want to pay the markup costs for a renovated home
– You do not want increased tension in the household

BUYING A HOME AND DOING THE RENOVATION YOURSELF IS FOR YOU IF:
– You have time on your hands
– You have a tradesperson in your immediate family or good friends who are looking to help out
– You want to build your dream home
– You have a smaller budget available when you are looking to buy a home and just want to enter the market
– You are happy to chip away at tasks as you go
– You are perfectly ok to live off takeout food for a while
– You don’t really care about the inconvenience that renovations inevitably have on your home/life.
– You have a strong relationship with your significant other (haha renovations can be difficult on relationships)

This makes it sound like I want to strangle my husband, but that’s actually not the case (thankfully) but it’s not uncommon.

Things you absolutely must have when renovating a kitchen/house:
– A skilled contractor
– An awesome electrician
– A great plumber
– A tiler – because tiling is a true skill
– A killer countertop installer (this is the most expensive part of your kitchen renovation)

Things you may be able to work around -> flooring – we were able to do this ourselves as my husband used to install floors for a living (although he also recruited a very good friend/floor installer to help out), demolition – you can absolutely dissemble countertops and cabinetry yourself. If you are planning to reuse any of the materials, you may want to seek help from an expert, because you can very easily damage these items. Interior designer – you can absolutely go this on your own, especially if you are just changing out existing cabinets/finishes and know exactly what you want aesthetically. Once you start changing the actual design and functionality of the kitchen itself, its highly recommended that you seek expert help. It will be worth the extra expense to save you from a huge mistake (that will inevitably cost you more to fix).

Be sure to check back to this blog to find out how the rest of the renovation goes. I will be sure to post before, during and after pictures once its finished. In the meantime, I will be here working in my office (that has become a makeshift kitchen/storage facility) eating takeout food, as we do not have any means of actually making food for the next few weeks. The joys of home renovation…

Katie McLachlan Market Update Squamish

Here we are in June already – how are we half way through the year? Insanity.

OK, back to real estate… generally speaking, we saw a slight drop off in sales volume, sales price and inventory throughout the month of May. I also saw a few reduced prices (which I haven’t seen in 2021) and properties sitting on the market a little longer than March and April. That being said, the year-over-year statistics still show a very successful month for Squamish Real Estate with 31%, 38% and 17% increases for detached properties, townhomes/duplexes and condominiums in Squamish.

As always, here are the numbers for May. First with an overview of Squamish as a whole, and then broken up by property type.

SQUAMISH – ALL PROPERTY TYPES
Average Sold Price: $1,011,245 (+16.6% Y-O-Y)
New Listings: 113 (+46.8% Y-O-Y)
New Sales: 91 (+313.6% Y-O-Y)
Average Days on Market: 14 (-64.1% Y-O-Y)
Absorption Rate: 63% (+554.2% Y-O-Y)

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,441,652 (+31.6% Y-O-Y)
New Listings: 43 (+19.4% Y-O-Y)
New Sales: 33 (+175% Y-O-Y)
Average Days on Market: 14 (-75% Y-O-Y)
Absorption Rate: 46% (+291.5% Y-O-Y)

SQUAMISH – TOWNHOMES
Average Sold Price: $945,852 (+38% Y-O-Y)
New Listings: 37 (+131.3% Y-O-Y)
New Sales: 23 (+360% Y-O-Y)
Days on Market: 8 (-60% Y-O-Y)
Absorption Rate: 70% (+500.9% Y-O-Y)

SQUAMISH – CONDOMINIUMS
Average Sold Price: $530,989 (+17.2% Y-O-Y)
New Listings: 27 (+28.6% Y-O-Y)
New Sales: 28 (+600% Y-O-Y)
Days on Market: 19 (-13.6% Y-O-Y)
Absorption Rate: 84% (+1,530.8% Y-O-Y)

It’s worth noting that townhomes in Squamish have seen monthly increases in the average sale price since the start of the year. Here is a monthly overview for the last 5 months:
January: $743,825,
February: $833,161,
March: $899,763,
April: $906,679,
May: $945,852

That shows a HUGE $200,000 increase in the average sold price of a townhome in Squamish since January. Keep in mind, this does not mean that every townhome in Squamish is worth $200,000 more today than it was at the start of the year (although, there has been significant increases across the board). The average sold price is determined by the kind of inventory that sold throughout the month. For instance, there have been newer & more expensive townhouse products selling recently like the TarsemHaus, Newport, SEAandSKY and SEVEN Peaks which drives up the average sold price for the townhouse category.

Want to better understand your homes value? Let’s chat.

april market update

Another busy month was had in April – which saw a huge 51.2%, 31.5% and 38.7% increase in average sold price year over year for detached properties, townhomes/duplexes and condominiums in Squamish.
As always, here are the numbers. First with a wholistic overview of Squamish as a whole, and then broken up by property category.

SQUAMISH AS A WHOLE
Average Sold Price: $1,018, 858 (+20.7% Y-O-Y)
New Listings: 121 (+108.6% Y-O-Y)
New Sales: 94 (+370% Y-O-Y)

SQUAMISH DETACHED HOMES
Average Sold Price: $1,602,703 (+51.2% Y-O-Y)
New Listings: 50 (+194.1% Y-O-Y)
New Sales: 30 (+200% Y-O-Y)

SQUAMISH TOWNHOMES
Average Sold Price: $906, 679 (+31.5% Y-O-Y)
New Listings: 34 (+112.5% Y-O-Y)
New Sales: 25 (+316.7% Y-O-Y)

SQUAMISH CONDOMINIUMS
Average Sold Price: $601,789 (+38.7% Y-O-Y)
New Listings: 30 (+25% Y-O-Y)
New Sales: 35 (+1,066.7% Y-O-Y)

If you have any specific questions regarding neighbourhood stats, let me know. I am here to help!

Squamish homes

detached homes in squamish

Squamish townhomes

squamish apartments and condominiums

Squamish Real Estate AGent - Katie Mclachlan Remax

HELLO SPRING!

And hello to the continuing market demand in Squamish. Honestly, Squamish is arguably one of the most sought after areas in the province currently. This is especially been made true through the COVID-19 pandemic, which has really put a spotlight on what locals have known for a long time; that Squamish has an unapparelled experience. Just 45 minutes in each direction you will find BC’s most desirable travel locations, Whistler and Vancouver, a plethora of outdoor activities from mild to wild and an ever-expanding downtown core with exciting eateries and boutique shopping. Squamish brings mountain and ocean living together in an outstanding way. #Squamishisawesome

The pre-build opportunities available in Squamish continue to push the bar higher for what you can expect in condominium living – stay tuned for more information about Redbridge & Oceanfront Squamish coming this month.

Now before I get carried away with this months numbers, keep in mind that March 2020 was a weird one – we had half a month of strong sales and the other half was the introduction of the COVID-19 pandemic and the various new restrictions which saw a lot of change in our market. So maybe looking back at the increases / decreases in year-over-year sales isn’t the most accurate in this case, however, the numbers of March 2021 sales do not lie – THINGS ARE CONTINUING TO RISE. Now let’s get into the numbers for March 2021…

SQUAMISH OVERVIEW
Average Sales Price: $1,097,745 | +39.7%
Average Days on Market: 25 | -24.2%
New Listings: 142 | +67.1%
New Sales: 101 | +188.6%

DETACHED HOMES
Average Sales Price: $1,538,720 | +64.3%
Average Days on Market: 30 | +11.1%
New Listings: 55 | +41.0%
New Sales: 46 | +155.6%

TOWNHOMES
Average Sales Price: $899,763 | +22.7%
Average Days on Market: 8 | -69.2%
New Listings: 35 | +75.0%
New Sales: 24 | +166.7%

CONDOMINIUM/APARTMENTS
Average Sales Price: $536,728 | +6.2%
Average Days on Market: 32 | -23.8%
New Listings: 46 | +84.0%
New Sales: 27 | +285.7%

STAY TUNED FOR APRIL 2021 MARKET UPDATE NEXT MONTH.