JANUARY MARKET UPDATE

Holy Moly, what a month it has been in our local Squamish, Sea to Sky Corridor and Greater Vancouver Area (GVA) market.

Here is a basic idea of what’s been happening… 

  • Fast Sales
  • Multiple Offers
  • Record Prices
  • Subject Free Offers
  • Sellers Market

I am not going to sugar coat it, it’s an incredibly tough market out there for buyers right now across all property types. I have seen 18+ offers on a single property and selling prices more than $100,000 over asking. Sellers on the other hand are jumping for joy that they can sell their property within hours, if they wanted to – and likely with multiple offers. 

Here are the monthly stats for Squamish in January, 2021:

SQUAMISH (ALL PROPERTY TYPES)

  • Average sold price in Squamish: $892,119 (+7.9% y-o-y)
  • Sales in January: 47 sales (+62.1% y-o-y)
  • Listings in January: 79 listing (+16.2% y-o-y)
  • Average days on market: 32 days (-38.5% y-o-y)
  • Sales to active Listings ratio: 40% (+126% y-o-y)

DETACHED PROPERTY TYPE

  • Average sold price in Squamish: $1,228,479 (-0.6% y-o-y)
  • Sales in January: 19 sales (+58.3% y-o-y)
  • Listings in January: 38 listing (+35.7% y-o-y)
  • Average days on market: 43 days (-43.4% y-o-y)
  • Sales to active Listings ratio: 33% (+111.9% y-o-y)

TOWNHOUSE PROPERTY TYPE

  • Average sold price in Squamish: $743,825 (+11.5% y-o-y)
  • Sales in January: 12 sales (+140% y-o-y)
  • Listings in January: 15 listing (no change y-o-y)
  • Average days on market: 28 days (-6.7% y-o-y)
  • Sales to active Listings ratio: 1.5% (+750.8% y-o-y) 

CONDO/APARTMENT PROPERTY TYPE

  • Average sold price in Squamish: $603,913 (+29.2 y-o-y)
  • Sales in January: 16 sales (+45.5% y-o-y)
  • Listings in January: 23 listing (-4.2% y-o-y)
  • Average days on market: 23 days (-39.5% y-o-y)
  • Sales to active Listings ratio: 37% (+78.8% y-o-y)

With the Spring market on the horizon, there is hope of more listings coming to the market to assist with the pent-up demand on the buyer side and creating more balance in local market conditions. 

Want to better understand what your property could sell for in this market, or how best to prepare yourself as a buyer to take on the fast-paced Squamish market? Let’s talk strategy…