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!