The fall market has returned, and the headline of low inventory & high demand continues. September 2021 has seen the return of multiple offers and record sales prices across all property categories – similar to the market we saw between December 2020 and May 2021.
In particular townhouses & condominiums have recorded some incredible sales prices, averaging 34%-45% year-over-year growth, as compared to detached homes which saw 22% year-over-year growth. This is likely due to detached housing become unattainable to most young professionals & families throughout the corridor.
Let’s take a closer look at the numbers for September:
SQUAMISH – ALL PROPERTY TYPES
MLS HPI Price: $1,025,500 | +20.4% year-over-year (see interactive HPI Pricing graph below)
Average Sold Price: $1,059,801 | +28.8% year-over-year
New Listings: 79 | -18.6% year-over-year
New Sales: 51 | -29.2% year-over-year
Average Days on Market: 26 | -33.3% year-over-year
Absorption Rate: 49% | +58.1% year-over-year
SQUAMISH – DETACHED HOMES
Average Sold Price: $1,350,925 | +22.2% year-over-year
New Listings: 31 | -40.4% year-over-year
New Sales: 20 | -25.9% year-over-year
Average Days on Market: 21 | -51.2% year-over-year
Absorption Rate: 36% | +54.5% year-over-year
SQUAMISH – TOWNHOMES
Average Sold Price: $950,747 | +34.5% year-over-year
New Listings: 20 | -9.1% year-over-year
New Sales: 17 | -26.1% year-over-year
Days on Market: 31 | -8.8% year-over-year
Absorption Rate: 94%| +60% year-over-year
SQUAMISH – CONDOMINIUMS
Average Sold Price: $709,600 | +45.4% year-over-year
New Listings: 25 | +31.6% year-over-year
New Sales: 11 | -31.3% year-over-year
Days on Market: 16 | -59% year-over-year
Absorption Rate: 48% | +115.3% year-over-year
It’s important to remember when you are looking at these numbers that the real estate market really started to see exponential growth around December of 2020, so I predict we will start to see lower year-over-year statistics as of this December. It is also important to note that the less sales/listings that occur throughout the month in question, the less informative the results are, as the sample size is not really reflecting the whole market. For example if there were 6 townhome sales and 5 were luxury 3 bedroom / 3 bathroom townhomes and one was a 2 bedroom / 1.5 bathroom townhome, the pricing statistics would favour the luxury homes and not the entry level townhome.
If you have any questions related to this data or the local Squamish market. Let’s talk!