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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!

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.