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October Market Update Real estate Squamish

And just like that, it’s winter in the Sea to Sky Corridor, with Whistler Blackcomb kicking off the 2021/22 ski season this Thursday (woohoo)!

We continue to be experiencing low inventory in the corridor which is putting more upward pressure on pricing across all property types. Supply and demand issues have been experienced for the better part of a year now, with buyers (and realtors) praying for more inventory to arrive in 2022.

Here is a look into a couple of recent scenarios in Squamish:

  1. Arbourwoods, located in Northyards saw a $1,023,000 above list price sale (sold for $1,327,000) on what was arguably already a big list price for the property. This was just with 2 offers on the table, bringing the price per sq. ft. to $809 per sq. ft. Arbourwoods has a killer garage and really eye catching wood accents which tend to see higher than average sales prices.
  2. Amblepath just this week had a great new 3 bedroom / 3 bathroom listing of over $1.4M which received an immediate offer within 24 hours of being listed. The sold price is yet to be disclosed, but I assume its close to the list price of $1,425,000.

As you can see we are definitely still seeing big price jumps in Squamish across all property types, but especially on 3 bedroom homes with attached garages. Townhomes in particular have been hard to come by, with very quick sales occurring. The average price of a townhome in October was just shy of $1.1M.

Here is a closer look at the numbers for September by property type:

SQUAMISH – ALL PROPERTY TYPES
MLS HPI Price: $1,081,600 | +26.8% year-over-year (see the 3-year HPI Pricing graph below)
Average Sold Price: $1,096,557 | +32.3% year-over-year
New Listings: 74 | -21.3% year-over-year
New Sales: 69 | -23.3% year-over-year
Average Days on Market: 13 | -61.8% year-over-year
Absorption Rate: 79.3% | +79.8% year-over-year

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,601,433 | +48.7% year-over-year
New Listings: 28 | -28.2% year-over-year
New Sales: 24 | -36.8% year-over-year
Average Days on Market: 13 | -66.7% year-over-year
Absorption Rate: 48% | +30.1% year-over-year

SQUAMISH – TOWNHOMES
Average Sold Price: $1,054,035 | +43.7% year-over-year
New Listings: 12 | -53.8% year-over-year
New Sales: 17 | -39.3% year-over-year
Days on Market: 14 | -36.4% year-over-year
Absorption Rate: 189%| +129.2% year-over-year

SQUAMISH – CONDOMINIUMS
Average Sold Price: $655,618 | +30.1% year-over-year
New Listings: 28 | +33.3% year-over-year
New Sales: 25 | -19% year-over-year
Days on Market: 13 | -69.8% year-over-year
Absorption Rate: 109% | +200% year-over-year

If you have any questions related to this data or the local Squamish market. Let’s talk!