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August monthly market update squamish real estate

Welcome back to your August installment of real estate statistics for Squamish.

The market has been interesting, to say the least, with some properties sitting around and selling slightly below asking price, while more desirable properties have seen 16+ offers and are selling for $50,000 – $150,000 over asking. In particular, three bedroom homes with an attached garage have been a hot commodity, with SEVENPEAKS and Newport Landing being popular townhouse complexes and entry level single family homes like 2089 Diamond Road performing well.

As always, here are the numbers for August. First with an overview of Squamish as a whole, and than separated by property type (detached, townhome and condo).

SQUAMISH – ALL PROPERTY TYPES

MLS HPI Price: $1,012,600 | +22.5% year-over-year
Average Sold Price: $911,202 | +7.5% year-over-year
New Listings: 37 | -54.9% year-over-year
New Sales: 46 | -32.4% year-over-year
Average Days on Market: 26 | -33.3% year-over-year
Absorption Rate: 47% | -61.2% year-over-year

SQUAMISH – DETACHED HOMES
Average Sold Price: $1,133,358 | -2.8% year-over-year
New Listings: 14 | -60% year-over-year
New Sales: 19 | -34.5% year-over-year
Average Days on Market: 33 | -10.8% year-over-year
Absorption Rate: 31.7% | +13.6% year-over-year

SQUAMISH – TOWNHOMES
Average Sold Price: $897,591 | +28.9% year-over-year
New Listings: 6 | -73.9% year-over-year
New Sales: 11 | -47.6% year-over-year
Days on Market: 23 | -37.8% year-over-year
Absorption Rate: 61%| +45.5% year-over-year

SQUAMISH – CONDOMINIUMS
Average Sold Price: $502,100 | +5.7% year-over-year
New Listings: 14 | -33.3% year-over-year
New Sales: 10 | -41.2% year-over-year
Days on Market: 13 | 72.9% year-over-year
Absorption Rate: 77% | +234.3% year-over-year

The common theme across the board is low inventory. All market segments – except condominiums – recorded more sales than listings happening within the month of August. High sales/active listings ratio (the absorption rate) show that in all property types there is low inventory and high demand, which leads to competition and upward pressure on pricing.

Townhomes recorded the strongest results in August, with a 28.9% increase in average sold price on a year-over-year basis. Townhomes in August had an average of 23 days on market (this includes subject periods), which is 37.8% faster than the same time last year, which saw an average of 37 days on market to sell a townhouse and an average sold price of $713,164 (August 2020 stats).

I will leave it at that, however, if you have any questions about buying or selling Real Estate, do not hesitate from reaching out. I am here to help.

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!