Only two weeks left in 2016 and with many people reflecting on the year that’s passed, we will reflect on the year in real estate. And what a year it was. Squamish is officially in the middle of an unprecedented development boom and real estate market. With so many industry changes such as the foreign buyers tax (which effects Vancouver, not Squamish), new lending rules, and big changes in global politics, there is certainly plenty shaking up real estate this year. Although the Squamish real estate market is showing some correction, we are still seeing strong prices and plenty of sales across all property types.
So far in December we have seen 21 new listings, 11 price changes and 24 sales. How about the rest of the year?
Sales in 2016
Total property sales across all property types peaked in April with 99 sales and were at their lowest in January with 28 sales. Since April, sales have been declining with a slight upswing this November. Looking at previous years’, sales paced ahead for the first five months of the year and then dropped below 2015 sales volume levels from June onwards.
Sales Prices in 2016
Sales prices gradually increased as the year went on. At the height of market activity in April the average sales price across all property types was $529,000. This has increased slightly in November to $537,000. In the detached home category, the median price went up $50,000 from April and $140,000 from November 2015. For townhomes, the median price dropped $36,450 between April and November and was also slightly down from November 2015.
Days on Market 2016
Days on the market hit a low this year in April with the median days on the market being 11 across all property types. In November, this increased to 36. In November, detached homes were likely to stay on the market the longest (60 days), followed by apartments (52 days) and townhomes (18 days).
Inventory is once again starting to climb, the highest inventory (active listings on the market) achieved this year was in November with 251 listings. The last time inventory was so high was in August 2014. Although inventory has been steadily climbing since December 2015, prices are remaining strong.
Many home owners in Squamish are asking themselves is now the time to sell? Our answer to that is YES! There are still favourable selling conditions in the marketplace and price gains in the last year surpass 30% in some Squamish neighbourhoods. If you have been considering selling your home we encourage you to contact us so we can discuss how your property could perform in the current real estate market, and what you can expect to get for your property. Despite Christmas being just over a week away the buyers are here, waiting for their perfect home to go on the market (it could be yours!)