Half way through February and it’s been a great start to the year of real estate in Squamish. What makes it so great you ask? We start the year with balanced market conditions, plenty of inventory for sale and a more relaxed paced to the market compared to last year. In January 2016 we started the year with a mere 113 listings on the market compared to 210 listings in January 2017. The sales to active ratio, which indicates a buyer’s or seller’s market, was .25 percent in January 2016 (and rose to .64 percent in April 2016). In January 2017 the ratio was .17 percent, indicating a balanced market, favourable for both buyers and sellers. A seller’s market is anything over .20 percent while a buyer’s market is anything under .14 percent.
Property prices remain strong and according to the MLS HPI Price (which measures the rate that housing prices change over time), home prices have increased 28.3 percent since January 2016. There is a strong demand for well-priced properties, especially homes with suites, suite potential, and condos and townhomes under $500K.
With plenty of inventory on the market, including new developments and re-sale homes, there is lots to choose from in Squamish! The balanced market means buyers have more time to find that perfect property. In January the average home sold for 95.3 percent of the original price, this indicates some room for negotiation.
The current real estate market is positioned for a much more reasonable spring compared to last year, this however can change in an instant, we only have to look at sales last year which jumped from 28 in January to 99 in April. The Squamish real estate market does mirror Vancouver’s to some degree (read here to see just how similar the two real estate markets are), and many experts are predicting a continued decline of sales and a slight correction to property prices in Vancouver as the price heights of 2016 were at unsustainable and unaffordable levels. As we saw last year, many buyers were pushed out of Vancouver and turned to nearby markets like Squamish, this trend is expected to continue in 2017.
So far in February we have seen 47 new listings come on the market, 9 price changes (mostly down) and 25 sales. Stay tuned to the next market update in March where we will have a clearer picture of what the Spring real estate market will bring.
As always if you’re thinking of selling in 2017 I’d be happy to provide you with a free, obligation-free market evaluation of your home. If you’re looking to buy in Squamish, I can keep you posted with the latest listings that meet your requirements, and represent you during the real estate process. Contact Nanci Fulton today.