If you live in Squamish, most likely you’ve engaged in a conversation this week about how crazy the local real estate market is right now. Although these conversations may be getting tiresome (and frustrating for many), the state of the current market is newsworthy and the sales prices have soared astronomically in the past year. Driven by factors such as Vancouver’s booming market fueled by overseas investors, low interest rates and a healthy BC economy- the perfect conditions have presented for a strong real estate market in Squamish.
New developments coming to town are likely to increase interest in Squamish and could possibly calm the climbing prices. Here we will look at the median home sales price over the last year for the townhouse and detached property market.
Median Sales Price- Townhomes
In January 2015 the median sales price for a townhome in Squamish was $399,900, at this time the average days on the market was 16 and the total inventory was 27. Fast forward to May 2016 and the average sales price is $525,000 (that’s $125,100 more), days on the market has dropped to ten and total inventory to 20.
Median Sales Price- Detached Homes
At the beginning of 2015 one could purchase a detached home in Squamish for $555,000 which, at the time, seemed expensive compared to a few years earlier when the average price of a detached home was only $389,000 (2011). In January 2015 the average days on the market was 77 (in May 2016 it was 15), and inventory was 96 homes for sale compared to 85 in May. In May 2016 the average price of a detached home sky-rocketed to $887,450 an increase of $332,450 in a little over a year!
So far in June we have seen 43 new listings come on the market, 23 price changes and 24 sold properties. Good news for buyers, we are seeing some price reductions indicating the top of the market may have been reached. Those looking to sell their home only need to look at the numbers to see the value in their property compared to even a year ago. Having practiced real estate in Squamish for over 25 years I have been through some strong markets and also through some very weak and difficult ones. I certainly can say however, that I have never seen a market quite like this before!
Have any questions or comments about the Squamish real estate market? Want to find out what your home may be worth? Contact me today and find out more.