Already this month there have been 53 homes sold, 64 new listings and 18 price changes. If you live in Squamish you’ve probably noticed for-sale signs popping up in your neighbourhood and sold signs quickly following. Many houses are being sold within days of entering the market, above list price and with multiple offers. As the weather heats up, and tourists from around North America start exploring the natural world around us- demand is expected to continue.
Looking back at April we saw the strongest April on record for dollar volume ($40 million). There was a total of 47 homes sold, 16 townhomes, and 36 apartments. Single family homes and apartments/ condos had the most interest while the townhome market appeared to cool slightly in in April.
The Squamish Oceanfront Development was in the news earlier this month; Nexen Beach was officially renamed Newport Beach. Construction has commenced on the oceanfront lands; initial ground-works have begun with the education precinct and parklands are to follow. Read my latest Blog post, Welcome to Newport Beach Squamish, for more information about the Newport Beach Development.
This month saw changes to the contract assignment regulations. A contract assignment is when an interest in property is transferred from the sellers to a new party before completion date. The real estate market in British Columbia, most notably Vancouver, was seeing Realtors and sellers profiting on the hot real estate market by flipping property. New regulations to protect the seller and the buyer stipulate the seller must give consent to assign the contract and any profit from the assignment goes to the initial seller.
As Vancouver’s real estate market continues on at a frenzied pace markets surrounding Vancouver (including Squamish) are feeling the effects. The real estate market in Squamish is expected to continue at a steady pace this summer, making 2016 an excellent time to sell your home.
For more information on Squamish’s real estate market and to find out what your home may be worth contact Nanci.