As a Realtor® there is nothing better than a balanced real estate market. Balanced markets present ample opportunity for sellers to get a fair price for their home, and buyers to negotiate on a property that’s right for them. Now that we are safely on the other side of one of the most frenzied Spring real estate markets I have seen in nearly 30 years of real estate in Squamish, many of us Realtors are taking a collective sigh of relief as the market regains a regular momentum once again. So, what are the benefits of this balanced market for both buyers and sellers? Let me tell you.
Sales prices have remained strong and well-priced homes are selling quickly. The days of putting any price tag on your property and watching it sell are over for now. That being said, sellers can expect getting 21% more for their home compared to this time last year. That’s an additional $120,000 for a $600,000 property- not bad gains in 12 months.
Yes, you are paying more to buy property in Squamish than you were a year or two ago. Compared to Spring however, prices are more reasonable, there is more room to negotiate and there is time to find your ideal property. The market does appear to be correcting, with prices trending down slightly so there is less pressure to secure your home. In October the average home was sold at 97.4% of list price, in March and April 2016 properties were being sold at 100% of list price.
Another positive for buyers is the added inventory coming on the market. There are several new townhome development presales happening, condo projects about to launch and new construction of single family homes too. There looks to be a good twenty years of strong development in Squamish led by big projects like Newport Beach (Squamish Oceanfront Development). This correction in the market may be a good opportunity for buyers to get in, with nothing but strong growth predicted for Squamish’s economy and property market moving forward.
So as a Realtor®, these are my favourite market conditions. So far in November we have seen 47 new listings come on the market, 17 expired listings, 27 price changes (mostly going down), and 24 sales.
If you’re looking to buy or sell, now may be the perfect time. While I can’t predict what the future holds for the local real estate market next year, there is no time like the present to negotiate on that property you’ve been watching, or to take advantage of the increased value of your home by selling.