Each season I like to look ahead and make some predictions about what the property market will do over the coming months. As Spring was approaching I had predicted increased demand for condos and townhomes, a healthier supply of properties on the market, and continued price gains (but not as drastic as 2016).
These predictions did manifest and between March and May 2017 we saw sales of townhomes and condos make up 53 percent of total sales in Squamish while making up 49 percent of sales during this period in 2016 (this data, in most cases, doesn’t include new construction which would tip the scales more heavily in 2017).
Inventory in spring this year also maintained a healthier supply than 2016. Total inventory across all property types averaged 157 in Spring 2016 while in 2017, the inventory on the market for the same period was 207.
Price gains also continued in spring 2017 but as predicted we did not see the same level of increase as the market experienced in 2016. Across all property types the year-on-year median sales price gains between May 2015 and 2016 was 31.8 percent, while gains between May 2016 and 2017 were 2.4 percent.
Looking forward to summer I am predicting an active real estate market over the coming months. Halfway through June and we have already seen 55 new listings come on the market and 34 sales. This is pacing similair to last year and for the entire month of June 2016 there were 57 sales and 104 new listings.
In July 2016 the real estate market reacted to the shock of the Foreign Buyers Tax. As consumer and investor confidence dipped the market stalled until late Fall. Disruptions such as this are not expected to affect this summer’s real estate market, and buyer and seller sentiment remains strong.
Prices will steady this summer and create optimal conditions for buyers as inventory remains at a good level (though still below long-term averages). Although the Squamish real estate market is still tipped in favour of sellers, historically summer presents a better market than spring for buyers especially when there are plenty of properties on the market to choose from such as now.
Summer remains a great time of year to sell as the Squamish backdrop makes any property dazzle and the additional out-of-town traffic who are here to experience the adventure that is Squamish also bring with them a curiosity about what it is like living here.
If you’re looking to buy or sell this summer, make sure to reach out and we can discuss your real estate plans over the coming months.