While the real estate market in Squamish has remained active for the first 6 months of the year, it is not at the frenzied place that has been seen in the Lower Mainland. Pricing and affordability might be playing a significant role in motivation for the buyers, along with a slow rise in listing inventory.
For an overview of the current market stats, check out our market news.
Single family homes still remain the most active area for buyers with a 3% increase in volume over 2015, and a median price jump of 23% accounting for 43% of all sales. The median price at this time last year was $636,250 compared to $827,000 now, with more homes listed over a million dollars than any other previous year.
Townhomes have experienced a slight decrease of 4% in sales with a median price increase of 22% shifting from $411,500 in 2015 to $529,000 in 2016. The most significant sector adjustment can be found in apartments, where the median price is up 25% year on year, with sales up by 30% for the same period.
As with most commodities, real estate is often driven by supply and demand. Over the past 18 months demand has been extremely high with supply being somewhat limited. There is now a sense that a shift could be taking place in the market. Demand has been slowing while inventory has begun to rise.
There has been an 18% increase in total properties listed compared to this time last year. The only sector that has remained constant is attached homes, which has also seen a decrease in sales.
Single family homes have gone from a listing to sales ratio of 77% last year, to 64% for this year. Then when you look at the numbers for June of last year the ratio was 131% while this June it is 33%. The same can be said for both attached homes and apartments when looking at sales to listing data. Apartments have seen the largest increase in listings so far this year and are up 33% year on year.
While overall sales are up 9% this is a much slower pace than we have been experiencing which, coupled with an 18% rise in listings, could mean a shift in market conditions.
We have been in a prolonged sellers’ market and as we move forward the conditions are seeming to indicate that the balance could be returning. This means buyers will have more to choose from along with time to consider their purchase, while sellers will need to be sharper with pricing strategies and be prepared for potential time to sell.
For more information on the current market conditions, get in touch today!