The first glimpses of summer have reared their head in the Sea to Sky this week with frisbees, skateboards and SUPs out in force.
With so many positive factors like stunning views, vast outdoor recreation options, and easy access to Vancouver and Whistler, Squamish is booming. Nevertheless, its real estate market is also balanced at present, making home prices relatively stable. It’s quite apparent that heading into these warmer months we will likely see subdued spring market conditions compared to previous years, but the market is far from ‘tanking’.
For example, in April 2018, the average price of a detached home sat around $1,024,900 and spent an average of 36 days on the market to sell. A year on and the average single-family residence is taking 107 days to sell, twice as long as a townhouse (46 days) with condos sitting in the middle, typically on the market for 79 days before selling. This means that townhome shoppers need to act more quickly to secure a home, particularly as the purchase price of a townhouse sits at $637,900 compared to $937,800 in April 2018. Condos, however, still remain the most affordable option for anyone looking to purchase a home in the Squamish region, at an average of $490,800 which is $55,000 less than the average cost of an apartment this time last year.
This is an excellent time for buyers, as you can see from the sales-to-active ratio graph below. With some relief when it comes to price and less activity then the last few years (but still a healthy inventory), it’s anticipated there will be lots of great, well-priced properties on the market as we move into summer.
Inventory remains steady in the Whistler market with the sales-to-active ratio depicting an overall balanced market. Detached homes continue to hover slightly lower in a buyers market, demonstrated by the 6 sales from 85 active listings last month. Consistent with many areas within British Columbia, prices have remained fairly unchanged since December 2018 and overall sales have fallen by approximately 45% when compared year-on-year to quarter 1 of 2018. Surprisingly, in spite of the decline in sales, the overall value of sales was $165 million, an increase of approximately 10% from quarter 4 of 2018.
With so many positive factors like stunning views, vast outdoor recreation options, and easy access to Vancouver and Whistler, Squamish is booming. Nevertheless, its real estate market is also balanced at present, making home prices relatively stable. It’s quite apparent that heading into these warmer months we will likely see subdued spring market conditions compared to previous years, but the market is far from ‘tanking’.
For example, in April 2018, the average price of a detached home sat around $1,024,900 and spent an average of 36 days on the market to sell. A year on and the average single-family residence is taking 107 days to sell, twice as long as a townhouse (46 days) with condos sitting in the middle, typically on the market for 79 days before selling. This means that townhome shoppers need to act more quickly to secure a home, particularly as the purchase price of a townhouse sits at $637,900 compared to $937,800 in April 2018. Condos, however, still remain the most affordable option for anyone looking to purchase a home in the Squamish region, at an average of $490,800 which is $55,000 less than the average cost of an apartment this time last year.
This is an excellent time for buyers, as you can see from the sales-to-active ratio graph below. With some relief when it comes to price and less activity then the last few years (but still a healthy inventory), it’s anticipated there will be lots of great, well-priced properties on the market as we move into summer.
If you’re thinking about selling or buying, I'd be happy to discuss your options. Unsure if Squamish is the right place for you to buy? Schedule a tour with me and learn more about the local lifestyle and real estate market while previewing the different neighbourhoods and accessing some local wisdom. Unsure if now is the right time? Contact us and we can talk further.
*Information based on data collected from the Real Estate Board of Greater Vancouver Stats Centre.