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Greetings from beautiful Squamish BC, here is your Squamish real estate market update!
Just when I thought we were going to see the market steady out, August came out with a bang. The highest August in the past 4 years in sales, double Aug 2016 and one of the better months for sales in 2017. Other notable stats:
- Inventory has dropped to 184 including 67 new listing last month.
- Sales to active listings = 35% for Aug 2017, compared to 32% July 2017 and 20% in Aug 2016.
- **This ratio is calculating the monthly sales compared to the total # of listings, basically if there were no other listings how long would it take for the listings to run out. At 35% it would take less than 3 months. Referencing this stat: <12% is a buyers market and puts downward pressure on price, between 12%-20% is a balanced market with no pressure on price, >20% is a sellers market with upward pressure on price.
- HPI Benchmark Price:
- Detached: Aug 2017 = $975k, that’s $143k higher than Aug 2016.
- Townhomes: Aug 2017 = $699k, that’s $85k higher than Aug 2016.
- Condos: Aug 2017 = $457k, that’s 100k higher than Aug 2016.
- In the last 30 days 66% of the sales in Squamish were sold under list price, 15% were over and 19% were sold at list price.
**New Development – Vantage **
Vantage, Downtown Squamish is the latest development to be released. Six stories of high end architectural design offering one, two and three bedroom condos. Prices start in the low $300k’s, completion expected to be fall 2019. This is an excellent opportunity to get into the investment property or contract assignment game! Contact me asap for more information on the development, individual unit floor plans and locations, pricing overview and most importantly how to secure a unit!