The Spring season is in full swing and real estate in Squamish is a balanced market overall.
For the last few months, detached homes have been in a mild buyers market, but with the Spring market now in full swing, we have seen an increase in the number of sales which has resulted in a more balanced market.
Townhomes have been a seller’s market since February of this year and have only dipped into a balanced market for the first time statistically last month, however, this is most likely because of a lack of inventory. If there is low inventory it is harder for sales to take place.
The condo segment of the market remains fairly active with well-priced units selling, we now sit between a balanced to buyer’s market. We are seeing an increase in active listings and average days on market for condos. Part of the reason for this is the number of new condos being listed on the market which is often the case when buildings under construction get closer to completion. This level of supply is likely to continue as there are a number of buildings expected to complete within the next 6 to 18 months.
When looking at the real estate market overall so far this year Squamish has been a more active area and outperformed the vast majority of markets in the Lower Mainland. Reduced demand and increased supply remain the trend across the Greater Vancouver housing market, while Squamish is no doubt affected by this the local market continues to remain strong in comparison.
Sales-to-Active Listings Ratio by Market Segment
- Single Family Homes 18.8%
- Townhomes 18.4%
- Condos 13.6%
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Looking forward expect the Squamish market to be quite balanced, and normalized with certain segments of the market showing the occasional spike or drop due to pent up demand or many of the same unit type coming on the market at once.