Keep an eye on Squamish Adventure for the Latest Housing Stats, Figures and Recommendations this Summer
The real estate market in Squamish continues to heat up this summer. With everyone rushing to buy homes and relocate before the school season starts, the available properties are moving fast. In May 2017, residences remained on the market for an average of 24 to 45 days. If homes are properly priced, they are selling in days, while incorrectly priced homes stay on the market longer. waiting for the prices to catch up, or have a price adjustment.
Prices also climbed this summer. In July, the market experienced a 5.5 percent rise in overall home prices. The steady and significant increase in real estate prices makes Squamish a desirable area for real estate investment. As 2017 passes the halfway mark, the region’s real estate market seems set to be another record breaking year in terms of demand, price gains, and overall growth. The recent rise in interest rates will have an impact on the market, and time will tell if a slowdown in prices will result from the increased cost to borrow.
Garibaldi Highlands is the highest priced for detached single family homes this summer with many listings easily topping a million dollars. Garibaldi Estates and Valleycliffe have several single family homes that hover around the $800k price point.
The Brackendale, Garibaldi Highlands and Northyards remained the highest priced areas and most coveted around Squamish for buyers seeking townhomes. The Dentville area afforded the lowest real estate prices to home buyers.
Condos and Townhouses
Squamish continues to see a red-hot condo market with activity and prices in townhouses rising again this summer. Condos are up 31% with an average sale price of $445,000. While Townhouses saw an increase of 10.4% for a new average price of $669,400.
With such a rapid and significant increase in real estate prices in the Squamish region, home buyers, sellers and renters are scrambling. Raising prices and issues of affordability are continuing to challenge our community.
Buyers or Sellers Market?
The Squamish region remains a seller’s market. Some would-be home sellers continue to hold on to their real estate in order to ride the price surge wave and sell in the near future for a substantial gain. Although the available real estate for sale has increased a small amount, the properties continue to sell rapidly and most sellers have to wait to secure their dream home. When a residence listing becomes available in the area, it is generally quickly snagged up by home shoppers and goes under almost immediate contract. We suggest that anyone seeking to purchase real estate in the Squamish area should work with an experienced agent to quickly gain insight on available properties.