Squamish Real Estate is on Fire. Typically fall brings a slower time for Real Estate, However, this fall in Squamish is not slowing down.
This past year our community has reached new record breaking levels of tourism visitors, with many people being drawn here to enjoy the outdoor recreation mecca that some of us already call home. With more and more people stopping in to visit and enjoy our community, we are naturally attracting more people who want to make the permanent move to our coastal mountain town. So what does that mean for our real estate market? Enjoy our Squamish Fall Real Estate update.
Squamish is currently experiencing one of the most active real estate markets in the last 7 years. Here is our overview and interpretation of the latest Squamish Real Estate market conditions based on statics originally published by Black Tusk Realty.
Single Family Homes:
- Squamish has experienced a 23% increase in sales of single family homes over last year.
- Home price index has risen by about 10%, while the number of homes listed remains relatively unchanged.
- The supply of single family homes on the Squamish Market has decreased by 43% .
- The amount of units sold has doubled from last year, with a 7% increase in price.
- Townhomes are the most active area of the current housing market.
- This is the only area where supply is increasing – by 23% and more developments will be on the market for 2016
- Apartment sales are starting to see strength again, although the price increase is only 2.9%
- Condo Supply is down by 21% for 2015, but more developments will be hitting the market in 2016
We are currently experiencing a housing shortage both for rentals and sales, in our community. The decrease in supply, matched with the increase in interest in moving to Squamish has lead to the increased home prices.
There are new home developments that will be built in Squamish over the next few years, which will help increase the supply. However, as more and more people from Vancouver discover the awesome Squamish lifestyle the question will be can the supply meet the growing demand?
The active market for town homes is a sign that Squamish is attracting more and more young families who are looking to move here for the lifestyle. Townhomes are great options for young active families who want a bit less maintenance and realize that the mountains around Squamish provide the best backyard playground.
Tips for Sellers:
Having a properly priced home will result in a fast sale. Homes that are priced well are selling fast, at or above asking.
Tips for Buyers:
We are in the middle of a market with a low inventory. This means buyers need to be ready to make a quick decision if they find a home that they like paying close to full asking price, with multiple offers is common in the current Squamish Real Estate Market.