There is no question Squamish is currently seeing one of the most active real estate markets in the past 7 years, but what do the numbers really look like? Here is a look at the difference year over year as well as sales information from the 3 main trading properties: single family, town homes and apartments.
Comparing benchmark price, price index, median sale price, percentage difference in units sold, sale to listing ratio or anecdotal information can all be valid, but provide very different information. How the statistics are reviewed by either a Buyer and Seller can be very different based on their reasons for entering a real estate transaction. A Buyer and Seller often have differing opinions on which way the market could be heading; Buyers think the market is stable or going to move down while Sellers think that the market is balanced or moving higher. So let’s look at some facts and see what conclusions can be drawn from them. In Detached housing there has been a 23% increase in homes sold and the median price has increased by 15% since the beginning of the year. Looking at the Home Price Index data it indicates that the 6 month change in price is 10.8%. The amount of single family homes that have been listed this year remains relatively unchanged but the sales to listing ratio has gone from 49% last year to 68% as of the end of May. For town homes the amount of units sold this year has double from the same period last year. The median price has gone from $346,250 in 2014 to $409,900 an increase of 16%, with the Home Price Index showing a gain of 7.3% in value over 6 months. The sales to listing ration went form 49% last year to 73% this year, indicating that town homes are the most active area of the current housing market in Squamish. For the first time in a number of years, apartments are finally showing some strength again. The sales numbers are up by 39% 2014 to 2015 with the sale prices up by 5%. The Home Index shows just a slightly lower price increase of 2.9% but this is a good sign as the prices had not seen an upward change in quite some time. So, why the difference between media and index price? The index takes into consideration that there could be some above average or below average homes sold which could affect the median selling points. By reviewing both these indicators of market increase or decrease you will be able to have a more clear understanding of the market conditions. From a Seller’s perspective the market is active and sale prices have been moving upward for the past year. One thing to note is that while we are seeing an increase in activity, the Buyers are very aware of market conditions and will be savvy when it comes to overpriced product. What a Buyer might now be aware of is that inventory is low, therefore placing them in the position of having to make speedy decisions when they see something that suits their needs. This results in the possibility of paying full price or an increased likelihood of entering into a multiple offers situation. For more information on the Squamish Real Estate Market, contact one of our Realtors.