As we enter the third quarter of 2017 it is time for another look at the Squamish real estate market and the current trends we are experiencing.
Are we in a typical summer pattern? It is hard to say, given nothing about the real estate market is typical any more. So here is what we do know; unit sales are down for single family homes and apartments, while town house sales are up.
The number of listings of single family homes are relatively the same as last year, with sales down slightly and an increase in prices year over year. The median prices are up by 9.5% since July of 2016 with sales lower by 13% in comparison. If the volume of sales continue to drop closer to the 20% range this should have an affect of moderating prices in this area.
As for apartments listings are down by 25% and sales are also off by 14%, although this may have more to do with the fact that last year there were several new apartment buildings on the market. Single family apartments have also seen an increase in overall value of 15%.
As for town homes the prices are up year over year by 11% and the number of listings are down by 12%. Unlike single family homes and apartments this is the only segment of the market where sales are actually up over the number of units sold at this time last year. There has been a 16% increase in the number of town homes in the first 7 months of 2017 compared to 2016.
The market remains active but competitive with prices still moving upward. While we are not seeing the break neck speed of sales that occurred in the first part of last year the market is more like the summer market in days of old.