It has been mentioned before that trying to show consistent information for the Squamish real estate market is problematic as the data samples are often small. In our market analysis, we collect our information from the Greater Vancouver Real Estate Board and in order to give a full market analysis they require at least 20 transactions in each category (detached, attached and apartment).
As the market has cooled since the fall, this has made it more challenging to complete a well-rounded and accurate analysis of our local market. As a result, we will give numbers where we have stats to draw from and provide some general observations where numbers are lacking. Having been Squamish’s only locally owned real estate company for 38 years, we have a vast knowledge and understanding of this community that allows us to provide sound advice and guidance to help our clients in any kind of market situation.
In February, sales did pick up from the very slow start in January where there were only 24 total sales for the month. February, on the other hand, had 39 sales. However; when compared to February 2018 (which saw 95 sales) you can see that there has been a definite shift in market activity. As has been noted there has been a great deal of pressure from all levels of government to slow down the rising prices of housing stock in an effort to find affordability. In addition to this, the Bank Of Canada brought in the stress test for mortgage qualification and interest rates also rose in 2018. All of these measures started to have a profound impact on sales by the middle of 2018 and resulted in a drop in the overall sales volume through the second half of 2018. During this same period, we also began to see prices moderating.
Since the start of February 2019, the inventory of properties for sale in Squamish has not risen and we are now seeing levels below the 2018 numbers. Nevertheless, buyers who might have been leary or weary of what happen last year began to come back into the buying arena. Interest rates have dropped ever so slightly and the days on market for properties are going up, thus allowing for more choice and time to make decisions. Sellers have begun to understand that the market is changing and this should allow for some adjustment in pricing in certain market segments.
To get a more in depth understanding of what all of this could mean for your real estate decisions, contact your agent at Royal LePage Black Tusk Realty for a full break down. We are local, full-time experts who pride ourselves on understanding the complexities of the Squamish real estate market.