Market News

Steady Start to the Summer Market

Published on

The first part of the year had some highs and some lows, but when compared to the same time last year, the overall market has some bright spots.

One of the problem areas for the recovery of the housing sector continues to be the amount of inventory. While fewer properties came on the market in June when compared to May of this year, there are still a large number of homes for sale. When we look at the numbers year over year there is a total of 549 listed, while this same period last year there were 480. Apartments have seen a decrease in listings at 5 per cent. Town homes are up by 15 per cent and single-family homes are up 19 per cent in comparison to last year.

When comparing sales for the first half of 2010 with the first half of 2009 there was increased activity in all areas. In single-family detached there were 100 sales – up from 75 last year for a 25 per cent gain. Attached sales for this year were 54, compared to 40 in 2009 – an increase of 26 per cent. Apartments saw the largest sales volume gain at 36 per cent with sales in 2010 of 39 compared to 25 for last year.

The total number of sales so far this year is 193, and if activity remains the same for the balance of the year, sales should reach 386 – up five per cent from last year. When looking at the 10-year sale history for Squamish, the average is 421.5. After the past two years of sales being well below the average, this increase in activity will certainly be welcomed.