Looking at the statistics…
Generally, analysts say that downward pressure on home prices occurs when the sales to active-listings ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
Looking at all property types the composite ratio is 51 per cent. Diving down by property type the ratios are 30 per cent for detached homes, 54 per cent for townhomes, and 70 per cent for condominiums. Compared to June of last year, the sales to active-listings ratio has decreased by 26 per cent for detached, 32 per cent for townhomes, and increased by 25 per cent year over year for condos.
Therefore, Squamish statistically remains a sellers market for each category although less aggressively than seen in recent history for detached homes and townhomes.
The MLS® Home Price Index (HPI) for detached homes is $1.039M, townhomes $899,800 and condos $530,300 for June. These prices are increases of 10 per cent, 32 per cent, and 28 per cent for each category in comparison to this month last year. The HPI has seen a fairly consistent and steady increase month-to-month for condos over the last year where as much of the rise occurred in the first six months for detached and townhomes.
Townhomes and condos continue to be strong seller’s market. For detached homes, statistically it is a seller’s market based on the figures for the month of June, but we are most likely in a balanced market considering the figures over the last half year. We’ve seen a lot of price reductions in single family homes where sellers who might have had unrealistic expectations are now realizing if they don’t offer a competitive price they will be left holding. The number of homes that are selling is drastically down, However they are selling….. but they had better be priced right, and show very well.
If you would like to chat about listing your home or are curious about what’s available in the market don’t hesitate to get in touch. I like talking Squamish real estate!