Squamish Market Update May 2024

Overall, we’re seeing the data that is more aligned with a typical Spring market. This looks like increased inventory, new listings, and sales with a decrease in days on market. Anticipation for those interest rate cuts are high, with the general sentiment of a .25% cut in June. It seems that sellers are anticipating this will bring out the buyers who’ve been on the sidelines. The Squamish market is still quite price sensitive, and the increased inventory is giving buyers more options to choose from.  

The Highlights:

• The condo market sales to active ratio has jumped to 34%, shifting from a buyers market in March to a sellers market in April. 

• Well priced townhomes under a million are selling like hot cakes, with a median of just 8 days on the market. 

• Inventory is on the rise! Two weeks into May and we have 220 active listings!

• Things in the detached housing market are a bit funky. Inventory, new listings, and sales are up month over month, but there was a 17% drop in average sales price from March and only 12 sales - 20% less than April 2023. 

The Stats Breakdown: 

CONDOS:

HPI Benchmark Price: $639,300

• Sales: 16

• Listings: 47

• Sales to Active Ratio: 34%

TOWNHOMES: 

• HPI Benchmark Price: $1,081,700 

• Sales: 20

• Listings: 29

• Sales to Active Ratio: 69%

HOUSES: 

• HPI Benchmark Price: $1,523,900

• Sales: 12

• Listings: 99

• Sales to Active Ratio: 12%

What do you think lies ahead for the Squamish market? Let’s Talk! Book a call.