Well, another month living in the twilight zone thanks to our good buddy south of the border. It’s been absolutely ridiculous.
Yet, the world keeps spinning and humans need homes and investments.
In Squamish, the market has fully woken up and it’s competitive out there, particularly in the townhouse and single family sub-2M segments. In the past month, I’ve represented clients in bidding wars and I even brought back the delayed offer presentation for a listing in Squamish a couple of weeks ago. We listed on a Tuesday morning, had 15 showings, 2 inspections, and received 3 offers by the offer deadline on the Thursday of the same week. It sold for significantly over asking and one of the offers was subject-free. These conditions haven’t been present since February of 2022.
There were 44 sales in Squamish in March, compared to the 5-year sales average of 57 sales in March. Of these sales, 8 went for the asking price, 5 went for over asking, and 31 went for under asking. Bear in mind that this data is lagging and I expect to see more evidence of the more competitive market conditions in next month’s stats report. The median and average days that it took to sell a Squamish property was also down a fair bit from previous months, see graph below.
In Whistler, I would be lying if I said that economic uncertainty is good for recreational property sales. However, interest rates continue to go in the right direction and there is steady interest from buyers. The main measure of price, the MLS Home Price Index, shows that on the whole across Whistler, prices are actually ticking up right now (see graph below). This is an imperfect measure of price and it’s clear that some segments are still seeing softness/price reductions. However, the average days to sell also fell rather drastically in March in Whistler (see graph).
There were 33 sales in Whistler in March, which is below the 5-year sales average of 63 sales in March. Of these sales, 3 went for the asking price, 4 went for over, and 26 sold for under the asking price.
Reach out anytime, I’m always happy to chat and answer any questions.
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Lindsay
604-612-1484
lindsay@lindsaymcivorrealestate.com
Follow me on Instagram @squamish_whistler_real_estate