The first quarter of 2016 has seen a lot of activity. March 2016 in the Lower Mainland was the busiest month on record for the Greater Vancouver Real Estate Board. While the sales activity in Squamish remains steady, it was not record setting for sales but prices continue to rise and inventory remains at low levels.
The volume of units sold has not changed much year on year, however, this is based on lack of listings. Exactly the same number of town homes were sold in the first quarter of this year as in 2015, with 51 sales. What is noteworthy about this segment of the housing market is the price increase in the past year. This is where the largest increase in price occurred at 23%, from a median price of $389,900 in 2015 to $505,000 this year.
Apartments saw the most significant jump in units sold in the first quarter when compared to last year, with figures up 28% from 26 sales last year to 50 this year. The median price change in this segment year over year was 21%.
Single family saw the lowest increase in units sold with an increase of 6%, but this too will be due to the short supply on inventory. The prices here went up by 21% with a new median of $775,500 compared to $620,000 in the previous year.
Buyers are stunned by the dramatic jump and are being faced with some tough decisions – to wait, adjust expectations, or jump in with both feet. All three choices require careful consideration and that is when the knowledge coupled with guidance from a Realtor is most valuable.
The sellers on the other hand do not need as much guidance as they would in a slower or balanced market, but they do need to ensure they are getting proper exposure and the best price possible. So please reach out to one of our team to help you in this fast paced and challenging market.