The real estate market in Squamish transitioned through 2 distinctive phases in 2010. The first six months saw an increase in sales activity when compared with the ten year sales average and a very slight increase in prices in some areas over 2009 prices. The last six month were very different again, activity slowed during the summer and did not pick up again until October. As a result, prices adjusted back to their 2009 levels. The year finished with sales activity at almost the same level as 2009 and prices where in flux. Pockets of the Lower Mainland did see increased sales and pricing over 2009 but it was very selective and most of the urban areas did not have the same results.
Prices were up slightly in the first part of the year and this has had an impact on the British Columbia property assessments. Many property owners have seen an increase in their assessments. The cut-off date for property values is July 1st every year and this was poor timing last year as the first part of the year was on a minor upswing.
2010 saw a total sales volume of 339 sales reported through the Multiple Listing Service, this is down slightly from 2009 which had a total of 367 sales. All housing types, detached, attached and apartments were off of the 2009 sales numbers. Median sale prices, with the expectation of town homes, were down. Detached homes in 2009 were $500,000 and $496,750 in 2010, apartments in 2009 were $260,000 compared to $257,250 for 2010. Town homes in 2010 had a median price of $365,000, up from $344,000 in 2009.
As a consequence of lower sales numbers and inventory remaining on the high side, the market continues to favour Buyers over Sellers. Sellers will need to be competitively priced and Buyers will be looking for the best value for their purchasing dollars. More than ever before this means than using a Royal LePage Black Tusk Realty agent to assist in your real estate transactions will give you an advantage. Our agents receive the most up to date training and have their fingers on the pulse of the Squamish real estate market.