As we head into the Fall season here in Squamish, we tend to see a familiar pattern. Typically, after Labour Day, there’s a rush of new listings hitting the market, and buyer activity ramps up as people settle back in after summer vacations and back-to-school preparations. The well-priced, attractive homes usually see action, even multiple offers, while even the ones priced slightly above market or needing a little work still get attention and negotiate offers.
This year was a little different, after a fairly quiet summer we were expecting that usual fall market uptick. There have been more listings, but buyer activity was slower to follow. Many buyers were holding off, expecting more rate cuts in the near future, which they hope will improve affordability. As a result, some great listings are sitting longer than usual, especially in segments we usually see strong activity. Townhouses under $1M that usually sell in short order are sitting on the market, and some are selling at prices below recent comps. Well maintained detached homes under $1,750,000 seem to be in short supply with active buyers.
If you're selling this Fall, patience will be your best asset. Be ready to price competitively or, in some cases, consider holding off until next year. For buyers, these conditions are some of the best we’ve seen in the Squamish market in a while. Less competition, more time for due diligence, plenty of choices, and the opportunity to negotiate below recent sale prices are all working in your favour.
Squamish real estate, like much of the market, moves in cycles. This current slower pace has been one of the longest downtrends we’ve experienced in recent years, but activity will pick up again. Most realtors I speak with are working with multiple sets of buyers that seem to be sitting on the sidelines, it's likely that once interest rates improve they'll jump back in and this will put upward pressure on pricing, especially once the current supply has been depleted. We're already seeing hints of what could be a busy spring market and the Greater Vancouver market has already shown what was a very strong October with sales jumping 30% YOY , Squamish, being a smaller market can see spikes, but they should be looked at with caution as spikes don't necessarily mean a trend.
This year was a little different, after a fairly quiet summer we were expecting that usual fall market uptick. There have been more listings, but buyer activity was slower to follow. Many buyers were holding off, expecting more rate cuts in the near future, which they hope will improve affordability. As a result, some great listings are sitting longer than usual, especially in segments we usually see strong activity. Townhouses under $1M that usually sell in short order are sitting on the market, and some are selling at prices below recent comps. Well maintained detached homes under $1,750,000 seem to be in short supply with active buyers.
If you're selling this Fall, patience will be your best asset. Be ready to price competitively or, in some cases, consider holding off until next year. For buyers, these conditions are some of the best we’ve seen in the Squamish market in a while. Less competition, more time for due diligence, plenty of choices, and the opportunity to negotiate below recent sale prices are all working in your favour.
Squamish real estate, like much of the market, moves in cycles. This current slower pace has been one of the longest downtrends we’ve experienced in recent years, but activity will pick up again. Most realtors I speak with are working with multiple sets of buyers that seem to be sitting on the sidelines, it's likely that once interest rates improve they'll jump back in and this will put upward pressure on pricing, especially once the current supply has been depleted. We're already seeing hints of what could be a busy spring market and the Greater Vancouver market has already shown what was a very strong October with sales jumping 30% YOY , Squamish, being a smaller market can see spikes, but they should be looked at with caution as spikes don't necessarily mean a trend.
As always, I'm happy to go into detail about any particular segment or give you advice on a specific property. I still love talking about Squamish real estate!
~ Scott
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