June Squamish Real Estate Update

We are definitely NOT in a Buyer's market!

THANK YOU....

A very special thank you to a few of our clients. Recently, we have had the oportunity to add to our real estate family as we received some new referrals. I really wanted to take this oportunity to thank those who have referred clients to us over the past couple of months that have led to successful sales.

Krista Dutton

Sandra and Nick Droulis

Brenda Brewer and Mike Romano

Paul and Katie Griffiths

All of these referrals have lead to successful transactions at

1410 Maple Crescent

2252 Windsail Place

D103-40160 Willow Crescent

12-38397 Buckley

FOR

Amanda and Mike Taylor

Paul and Katie Griffiths

Robert Walker and Kaisha Toole

Renee Africa and Blaine Brennan

All of these lovely people will be receiving a generous thank you from

Simon Hudson PREC.

IF YOU KNOW ANYONE BUYING OR SELLING IN THE NEAR FUTURE, PLEASE LET ME KNOW AND I PROMISE TO TAKE GREAT CARE OF THEM

Click to play this video.

Hudson's Update

CHLOE

So, Chloe had her first performance at a club in Vancouver....she was at the Biltmore Cabaret and performed admirably. See the video above.

LIAM

Liam is getting ready to graduate, which means parties and exams. How is it that the partying that is associated with Graduation is scheduled at the same time as exams?.....just doesn't seem fair. Also, LIam has committed to the North Van Wolfpack for the coming Season, so check out their scheduel and drop by Harry Jerome for their home games. I will post the scheudle when available.

ANDREA AND SIMON

On the home front, Andrea and I are seriously enjoying life in Brackendale. Walks along the river and on the beach and just the incredible feel of community that you find in Brackendale. I have just started studying for my Real Estate Broker's license. I am hoping that the knowledge gained in this course will allow me to better serve my clients and offer assistance and guidance to newer realtors.

Noteable sales

In May, we managed to be part of 5 transactions, finding 3 families great properties to call home and 2 listings found very successful sales of their properties. All-in-all, the Market was a little less active than in 2018 with only 51 sales in the month of May with 59 sales last year in May. While the market has continued to slow, there is still very little price movement. In fact two of our recent transactions were at or above the asking price. High sale for the month was $1,540,000 in Crumpit Woods (a gorgeous modern home with a suite). Considering neighbourhoods in Squamish, there was relatively equal distribution of sales across the different neighbourhoods.

The volume of new listings is lower than normal and the number of days on market is averaging 89, so almost 3 months for your average listing to sell. What this all means is that the number of sales relative to listings is still quite good, and for what it is worth, I think there are fewer sales because people see how great Squamish is and just don’t want to leave

Investors Choice
The best cap rate in Squamish remains the Executive Inn and Suites at 6-7%. However, as I mentioned last week, these units seem to be getting a little long in the tooth. Condo hotels have not always performed well in capital appreciation over the years, and this is starting to show as prices are commencing their decline. Regarding your best investment purchase outside of a hotel strata, there is a cluster of 3 bedroom townhouses at $600,000 BUT the true rental rates have declined by about 7-8% and they would now rent for about $2300-$2600 per month. Unfortunately, this creates an even deeper negative cash flow scenario if the entire property was mortgaged. However, investment opportunities still abound in BC and we are now personally keeping an eye the Okanangan. If you are interested in following along with this area, please let me know and I will put you in touch with our realtor of choice.

All the best for Summer....bring on the sun!

STATS - AT A GLANCE

HPI = Housing Price Index (Average Selling Price)

DOM = Average Days on Market

YOY - Year Over Year

All stats taken from REBGV

So, what does this all tell us?

Absolutely nothing....yet

In all seriousness, there is too few sales available in Squuamish to derive a quality interpretation on a month to month basis, and this is a prime example of this occurring. Two of the sales in the apartment category this month were new builds over $700k while last year there were no sales over $600k. This isn't due to any other factor than a new-build property listing on the high end tipping the scales this year and making the average HPI look high. I can almost guarantee that this will fall next month.

In the meantime, and as a whole, the market remains balanced..... though it is still tipping slightly in the buyers favour.

FROM MACDONALD REALTY...

Neither the REBGV or Macdonald Realty has released their Squamish market report for May 2019. Feel free to contact me if you would like a copy when it comes available.

This entry was posted on June 11th, 2019 by Simon Hudson | Posted in General

Simon Hudson

June Squamish Real Estate Update

We are definitely NOT in a Buyer's market!

Hudson's Update

Noteable sales

All the best for Summer....bring on the sun!

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