Valleycliffe Market Report
History
Many years ago, Valleycliffe played second fiddle to the Garibaldi Highlands, the Garibaldi Estates and to some, also Brackendale. That is no longer the case. With the influx of interest The Squamish Real Estate Market has seen from Vancouver, a larger portion of buyers are placing greater value on the commute time to the city. This has given Valleycliffe the boost in interest that it needed to get closer values to the neighbourhoods up north. Those that live in Valleycliffe have always known it to be a very proud, community-based neighbourhood. Ask the people who have lived there a long time, and they will tell you that it is an undiscovered gem with a great feel and stunning views of the Stawamus Chief.
With the improvement of local amenities in the newer “Backyard” pub, and the local shopping, you can get just about anything you need right there in Valleycliffe. Couple these amenities with access to great hiking and biking trails, including a walk along the Stawamus River, and close proximity to downtown Squamish, and you soon realize that Valleycliffe has much to offer.
Recent Past
When looking a the numbers for Valleycliffe, keep in mind that the limited number f sales can have values greatly impacted by a sale or two in Westway Apartments (the lowest-priced apartments in Squamish) or by one or two sales in Ravens Plateau where most of the homes will sell for over $1M. The development of Crumpit Woods and even the Plateau are not deemed part of Valleycliffe, with respect to the Real Estate Board of Vancouver, and as such, their prices are not reflected in Valleycliffe Pricing.
Recent Real Estate Market Conditions
Prices across the board have risen in Squamish over the past several years and Valleycliffe is no exception. In fact, looking at the HPI (Housing Price Index Below), we can see that housing prices have climbed nearly 60% in the past 3 years and 7% over the past full year. However, since June of this year, housing prices have remained relatively stagnant.
Looking at the volume of sales, there have only been 10 homes sold in Valleycliffe this year while there are currently 9 homes listed. At the time of this print, 3 of the properties currently listed in Valleycliffe have accepted offers on them, and for the point of reference, 5 of the homes were listed in the last month.
Current Real Estate Market Conditions
Because of the lower than normal number of sales in Valleycliffe, it becomes more difficult to assess the prices in this area. This can be further evidenced as the most recent listings are the ones with the accepted offers while the older and stale listings remain without contracts. With such a low volume of transactions, pricing, staging, and home presentation are of paramount importance…..by the way, these are things we do with all of our listings.
Total inventory has continued to fall resulting in upward pressure on prices preventing them from falling the 6% that Squamish as a whole has fallen.
Sales to Active Ratio
This ratio is usually one of the most relevant when it comes to market direction. This is the number of sales relative to the number of listings currently on the market. That being said, the volume of sales is so low that one sale in a month can dramatically affect this number. Even considering all of this, with a value of 0.071, we are still very much in a buyer’s territory. You will no doubt recognize that this conflicts with the supply and demand argument above and this is why the prices in Vallecliffe remain stagnant.
In Conclusion
Yes, this is where my plus is….If you are thinking of buying or selling, make sure you hire a realtor who understands the market and the market dynamics and can advise you on the best action to take in your personal situation. Keep in mind that with a flat market, good pricing and an effective marketing strategy, like the Mega Open House can be key to getting the results you desire.
If you have any questions, please call or email me at any time.
Simon Hudson
Macdonald Realty
604-892-8155
