2014 Year In Review

Real Estate Market Report – Whistler & Pemberton

Now that we are past the half way point of January 2015, it is time to take a brief look back. There is no doubt that there were some significant highlights in 2014 – locally, professionally and personally. It seems that every year there are great new and returning events and activities to keep us all busy. From the return of the Pemberton Music Festival to the always fantastic Whistler Film Festival and everything in between, it really was a year to remember.

In terms of real estate, the news is all good! Lets first look at Whistler and then we will turn our attention to Pemberton.

Whistler

In 2014, the real estate market in Whistler experienced its highest levels of activity since 2009. In fact, there was so much activity that we witness significant drops in both the number of properties that are available for sale and the time it takes for listings to sell in most, but not all, market segments.

When compared to 2013, there was a 15% increase in total number of real estate sales reported by the Whistler Listing System. With a total value of $535 Million, we have hit a record high since 2007.

Overall, the Whistler real estate market continued to be dominated by the townhouse and condominium sectors which accounted for about 70% of the transactions that occurred in 2014 and both experienced dramatic increases in activity when compared to 2013.

Here is a breakdown of some stats by market segment:

Condominiums – The average sale price for condominiums experienced a 20% increase over 2013 and finished the year at $390,165.

Townhouses – In 2014, the average sale price for a townhome was $697,073. This is a 20% increase over 2013.

Chalets – Due to the lack of available inventory in lower price ranges, the average sales price for chalets rose almost 12% in 2014 and came in at $1,612,412. Although the number of sales in this market segment remains fairly stead from year to year, the average sales price a the end of 2014 reached the highest level since 2008.

Whistler Pemberton real estate sales stats townhome condo and house

Overall, purchasers of real estate in Whistler continue to focus on finding properties that meet both their lifestyle and budget requirements and the majority of sales (over 78%) occur at a price point below $1,000,000.

Moving forward in 2015, I expect that we will see continuing interest in the Whistler real estate market. However, we will probably experience a slowing in the number of sales due to the lack of available inventory. This may also result in an increase in prices in some market segments where demand is high.

If you have considered selling this may just be the right time.

Pemberton

In 2014, the Pemberton real estate market experienced a strong resurgence with lots of interest in Village properties, acreages, and rural opportunities. As a result, the market experienced the highest number of sales we have seen since 2008. In turn, this means that the market is currently seeing a significant reduction in the number of properties available for sale and, if properties are priced correctly, a reduction in the amount of time it takes to sell.

When compared to 2013, the total number of transactions in Pemberton for 2014 increased by 50% and reached the highest number of sales since 2008. Although a lot of this can be attributed to the new development in the Village, all segments of the market still demonstrate strong improvements in activity when we remove the new development from the equation.

Average values in Pemberton also experienced an increase of 3.5% when compared to 2013.

Here is a breakdown of some stats by market segment:

Condominiums – This market segment remained largely unchanged in 2014. The average sale price ended the year at $187,814.

Townhomes – With an increase of 13% over 2013, the average sales price for a townhome in 2014 was $312,080.

Detached Homes – Averaging out at $504,000, detached homes actually experienced a drop in average sales price by about 4% when compared to 2013.

There are currently no plans for new developments, buyers of Pemberotn real estate will need to focus their attention on existing property. With lower inventory levels currently available on the market, this should force some upward movement in prices in 2015.

 My Year in 2014

In 2014 I am so happy to have completed a total of 46 ends. I helped 24 different buyers and 22 sellers with their real estate transactions. Here is a summary of my successes so far this year:

Whistler Pemberton real estate sales townhome condo and house

If you have been thinking of buying or selling in Whistler or Pemberton, it is important to make sure that you have the most up-to-date information about your particular area of interest. Please don’t hesitate to contact me.

All statistics based on reported sales in the Whistler Listing System – January 2015


 

« View All Blog Posts

Contact Amber

Name

Email

Comments

Sign up for my Newsletter

Your message has been sent.