For the 5th consecutive year, the Whistler real estate market improved in 2015. Both the total number of sales and total value of those sales in increased over 2014. All the data suggests that the real estate market has fully recovered from the financial collapse of 2008/2009 and returned to the conditions that were typical prior to 2007.
As Whistler’s reputation for being a year-round, 4-seasons resort continues to grow so to does interest in the local real estate market. This interest is further fueled by an active real estate market in the Greater Vancouver area, low interest rates, and a favourable Canadian dollar for foreign buyers. As a result, we are seeing price increases in all segments of the real estate market.
The main struggle for the Whistler market is inventory. At the moment, the total number of properties being offered for sale is at the lowest level we have seen in over 10 years. Properties are often selling very quickly and under multiple offers. Buyer’s looking for their perfect property need to be ready to act as soon as it comes to the market or risk missing out altogether.
Let’s break down the 2015 numbers by market segment:
The number of sales in 2015 increased by 22% over 2014. Average transaction values also rose by 5% to $1,697,000.
The average price for a townhome rose 8.4% to $756,142 in 2015 while condominiums averaged out at $415,000 (a 7.1% increase). Both market segments witnessed a 6% increase in the number of sales when compared to 2014.
2015 was a strong year for luxury real estate (properties listed at over $2 Million) with a 33% increase in the number of sales.
There will be no shortage of interest in the Whistler real estate market in the coming months but there is no new development planned so our listing inventory must come from existing properties. I expect that our shortage of listing inventory will continue to drive prices higher but as options become constricted, we can also expect to see a slowing in the pace of sales.
If you are thinking of selling, this is the time.
If you have any questions about the Whistler real estate market or would like more up-to-date information about how this impacts your plans to buy or sell, please contact me.
*Based on Whistler Listings System Statistics Jan 7, 2016