Whistler Market Update: October 2018

Date Posted: October 22, 2018

2018 Quarter 3 Review

Fall has officially arrived in Whistler and with it has come some beautiful sunny weather that makes getting out to enjoy the outdoors and admire the changing colours even more enjoyable.

From a real estate perspective, there is also good news for both buyers and sellers. Through the third quarter of 2018, market activity remained strong, but not to the same levels as we were seeing at the height of the market in 2016 and 2016. Instead, we are seeing the market return to historically ‘normal’ levels.

Buyers are finding that there are many more options available to them as the number of properties available for sale has increased somewhat from historically low levels and many listings are taking longer to sell (and therefore staying on the market a little longer than in the recent past). So, not only do buyers have more options, but they also have a little more time to make decisions.

All that said, despite the lower number of sales that have been occurring, sellers will be happy to know that sales prices have continued to rise in all segments of the market with a combined approximate 7% increase since the start of the year in average transaction value for a property in Whistler. The overall average transaction value for a Whistler property is currently $1,247,715.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value increased 5% through the third quarter
  • Towhomes: Average sale value increased 27% (to $1,146,084) through the third quarter
  • Condos: Average sale value increased 6% (to $1,146,000) through the third quarter

What We Expect Moving Forward

Going forward through the rest of 2018 and into 2019 we expect that the current market trends will continue.

There will continue to be strong buyer interest in Whistler properties, especially those that are well priced and/or unique. However, a degree of economic uncertainty resulting from provincial and federal economic policies and rising interest rates is expected to temper buyer confidence and ensure that they proceed with caution.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, October 2018


Whistler Market Update: July 2018

Date Posted: July 17, 2018

2018 Quarter 2 Review

Warm sunny, summer days have arrived in Whistler! Is there a more beautiful time of year in our resort?

As we move into the second half of 2018, it is time to take a moment to reflect on how the Whistler real estate market has been performing so far in 2018. The good news is that buyer interest is still strong and the market has therefore maintained a fairly steady pace.

With a 23% decrease in the overall number of transactions compared to the same period last year, it is true that the rapid pace of sales we were experiencing has moderated from the peaks we saw in 2016 and early 2017. However, our current levels are consistent with those of the second half of 2017 as well as our long-run historical levels. So, rather than being an outright slowing of the market, the decrease in transactions is more a return to normal.

Average sales prices are another story entirely. As we continue to face low inventory levels and high buyer interest in local real estate, sales prices have continued to feel upward pressure across all market segments, albeit at a slower rate than we were seeing a few months ago. As of the end of the second quarter, the overall average sale price in Whistler was $1,211,482 (up by about 5% since the beginning of the year).

Single-family homes have accounted for over 33% of the value exchanged so far this year, yet they only account for 13% of the total transactions. This is because they are the highest priced market segment, while townhomes and condominiums are the bread and butter of the local market, accounting for almost 70% of all the activity.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value sits at $3,168,000 (a 16% increase since the beginning of the year)
  • Towhomes: Average sale value sits at $1,449,000 (a 26% increase since the beginning of the year)
  • Condos: Average sale value sits at $623,937 (a 4% increase since the beginning of the year)

What We Expect Moving Forward

The supply of real estate listings in Whistler remains low and this, combined with continuing high demand, is driving price appreciation. We do not expect this to change through the duration of 2018.

That said, many outside factors including government policy changes, interest rates, economic cycles, and exchange rates can have a significant impact on the decision making process for both buyers and sellers in Whistler. That said, the resort marketplace in Whistler is very unique and can often react to these changes differently than you would expect or see in typical urban marketplaces so it is important to stay up-to-date with an experienced, local realtor.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2018


Whistler Market Update: April 2018

Date Posted: April 19, 2018

2018 Quarter 1 Review

It seems like winter is hanging around just a little longer than usual this year, but as we move into spring and begin to lookforward to the summer season, it is time to take a look at how the Whistler real estate market has been performing so far in 2018. The good news is that buyer interest is still strong and, the market has therefore maintained a fairly steady pace.

Sales prices, on the other hand, have continued to rise in all categories, primarily due to the shortage of supply compared to demand. Built properties in Whistler are not consistently exceeding $1,000 per square foot – this puts Whistler on par with many other popular ski resort destinations in North America.

Over the first 3 months of 2018 we have seen a 23% increase in sales activity compared to where we stood at the end of 2017; however, the first quarter of this year has slowed by about 10% when compared to the first quarter of 2017. Overall market values are a different story – compared to the end of 2017, we have seen a 13% increase in average value to $1,309,300 and a 16.6% increase in median value to $995,000.

The condominium and townhouse segments of the Whistler real estate market continue to be the most active market segments and account for 70% of the total market activity so far this year.

 

Breaking the numbers down a little more:

  • Single-Family Homes: Average value increased from $2,835,000 by the end of 2017 to $3,253,000.
  • Towhomes: 37% increase in average values $1,581,000
  • Condos: 11% increase in average values to $662,583

What We Expect Moving Forward

Nothing has changed in Whistler as far as supply goes and we continue to experience record lows in the number of listings available for sale. As a result of this and continued buyer interest, sellers can expect immediate activity on most well-priced properties.

That said, many of the recent announcements from the Provincial Government regarding real estate investment and the new financial/mortgage regulations are resulting in higher levels of uncertainty for some buyers. So, we are expecting that market activity will moderate moving forward.

 

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, April 2018


Whistler Market Update: January 2018

Date Posted: January 21, 2018

2017 Year in Review

In terms of real estate in Whistler (not to mention visitor numbers, changes within the resort, and a multitude of other areas), 2017 was another active year. In the real estate market specifically, the year saw a total of over $1.1 billion being transacted between January 1st and December 31st and almost all market segments felt significant price appreciation. Nevertheless, we did see a drop in the number of reported sales as compared to 2016 as a result of the low number of opportunities available for sale.

Overall, there was

  • A 16.2% decrease in the number of sales in 2017 compared to 2016.
  • A 26% increase to $1,163,392 in the average sale price of a transaction (up from $901,451 at the end of 2016)

Throughout the course of the year, the first half of 2017 was particularly strong as a result of  a combination of a record number of visitors coming to Whistler combined with favorable exchange rates, strong regional economics, and low interest rates. As we progressed through the year, the number of properties available for sale continued to drop which resulted in a slowing of market activity. The final quarter of the year was the slowest on record since 2014.

Number of Active Listings
(Whistler Jan 2015 – Dec 2017)

In 2017, larger family-oriented properties experienced the highest level of interest (including both single-family homes and townhomes). As a result, the number of these properties being offered for sales has dropped significantly and this has continued to put upward pressure on prices.

As usual, the condo market showed the highest level of activity with over 300 reported transactions (35% of the market share). Towether the condo and townhome market comprise 65% of the market share in Whistler.

As far a the luxury market goes (listings priced at over $2 million), increased valuations continued to grow this market segment and resulted in 122 properties changing hands (about 14% of the total market share). In total, the luxury market comprised over 40% of the total market value. It is important, however, to note that condos and townhomes still comprise the bulk for the Whistler real estate market meaning that 60% of all sales that occurred in 2017 we priced it at under $1 million.

Breaking the numbers down a little more:

  • Single-Family Homes: Average value rose 26% from $2,248,000 in 2016 to $2,835,000 by the end of 2017.
  • Towhomes: 28% increase in average values from $947,000 to $1,163,000.
  • Condos: 21% increase in average values to $187,087,000
  • Luxury Properties: 12% increase in average price to $3,634,000

 

2018: What We Expect

As of this writing, we now have the lowest number of properties being offered for sale in Whistler in modern memory. As a result, activity will continue to drop. Since buyer interest remains strong (with no indicators that it will lessen), prices will continue to feel upward pressure. That said, we do expect price increases to moderate. Another year of double-digit price appreciation is very likely be unrealistic.

We do. however, have to keep in mind the unpredicatable potential influences of a number of factors outside our local market, including interest rares, slowing regional real estate markets in the surrounding areas, new/changing government and financing regulations, and investor perceptions.

Nevertheless, Whistler continues to be a world-class, year-round resort. As it continues to evolve and adapt we don’t expect to see any lessening of interested in Whistler. Not to mention that Vail is expected to introduce thousands of new potential investors to the area and North American economies are predicted to remain strong.

In conclusion, through 2018 supply and demand will dictate prices more than anything else. We expect supply to be limited and demand to remain high.

With the significant market increases over the past few year you may be wondering what your home is worth in today’s market. Or, if you are a buyer, you may be wondering how to be successful in securing a property in this fast-paced market. Or, maybe you are just looking to stay up-to-date on the current market situation. Whistler is a small and uniquely nuanced marketplace, so no matter what your looking for, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, January 2018


Whistler Market Update: October 2017

Date Posted: October 18, 2017

Well, fall has officially arrived. The leaves are changing colour, the snow line is creeping down the mountain, and we have even had our first dusting of snow in Whistler Village. Despite what you may think, this is a great time to be in Whistler with plenty of events and activities still on offer, without the summer or winter crowds.

With the coming of October we are not over a third of the way through 2017 so it is time to take a step back and look at how the real estate market in Whistler has been performing.

Overall the third quarter continued similar trends to what we saw earlier in the year – a brisk pace of sales, lots of buyer interest, and a limited supply of listings for sale. As a result, we have seen a 13% drop in the total number of sales compared to one year ago and a 16% drop when compared to the previous quarter (April – June 2017). These decreases can primarily be attributed to the low number of properties being offers for sale, rather than to a drop in buyer interest. Despite these drops, it is also important to note that the market continues to move at an above average pace.

Where are we now?

Buyers continues to be interested in purchasing real estate in Whistler. This high demand, coupled with low supply levels, has continued to push prices upwards.

Breaking the numbers down, here is what we are seeing:

  • Single-Family Homes: Median transaction value is now $2.04 Million (an increase of 19% since the end of 2016)
  • Townhomes: Median transaction value is now $899,000 (an increase of 11% since the end of 2016)
  • Condos: Median transaction value is now $487,000 (an increase of 24% since the end of 2016)
  • Single-Family Lots: Median transaction value is now $1,295,000

As overall values rise, many buyers are shifting their focus towards higher priced properties. As a result, the luxury market (comprised of listings over $2 Million) currently makes up 13.5% of the total transactions occurring in Whistler (up from 13% last quarter).

Listings that are priced correctly continue to sell quickly and often with multiple offers. However, it must be noted that individual situations may vary widely from the statistical average due to the ‘micro’ nature of the various market segments in Whistler, as well as a range of other factors including building age, location, zoning, etc.

What is to come?

As with last quarter, the market conditions remain steady and we do not expect there to be any dramatic shifts in the months ahead. As we continue to deal with a low supply, high demand market, transaction numbers will continue to be restricted while prices rise.

The heightened interest in the resort as a result of the Vail purchase, as well as a predictable economic outlook and expectations for a great snow year, will continue to increase Whistler’s profile and, therefore, buyer interest in the resort.

If you have been thinking of buying or selling, contact me any time to find out how the current real estate market will impact you.

*All stats deemed to be accurate and taken from the Whistler Listing System, October 2017


Whistler & Pemberton Real Estate Market: August 2017

Date Posted: September 1, 2017

Summer has flown by! With a ton of events happening and amazing weather throughout July and August, the summer has been very busy. To wrap it all up, the long weekend could not have been better and both Pemberton and Whistler were abuzz with people out enjoying their last weekend before the kids went back to school.

Just like the corridor as a whole, the real estate markets in Whistler and Pemberton have been busy. The overall number of reported sales through August has remained steady and matched what we saw and July. However, the pace of sales continues to be slower than we saw at this time last year. The primary reason for this is the low number of properties available to sell. That said, as a result of low inventory levels we are continuing to see increasing sales values in many segments of the market. So, the drop in activity levels has been offset by appreciation in terms of the total value of the property changing hands.

Year-to-date for 2017, a total of 731 properties have changed hands (compared to 905 at the same time last year) in Whistler and Pemberton. In August alone, there were 81 transactions. Three were 78 in July and 108 in August 2016.

Whistler

The average value of a transaction in Whistler is currently sitting at $1,147,814 compared to $884,424 at the same time last year. The median value has increased from $594,000 to $738,000 as a result of a greater number of sales happening in the higher-end of the market.

Pemberton

In Pemberton, the average value of a transaction is currently sitting at $511,866 compared to $453,471 at the same time last year. The median value has increased from $362,500 to $435,000.

*All stats deemed to be accurate and taken from the Whistler Listing System, August 2017


Whistler Market Update: July 2017

Date Posted: July 18, 2017

With nothing but blue skies and warm weather in the forecast, Whistler has been a hub of activity. From the beaches to the trails to the Village Stroll, one word can describe our summer so far and that is busy. The same word could also be used to describe the real estate market so far this year. With so many people in town, it is no surprise that buyer interest is strong. Our main hurdle right now is a lack of options for all the interested buyers. This combination is creating a strong seller’s market.

Despite the fact that low inventory levels have capped the number and rate of sales through the first 6 months of 2017, sales activity has remained strong and we expect that 2017 will close out as another above average year in terms of both sales and values.

Where are we now?

Overall, we have seen a dramatic increase (f almost 35%) in the total value of all transactions completed through the first two quarters of 2017 when compared to the previous six month period. This is partially due to an increase in the overall transaction value of properties in Whistler which is now sitting at $1,144,309 (a 26% increase compared to one year ago when the average transaction value was $904,360).

Let’s break the numbers down:

  • Single-Family Homes: The average sale price is now $2,729,000
  • Townhomes: The average sale price is now $1,060,419
  • Condos: The average sale price is now $611,081

These increases can be partially attributed to a shift in focus towards higher priced properties due to lack of options in lower price ranges, as well as to upward pressure on prices across the board. The luxury market (listings over $2 Million) currently makes up about 13% of all transactions occurring in Whistler.

Listings that are priced correctly continue to sell quickly and often with multiple offers.

What is to come?

We do not expect there to be any dramatic shifts in the coming months. The market will likely continue to deal with a low supply, high demand dynamic that will limit the number of transactions and drive sales prices.

Looking at general and local economic conditions, we are confident that buyer/investor confidence in the area will remain strong and that changes to interest rates will have a limited impact (if any) on our marketplace. We also doubt that the change in the provincial government will result in any changes that would compromise Whistler’s contribution to the tourism brand of BC.

With amazing an summer still ahead and exciting changes coming for Vail’s first full winter season, there should be no drop in buyer interest in our area.

If you have been thinking of buying or selling, contact me any time to find out how the current real estate market will impact you.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2017


Whistler & Pemberton Real Estate Market: June 2017

Date Posted: June 14, 2017

It has been another busy first 5 months of the year in both Whistler and Pemberton. The real estate markets in both communities continued to follow the same trend of earlier months throughout May which recorded  91 total completed transactions compared to 93 in April 2017, and 89 in May 2016.

Whistler

May was busier than historical norms in 2017 and average transaction values continue to rise. The average sales price in Whistler is currently sitting at $1,074,628 compared to $903,253 at the same time last year. In Whistler properties are, on average, selling for 97.85% of the list price and listing inventory remains low with only 2 month’s worth of inventory, making it an excellent Seller’s Market.

Pemberton

While the Whistler real estate market was busier than usual, Pemberton saw a slightly slower month than usual. Nevertheless, average transaction values are still on the rise in the community with the current average sale price sitting at $428,581. This can be partially attributed to the types of property that are currently being offered for sale (with many of them in the higher price ranges) as well as to the fact that we continue to see an active Seller’s Market with only 5 months of inventory available. In Pemberton, the average sales price as a percentage of list price is currently 84%.

*All stats deemed to be accurate and taken from the Whistler Listing System, June 2017


Whistler Real Estate Market Update: April 2017

Date Posted: April 12, 2017

Whistler Market Activity: 2017 Quarter 1

Throughout the first quarter of 2017, market activity in Whistler remained fairly consistent with what we saw in the final quarter of 2016. However, it was well below what we witnessed for the first quarter of 2016. The primary contributing factor for this trend is the historically low inventory levels the market is currently seeing.

Due to the lack of properties for sale, the number of sales (and thus activity levels) has been substantially restricted despite the fact that we have not seen any drop in buyer interest. As a result, values have continued to trend upwards.

Through the first quarter of 2017, average transaction values in Whistler have increased to by over 13% since the start of the year and now sit at $1,025,323.

Breaking Down the Numbers

Single Family Homes: As buyer focus shifts more and more towards higher priced properties (due to lack of choices in the lower price ranges), this segment of the market has seen the greatest price gains. The current average transaction values now sits at $2,623,471.

Townhomes: The average value for a townhome in Whistler has risen from $947,000 at the end of 2016 to $1,062,000.

Condos: Currently sitting at $485,390, condos have also seen a sharp rise in average values.

Luxury Properties: So far this year, 12% of all the transactions that have occurred have been over the $2 Million ‘luxury threshold’.

Looking Forward

For the coming months, we can expect that the combination of low supply and high demand will continue to drive market trends – impacting both activity levels and prices.

Despite a somewhat unpredictable political environment both internationally and locally, general and local economic conditions suggest continued buyer/investor confidence. Whistler’s strong tourism programs, combined with Vail Resorts name recognition will insure continued interest in the area.


Whistler Real Estate Market: 2016 Year-In-Review

Date Posted: January 11, 2017

In 2016, the real estate market in Whistler experienced one of the most active years to-date and showed a 22% increase in number of transactions over 2015. This activity, paired with low inventory levels, resulted in significant increases in prices in almost all segments of the market. The overall average price of a transaction reached $901,765 (a 12% increase over the $801,894 average of 2015). This, in turn caused the value of all transactions completed in 2016 to reach over $1 Billion.

Buyer interest in Whistler real estate reached a peak in the first 6 months of the year as a result of low interest rates, strong regional economies, favorable exchange rates, and a record breaking number of people visiting the community. As a result, the first half of 2016 was stronger than the second half of the year.

A Closer Look At The Numbers:

Larger, family-oriented properties (single family homes and townhomes) experienced the highest level of interest and therefore saw the greatest rates of appreciation. Meanwhile, the condominium market experienced the highest number of sales through the course of 2016.

  • Single-Family Homes: Average values rose by 32% from $1,697,000 in 2015 to $2,252,000 in 2016.
  • Townhomes: Average values rose by 24% from $764,000 in 2015 to $947,000 in 2016.
  • Condominiums: With almost 400 reported sales, average values rose by 11.7% over 2015.
  • Shared Ownership: Also showed double digit improvements in both average values and number of transactions.
  • Luxury Properties (over $2 Million): With a total of 83 properties changing hands, average values increased to $3,524,000 (a 13% increase over 2015).

The sale of condominiums and townhomes made up 65% of the transactions that occurred in the Whistler marketplace in 2016 and as a result, 70% of all Whistler transactions occurred below the $1 Million price point.

Although Whistler is often thought of as a ‘luxury market’ these sales represent only 8% of the total transactions that occurred in 2016. That said, their high average transaction values means that this relatively small percentage of sales make up over 28% of the total market value.

Looking Forward to 2017

As 2017 gets underway, the current real estate market in Whistler is comprised of a historically low level of inventory (properties being offered for sale) in almost all market segments. As a result, we expect activity levels (number of sales) to drop despite continued buyer demand. This, in turn, will pressure prices upward.

That said, there are a number of factors which could temper local market factors including the unpredictable influence of a number of expected changes in external circumstances such as:

  • Interest rates
  • Government and financing regulation
  • An expected retreat in Vancouver real estate values
  • Uncertainty about the impact of a Trump presidency
  • Upcoming provincial elections

The bottom line is that through 2017 we expect supply to be limited and this, in hand with buyer demand, will direct pricing. Buyers will continue to buy and sellers will continue to sell.

The real estate market in Whistler is a unique and nuanced marketplace. If you have any questions about how the state of the market may impact your decision to buyer or sell, or if you have any other questions about real estate in Whistler contact me. Staying up-to-date in our highly dynamic market is key to making the best real estate decisions, whether you are buying, selling, or contemplating.

 *All stats deemed to be accurate and taken from the Whistler Listing System, January 2017


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