Market Report: October 2016

Whistler Real Estate

Market activity in Whistler continued to demonstrate a higher than average number sales as well as increasing values throughout the third quarter of 2016. This is due to both the low inventory levels and high buyer demand. As this trend continues, the market has moved to favour sellers more and more.

If we stay on the pace set so far this year, 2016 will be the second busiest year we have seen since 2002 in terms of the number of transactions. As of September 30, there had been a 32% increase in the total number of transactions this year as compared to the same period last year. At the same time, the average transaction value in Whistler has increased by almost 10% (now sitting at $880,000) compared to the end of September 2015.

Let’s break it down a little further:

  • Chalets: Average sale price is up 21% in the past 9 months (to $2,059,004).
  • Townhomes: Average sale price is up 22% in the past 9 months (to $935,000)
  • Condos (which account for 35% of all market activity): Have seen an increase in sales prices to $428,000.

Over the past 18 to 24 months we have seen consistently strong activity levels and yet the number of properties being offered for sale (as well as the number of days those properties spend on the market) has fallen to historic lows (especially for properties priced under $1 Million).

Looking Forward…

As we move into the final quarter of 2016 it is safe to say that conditions are more favourable for sellers than we have seen in a long time. We expect that the market will continue to experience low supply levels, high demand, and strong prices throughout the remainder of the year.

That said, as inventory continues to drop, we have to expect that the feverish pace of transactions experienced earlier in the year will continue to slow. Yet, properties that are priced appropriately should continue to sell quickly.

Pemberton Real Estate

As we move into the third quarter of 2016, the real estate market in Pemberton continues to attract interest from both local and regional buyers. These levels high of interest have resulted in increases in the number of transactions and overall values throughout all market segments.

Breaking down the Pemberton market we see:

  • Single-family homes: Average transaction values are up 17.8% (to $633,000)
  • Townhouses: Have seen a 22% increase in average transaction value (to $386,000)
  • Condos: Average transaction values have rised by 8.5% (to $241,600)
  • Rural / Recreational properties: the sample size is too small to make a standard statistical analysis but strong buyer interest continues for these types of properties as well.

Similar to Whistler, the number of properties available for sale in Pemberton is at an all-time low and the market favours sellers. Unlike Whistler, however, we do expect to see several new townhome developments come to the market in Pemberton after the successful sale of single-family building lots at Tiyata and Pemberton Ridge.  We should hopefully see these properties come to the market in early 2017.

If you have been thinking of selling in either Whistler or Pemberton, this is the time to do it. Contact me today for more information about the local real estate market and how it may impact your decision to buy or sell.

 

**This report has been provided for information purposes only and should not be used as a basis for specific real estate decisions. Data has been collected from sources deemed to be accurate and representative of the market place – October 2016.

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