So far in 2015, the real estate market in Whistler continues to move along at a strong but steady pace. The market closed out June as the 8th consecutive quarter of strong activity. Overall, the total number of transactions so far in 2015 has matched that of the same 6-month period in 2014. We think that we can safely assume that the real estate market in Whistler has fully recovered.
Due to the consistent number of sales, as well as lower than usual inventory, prices have trended higher so far this year. The average value for a transaction is currently sitting at $834,000, this is an increase of 8.5% since January 2015. The overall value of all the transactions that have occurred so far in Whistler this year has increased 26%.
Buyers in Whistler continue to be interested in townhomes but, due to low inventory levels, we have seen a 20% reduction in the number of transactions since last year. As townhome buyers look to find their ‘perfect property’ many have been forced to look at alternatives in the higher price ranges. The has resulted in an increase of 12% (to $782,708) in average transaction value.
A stand-out so far in 2015 has been the single-family home market where we have seen the highest level of activity. Average transaction values in this market segment currently sit at $1,807,000.
Also experienced renewed interest and growth is the building lot/vacant land portion of the market. As purchasers struggle to find exactly what they are looking for in terms of lower priced homes and properties suitable for renovation, many are choosing to purchase and build. The average transaction value for vacant land is currently sitting at $1,293,000.
Saying largely unchanged, the condominium market continues to move along at a stead and mostly unchanging pace with the average value for a transaction sitting at $393,959.
Right now we are finding that demand is high and choices are not necessarily abundant so many sellers are receiving offers quickly on properties that are well priced. Buyers are usually very well informed when it comes to values and proper pricing is the key to selling success.
When buyers find the right property in this market it is important for them to be ready as the best opportunities are moving quickly.
The market is changing almost daily as new listings and sales occur so it is important to stay informed in order to be successful as a buyer or a seller in our unique marketplace.
All stats are deemed to be accurate and taken from the Whistler Listing System (June 2015)