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


Whistler Market Update – October 2015

Date Posted: November 12, 2015

Real Estate in Whistler Achieves Record Levels

As we near the half-way mark of November, it is time to take a look back at how the real estate market has been trending thus far in 2015. And, so far it has certainly a year for the books. Not only have we experienced the highest level of real estate activity since 2010, but September was also the best month for real estate sales since 2007.

Contrary to what many people may think, the fall is usually Whistler’s busiest month for real estate – due in part at least to a combination of people wanting to complete their transactions before the start of the ski/board season and the hangover of sales from the end of the summer completing.

Let’s start with the record month of September where we saw a total of 95 reported sales with a total value of almost $65,000,000 and an average sales price of $693,484. As of September we had seen an 8% increase in activity over the same period last year, not to mention a 20% increase in the total value of sales.

Now, let’s get a little more current and take a look at how the real estate market is doing as of the end of October.

There have been more sales over the course of the last 12 months than we have seen in any 12 month period since 2010 and we can safely assume that the total dollar volume of sales in 2015 will exceed $675 Million (5% higher than 2014 and the highest level since 2007). On the flip side, we only have about 6 months worth of inventory – this is also the lowest level we have seen since 2007.

Here is a breakdown of the average sales price by market by segment:

  • Single Family Homes: $1,693,000 (3% higher than 2014).
  • Townhomes: $740,097 (10% higher than 2014).
  • Condominiums: $1,693,000 (12% higher than 2014).

Although the single family home market segment has witnessed a 17% increase in the total number of sales compared to one year ago, both the townhome and condominium segments saw a slight drop. This is due to a lack of available properties to purchase.

We have seen a 30% increase in activity in Whistler’s luxury market (which consists of properties listed at $2 Million and higher). The average sales price in this market segment is currently sitting at $3,050,000 and can mostly be attributed to the sales of luxury townhomes and unique acreages. That said, 75% of the sales in Whistler continue to occur below the $1 Million price point.

With all this great news in mind, it is important to note that we are experiencing the lowest inventory levels we have seen since 2010. With high demand and low supply there is increasing upward pressure on prices across the board and buyers are finding that the market is trending towards highly competitive conditions when it comes to well-priced and/or desirable new listings. Many properties are selling within days of hitting the market and many under multiple offers. It would not be surprising if we start to see properties selling for higher than asking price if current conditions remain the same.

On a broader scale, Whistler is not alone. The entire Sea-to-Sky Corridor from Squamish to Pemberton are experiencing many of the same trends – high demand and low inventory. All three real estate markets continue to buzz along at a busy pace.

In a nutshell, what does this mean for you?

  1. Buyers need to be prepared to act fast when/if they find a property that meets their needs.
  2. Prices will continue to rise if current market conditions remain unchanged
  3. This is a great time to be a seller

 

What do we expect moving forward?

Real estate continues to be a safe haven for many people due to the continued uncertainty in financial markets. We expect interest rates to remain low and this, combined with favorable exchange rates for foreign buyers and the continued evolution of Whistler, there is no doubt that the resort will continue to attract buyers. We can safely expect real estate prices to trend upwards for the foreseeable future.

If you have any questions or would like more information on the current state of the Whistler real estate market, contact me. Whistler is a very unique and nuanced market and it is important for you to have the most up-to-date and accurate information if you are thinking of buying or selling.


Real Estate Market Report: Whistler

Date Posted: July 23, 2015

6-Month Review: 2015

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%.

Number of Active Listings Whistler Real Estate June 2015 Amber Mann

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.

Number of Sales Whistler Real Estate June 2015 Amber Mann

2015 year-to-date is on pace to match the 2014 total.

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)


This Week in Whistler Real Estate Trends: June 29 – July 5

Date Posted: July 6, 2015

This past 7 day period from June 29 to July 5 saw 25 new listings come to the market and the completion of 31 sales in Whistler and Pemberton.

Greyhawk Condo for sale Amber Mann Whistler Real Estate

New Real Estate Listings – Whistler

This week there are 22 new listings to take a look at in Whistler:

  • 7221 Fitzsimmons Road – Located in White Gold, this 4 bedroom home sits on Fitzsimmons Creek and is walking distance to the Village. Listed at $1,679,000.
  • 5 Harmony Court – This spacious 4 bedroom home is located in the Harmony Court complex at Nordic. Listed at $1,495,000.
  • 8301 Chalet Drive – A 4.5 bedroom family home in Alpine Meadows with gorgeous mountain views. Listed at $1,299,000.
  • 2845 Clifftop Lane – This spacious 4.5 bedroom home is located in Bayshroes and offers views of Whistler Peak and the surrounding mountains. Listed at $1,249,000.
  • 6298 Lorimer Road – Newly renovated, this charming 4 bedroom home is close to the elementary school and Valley Trail in Whistler Cay Estates. Listed at $1,248,800.
  • 305 Ravencrest – A large 2,358 square foot 5 bedroom condo in Blueberry Hill. Listed at $899,000.
  • 2023 Alpha Lake Village – This 4 bedroom plus den townhouse has a provate dock on the lake and is walking distance to the Creekside amenities. Listed at $819,000.
  • 2134 Lake Placid Road – This 3 bedroom duplex has a convenient location steps from the Valley Trail and within walking distance to Nita Lake, Alpha Lake, Creekside, and a playground. Listed at $799,000.
  • 23 Castle Ridge – This 3 bedroom plus den townhome is located in a quiet complex in Nordic. Listed at $799,000.
  • 301/302 Greystone – Sitting in the Benchlands, this 2 bedroom condo is in a slopeside compllex with ski-in/ski-out access. Listed at $649,000.
  • 204 Greyhawk – My new listing! This 2 bedroom condo in Blueberry offers beautiful views over the golf course and up to the peak of Whistler Mountain. Listed at $598,000.
  • 123 Northstar – A 2 bedroom townhouse in a popular Village complex across the street from Marketplace. Listed at $589,000.
  • 30 Smoketree – Located in Whistler Cay Heights, this 2 bedroom condo is spacious and centrally located. Listed at $589,000.
  • 303 Granite Court – This 2 bedroom townhouse offers a private balcony, mountain views, and a Village location. Listed at $579,000.
  • 1554 Tynebridge Lane – A 10,757 square foot vacant lot in Spirng Creek. Listed at $519,000.
  • 6 Wedel Inn – A large, renovated 2 bedroom townhome in Alpine Meadows. Listed at $419,000.
  • Whistler Creek Ridge – There are 2 new listings in this Creekside complex. The first is a 1 bedroom plus den listed at $419,000. The second is a 1 bedroom plus loft listed at $375,000.
  • 350 The Westin – This 1 bedroom suite in The Westin Resort and Spa is just steps to the Whistler and Blackcomb gondolas. Listed at $206,900.
  • 110 Vale Inn – A 1 bedroom corner suite in Whistler Creek that has been nicely updated. Listed at $191,000.
  • 329 Coast Blackcomb Springs – A ski-in/ski-out 1 bedroom condo in the Benchlands. Listed at $143,000.
  • 116C Evolution – A 1 bedroom quartershare opportunity in Whistler Creekside. Listed at $51,000.

 

New Real Estate Listings – Pemberton

There have been 3 new listings in Pemberton and the surrounding area over the last 7 days:

  • 7740 Owl Ridge Road – A 5 acre horse lover’s paradise with a 2 bedroom custom home. Listed at $849,000.
  • 8262 West Gun Lake Road – A 2 bedroom property sitting on almost 2 acres at Gun Lake. Listed at $679,000.
  • 9201 Portage Road – This 3 bedroom home sits on 6.45 acres in Birken. Listed at $549,000.

 

Real Estate Sales – Whistler & Pemberton

As usual, the end of the month made the last 7 days very busy for closings in Whistler and Pemberton. You can see them all here.


May 2015 Real Estate Market Update

Date Posted: May 8, 2015

Whistler Market Update

The Whistler market has remained largely unchanged in terms of the number of transactions when compared to the same time last year. Where we have seen significant change is in the total dollar volume of transactions which sat at $153 Million this time last year and now sits at $203 Million. This increase is primarily the result of an increase in both chalet and vacant land sales.

Over the past months we have seen a growth of interest in the single-family home market in Whistler, especially when it comes to homes listed at over $1 Million. The current average value for a single-family home is $1,600,000 – the highest level we have seen since 2006. Despite the demand in this market segment, we are still experiencing low levels of inventory. This is pushing prices up and resulting in many properties selling under multiple offers and, in some cases, over asking price.

The lack of single-family home inventory is also creating renewed interest in both our higher priced luxury properties and in building lots as buyers who are unable to find what they are looking for choose to build.

Condominiums and townhomes continue to be the most active segment of the market – accounting for about 60% of all sales, although we have seen a slight drop in the past months. These segments of the markets have also experienced a drop inventory and, as a result, prices are trending higher.

Whistler-ListingStats-May2015

Pemberton Market Update

With 28 sales so far this year, the Pemberton market has seen an upswing in the number of transactions when compared to this time last year when there had only been 18 sales. This increased interest has occurred in the townhome and condominium segments of the market where we are currently seeing the most interest.

The first quarter is typically the slowest in Pemberton so we expect to see more interest in all types of Pemberton and area real estate once the weather turns warmer and summer begins.

 


This Week in Whistler Real Estate Trends: March 9 – 15

Date Posted: March 17, 2015

With a total of 22 new listings in Whistler and Pemberton, there is lots of new inventory to check out.

Whistler Condo for sale Town Plaza Amber Mann Whistler Real Estate

New Real Estate Listings – Whistler

In the last 7 days, there have been 19 new listings in Whistler.

  • 3 Chalets over $2 Million: Located in Spring Creek, Westside, and Blueberry these luxury homes offer magnificent views and the finest finishings and amenities.
  • 1 Single Family Home under $2 Million: 9467 Emerald Drive is perched high up in Emerald Estates.
  • 1 Vacant Lot: Located in Spring Creek, this 1.72 acre lot allows for a home of up to 5,500 square feet.
  • 3 Townhomes: All located in the Village and offering the choice of unlimited owner use and rentals.
  • 3 Phase I Condos: Allow for flexible usage including unlimited owner use and long or short-term rentals.
  • 4 Phase II Condos: Offering 2 weeks of use in the summer and 2 in the winter, this option is great for those looking to visit Whistler occasionally and enjoy rental revenue during the rest of the year.
  • 1 Employee Condo: These unique Whistler properties can be owned by anyone but must be occupied by someone who lives and works in Whistler.
  • 3 Shared Ownership opportunities: An easy way to get into the Whistler real estate market for a fraction of the price.

 

New Real Estate Listings – Pemberton

Pemberton has seen 3 new listings in the past week:

 

Real Estate Sales – Whistler & Pemberton

There have been 6 completed sales in the past 7 days. You can see them all here.

 


 


This Week in Whistler Real Estate Trends: Feb 16 – 22

Date Posted: February 23, 2015

The last 7 days have seen a total of 24 new listings and 5 sales.

New real estate listings and sales townhouse Whistler

New Real Estate Listings – Whistler

With 18 new listings in Whistler (plus a selection of properties at Red Sky), there are several new listings to check out in Whistler.

  • 7122 Nesters Road – A beautiful 3,500 square foot chalet in Nesters that offers 5 bedrooms and 5 bathrooms.
  • 7261 South Fitzsimmons Road – A 4 bedroom home in White Gold, just a short walk to Lost Lake and the Village.
  • 7186 Nancy Greene Drive – A spacious 5 bedroom, 3 bathroom home with amazing views and a 2 bedroom revenue suite.
  • 6626 Cedar Grove Lane – A renovated 3 bedroom cabin on a 10,000+ square foot lot that allows for a 3,500 square foot home.
  • 320 First Tracks Lodge – This elegant and spacious 2 bedroom condo is just steps from the Creekside Gondola.
  • 32 Painted Cliff – Just steps from the ski runs, this 2 bedroom townhome is in a fantastic location in the Benchlands.
  • 333 The Legends – A rare opportunity to purchase all 4 quarters of this slope-side condo in Whistler Creekside.
  • 337 Town Plaza – Enjoy wonderful mountain views from this turn key 1 bedroom condo in the heart of the Village.
  • A105 Tamarisk – Extensively renovated, this 1 bedroom lakefront condo sits on the shores of Alpha Lake.
  • The Westin Resort & Spa – Two luxurious 1 bedroom suites just steps from the Village gondola base.
  • 308 Marketplace Lodge – Offering year-round convenience from this Village location, this studio suite is spacious and offers a full kitchen and in-suite laundry.
  • Evolution – Located in Whistler Creekside, these 2 bedroom suites are just a short walk to the gondola and all the amenities.
  • 226 Alpenglow – This studio suite is centrally located in the Village and sleeps 4.
  • 415 Coast Blackcomb Springs – Ski-in/ski-out from this studio suite in the Benchlands.
  • The Legends – Two quartershare opportunities in the Legends, located right at the base of the Creekside Gondola.
  • Red Sky – A fabulous new development offering stunning contemporary mountain architecture and beautiful views.

 

New Real Estate Listings – Pemberton

Pemberton has seen 6 new listings in the past week:

 

Real Estate Sales – Whistler & Pemberton

There have been 5 completed sales in the past 7 days. You can see them all here.

 


 


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