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.
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:
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.
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
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.
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.
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
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.
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’.
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.
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.
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.
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.
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:
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
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:
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?
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.
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)
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.
This week there are 22 new listings to take a look at in Whistler:
There have been 3 new listings in Pemberton and the surrounding area over the last 7 days:
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.
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.
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.
With a total of 22 new listings in Whistler and Pemberton, there is lots of new inventory to check out.
In the last 7 days, there have been 19 new listings in Whistler.
Pemberton has seen 3 new listings in the past week:
There have been 6 completed sales in the past 7 days. You can see them all here.
The last 7 days have seen a total of 24 new listings and 5 sales.
With 18 new listings in Whistler (plus a selection of properties at Red Sky), there are several new listings to check out in Whistler.
Pemberton has seen 6 new listings in the past week:
There have been 5 completed sales in the past 7 days. You can see them all here.