Whistler Market Update: April 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

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