Whistler Market Update: January 2018

2017 Year in Review

In terms of real estate in Whistler (not to mention visitor numbers, changes within the resort, and a multitude of other areas), 2017 was another active year. In the real estate market specifically, the year saw a total of over $1.1 billion being transacted between January 1st and December 31st and almost all market segments felt significant price appreciation. Nevertheless, we did see a drop in the number of reported sales as compared to 2016 as a result of the low number of opportunities available for sale.

Overall, there was

  • A 16.2% decrease in the number of sales in 2017 compared to 2016.
  • A 26% increase to $1,163,392 in the average sale price of a transaction (up from $901,451 at the end of 2016)

Throughout the course of the year, the first half of 2017 was particularly strong as a result of  a combination of a record number of visitors coming to Whistler combined with favorable exchange rates, strong regional economics, and low interest rates. As we progressed through the year, the number of properties available for sale continued to drop which resulted in a slowing of market activity. The final quarter of the year was the slowest on record since 2014.

Number of Active Listings
(Whistler Jan 2015 – Dec 2017)

In 2017, larger family-oriented properties experienced the highest level of interest (including both single-family homes and townhomes). As a result, the number of these properties being offered for sales has dropped significantly and this has continued to put upward pressure on prices.

As usual, the condo market showed the highest level of activity with over 300 reported transactions (35% of the market share). Towether the condo and townhome market comprise 65% of the market share in Whistler.

As far a the luxury market goes (listings priced at over $2 million), increased valuations continued to grow this market segment and resulted in 122 properties changing hands (about 14% of the total market share). In total, the luxury market comprised over 40% of the total market value. It is important, however, to note that condos and townhomes still comprise the bulk for the Whistler real estate market meaning that 60% of all sales that occurred in 2017 we priced it at under $1 million.

Breaking the numbers down a little more:

  • Single-Family Homes: Average value rose 26% from $2,248,000 in 2016 to $2,835,000 by the end of 2017.
  • Towhomes: 28% increase in average values from $947,000 to $1,163,000.
  • Condos: 21% increase in average values to $187,087,000
  • Luxury Properties: 12% increase in average price to $3,634,000

 

2018: What We Expect

As of this writing, we now have the lowest number of properties being offered for sale in Whistler in modern memory. As a result, activity will continue to drop. Since buyer interest remains strong (with no indicators that it will lessen), prices will continue to feel upward pressure. That said, we do expect price increases to moderate. Another year of double-digit price appreciation is very likely be unrealistic.

We do. however, have to keep in mind the unpredicatable potential influences of a number of factors outside our local market, including interest rares, slowing regional real estate markets in the surrounding areas, new/changing government and financing regulations, and investor perceptions.

Nevertheless, Whistler continues to be a world-class, year-round resort. As it continues to evolve and adapt we don’t expect to see any lessening of interested in Whistler. Not to mention that Vail is expected to introduce thousands of new potential investors to the area and North American economies are predicted to remain strong.

In conclusion, through 2018 supply and demand will dictate prices more than anything else. We expect supply to be limited and demand to remain high.

With the significant market increases over the past few year you may be wondering what your home is worth in today’s market. Or, if you are a buyer, you may be wondering how to be successful in securing a property in this fast-paced market. Or, maybe you are just looking to stay up-to-date on the current market situation. Whistler is a small and uniquely nuanced marketplace, so no matter what your looking for, 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, January 2018

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