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