With 2 months of 2016 already come and gone, it is time to take a quick look at the local real estate market performance so far this year.
The Whistler Listing System is reporting 190 completed sales between January 1 and February 29. This is almost 50% more sales than we saw in the same 2 months of 2015.
All the factors that drove the continued strengthening of the Whistler market throughout 2015 continue to be true – Whistler’s growing reputation, low interest rates, favourable exchange rates for foreign buyers, and strong markets throughout the Lower Mainland. As we move forward through 2016, we expect to see continued buyer interest.
That said, Whistler continues to struggle with low listing inventory. New listings that come to the market are selling quickly, often under multiple offers and with some even selling for over asking price. The number of sales continues to outpace the number of new listings coming to the market.
The Pemberton market continues to experience much the same trends that we are seeing in Whistler. As with Whistler, prices continue to improve across all market segments and we saw significantly more sales in the first 2 months of 2016 than we did in the same 2 months of 2014 or 2015.
The total number of listings being offered for sale in Pemberton is at the lowest level we have seen in years. Most new listings are selling very quickly if they are properly priced for the current market conditions.
Moving forward, I expect that the current market trends will continue in Pemberton as it is unlikely that the factors driving interest in the Pemberton market will change.
There are no new developments planned in Whistler so the only way to meet buyer demand will be through the sale of existing properties. Despite rumors of new projects potentially being released into the Pemberton market in 2016, nothing has been confirmed yet and we are struggling to meet buyer demand through the sale of existing properties.
So, this is a great time to be a seller in both Whistler and Pemberton. If you have been thinking of selling, this is the time.
There are still opportunities for buyers in both communities but they need to be prepared to act quickly when they find the right property otherwise they may miss out.
If you have been thinking of buying or selling your Whistler or Pemberton property, contact me today to find out how the current market conditions will effect you.
*Based on Whistler Listings System Statistics March 8, 2016