Whistler & Pemberton Market Update: May 2016

The month of April continued to be a busy one for real estate in Whistler. Let’s take a quick look at the numbers.

The Big Picture: 2016 Quarter 1

Whistler

With over 300 finalized transaction, the first quarter of 2016 was the most active quarter for real estate in Whistler since mid-2004. When we compare the first quarter of 2016 to that of 2015, we see a 63% increase in activity and when we look at it versus the last quarter of 2015, we see a 25% increase in activity. So, in a nutshell, real estate activity was way up!

In addition to looking at the overall number of sales, the overall average transaction value in Whistler also rose to $840,000 (a 4.8% increase) in the first three months of the year.

Breaking down average values for the first quarter into general market segments we see:

  • Single-Family Homes: $2,284,000 (an almost 40% increase!)
  • Townhomes: $1,042,000
  • Condos: $314,300  (this was the strongest quarter for condos since 2003!)
  • Vacant Land: $1,072,000
  • Shared Ownership: $75,000

Low inventory levels continue to be a problem for many buyers looking to purchase in Whistler.

Number-Listings-Whister-May2016

Pemberton

Despite a significant drop in the number of properties for sale, the Pemberton real estate market has continued to be both strong and active throughout the first months of 2016.

We have seen an overall increase of 10.8% in the average transaction value (at $475,0469 at the end of the first quarter) since the end of 2015.

Breaking down average values for the first quarter into general market segments we see:

  • Single-Family Homes: $637,000
  • Townhomes: $328,000
  • Condos: $196,000

The total number of properties being offered for sale in Pemberton is at the lowest level we have seen in several years and new properties coming onto the market are often selling quickly.

Number-Listings-Pemberton-May2016

Month-to-Month Sales Comparison

Throughout the course of 2016, the overall volume of sales in Whistler and Pemberton continued to be significantly higher than last year. The numbers:

  • January: 92 total sales in 2016 vs. 58 last year
  • February: 144 total sales in 2016 vs. 75 last year
  • March: 122 total sales in 2016 vs. 78 last year
  • April: 118 total sales in 2016 vs. 82 last year

Moving Forward

The current market conditions are primarily being driven by low inventory. We expect that prices will remain strong and continue to rise as long as supply remains low because the factors driving demand (favourable exchange rates, low interest rates, extremely active neighbouring real estate markets, and Whistler’s ongoing evolution) are unlikely to change in the near future.

If you have been thinking of selling, this might be the right time. Whether you are looking to buyer or sell, contact me today, for more information about how the overall market stats are impacting your specific area of interest.

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