Throughout the first quarter of 2017, market activity in Whistler remained fairly consistent with what we saw in the final quarter of 2016. However, it was well below what we witnessed for the first quarter of 2016. The primary contributing factor for this trend is the historically low inventory levels the market is currently seeing.
Due to the lack of properties for sale, the number of sales (and thus activity levels) has been substantially restricted despite the fact that we have not seen any drop in buyer interest. As a result, values have continued to trend upwards.
Through the first quarter of 2017, average transaction values in Whistler have increased to by over 13% since the start of the year and now sit at $1,025,323.
Single Family Homes: As buyer focus shifts more and more towards higher priced properties (due to lack of choices in the lower price ranges), this segment of the market has seen the greatest price gains. The current average transaction values now sits at $2,623,471.
Townhomes: The average value for a townhome in Whistler has risen from $947,000 at the end of 2016 to $1,062,000.
Condos: Currently sitting at $485,390, condos have also seen a sharp rise in average values.
Luxury Properties: So far this year, 12% of all the transactions that have occurred have been over the $2 Million ‘luxury threshold’.
For the coming months, we can expect that the combination of low supply and high demand will continue to drive market trends – impacting both activity levels and prices.
Despite a somewhat unpredictable political environment both internationally and locally, general and local economic conditions suggest continued buyer/investor confidence. Whistler’s strong tourism programs, combined with Vail Resorts name recognition will insure continued interest in the area.