The first quarter of 2010 started well with sales activity continuing to build on the momentum created in the fourth quarter of 2009. As we expected, real estate sales dropped significantly in the second half of the quarter as the Olympics and Paralympics took center stage and commanded the world’s full attention. Inquiries and interest in Whistler and the surrounding area remained steady however and we expect this to result in an improvement in activity in all sectors by mid- year.
Buyers are ready to act when they find quality combined with value. They continue to do extensive research to insure that they are making the right decision. Property Presentation and Property Pricing remain the two biggest factors for a successful transaction to occur as buyers have a tremendous range of choices available to them in both Whistler and Pemberton as properties available for sale are at the high end of our historical ranges.
Almost 90 percent of the sales activity which occurred was on properties valued at less than $1,000,000 which reinforces our comments on price and value. Continued improvements in consumer confidence will bring iincreased activity in the higher price ranges in the medium o longer term.