Warm sunny, summer days have arrived in Whistler! Is there a more beautiful time of year in our resort?
As we move into the second half of 2018, it is time to take a moment to reflect on how the Whistler real estate market has been performing so far in 2018. The good news is that buyer interest is still strong and the market has therefore maintained a fairly steady pace.
With a 23% decrease in the overall number of transactions compared to the same period last year, it is true that the rapid pace of sales we were experiencing has moderated from the peaks we saw in 2016 and early 2017. However, our current levels are consistent with those of the second half of 2017 as well as our long-run historical levels. So, rather than being an outright slowing of the market, the decrease in transactions is more a return to normal.
Average sales prices are another story entirely. As we continue to face low inventory levels and high buyer interest in local real estate, sales prices have continued to feel upward pressure across all market segments, albeit at a slower rate than we were seeing a few months ago. As of the end of the second quarter, the overall average sale price in Whistler was $1,211,482 (up by about 5% since the beginning of the year).
Single-family homes have accounted for over 33% of the value exchanged so far this year, yet they only account for 13% of the total transactions. This is because they are the highest priced market segment, while townhomes and condominiums are the bread and butter of the local market, accounting for almost 70% of all the activity.
Breaking the numbers down a little more:
The supply of real estate listings in Whistler remains low and this, combined with continuing high demand, is driving price appreciation. We do not expect this to change through the duration of 2018.
That said, many outside factors including government policy changes, interest rates, economic cycles, and exchange rates can have a significant impact on the decision making process for both buyers and sellers in Whistler. That said, the resort marketplace in Whistler is very unique and can often react to these changes differently than you would expect or see in typical urban marketplaces so it is important to stay up-to-date with an experienced, local realtor.
If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.
*All stats deemed to be accurate and taken from the Whistler Listing System, July 2018