Whistler Market Update: October 2017

Well, fall has officially arrived. The leaves are changing colour, the snow line is creeping down the mountain, and we have even had our first dusting of snow in Whistler Village. Despite what you may think, this is a great time to be in Whistler with plenty of events and activities still on offer, without the summer or winter crowds.

With the coming of October we are not over a third of the way through 2017 so it is time to take a step back and look at how the real estate market in Whistler has been performing.

Overall the third quarter continued similar trends to what we saw earlier in the year – a brisk pace of sales, lots of buyer interest, and a limited supply of listings for sale. As a result, we have seen a 13% drop in the total number of sales compared to one year ago and a 16% drop when compared to the previous quarter (April – June 2017). These decreases can primarily be attributed to the low number of properties being offers for sale, rather than to a drop in buyer interest. Despite these drops, it is also important to note that the market continues to move at an above average pace.

Where are we now?

Buyers continues to be interested in purchasing real estate in Whistler. This high demand, coupled with low supply levels, has continued to push prices upwards.

Breaking the numbers down, here is what we are seeing:

  • Single-Family Homes: Median transaction value is now $2.04 Million (an increase of 19% since the end of 2016)
  • Townhomes: Median transaction value is now $899,000 (an increase of 11% since the end of 2016)
  • Condos: Median transaction value is now $487,000 (an increase of 24% since the end of 2016)
  • Single-Family Lots: Median transaction value is now $1,295,000

As overall values rise, many buyers are shifting their focus towards higher priced properties. As a result, the luxury market (comprised of listings over $2 Million) currently makes up 13.5% of the total transactions occurring in Whistler (up from 13% last quarter).

Listings that are priced correctly continue to sell quickly and often with multiple offers. However, it must be noted that individual situations may vary widely from the statistical average due to the ‘micro’ nature of the various market segments in Whistler, as well as a range of other factors including building age, location, zoning, etc.

What is to come?

As with last quarter, the market conditions remain steady and we do not expect there to be any dramatic shifts in the months ahead. As we continue to deal with a low supply, high demand market, transaction numbers will continue to be restricted while prices rise.

The heightened interest in the resort as a result of the Vail purchase, as well as a predictable economic outlook and expectations for a great snow year, will continue to increase Whistler’s profile and, therefore, buyer interest in the resort.

If you have been thinking of buying or selling, contact me any time to find out how the current real estate market will impact you.

*All stats deemed to be accurate and taken from the Whistler Listing System, October 2017

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