Happy New Year!
The ski season is off to an amazing start and the resort is having a banner year so far! It’s also a year to celebrate the 50th anniversary of the ski mountains, as Whistler Mountain (originally known as The Garibaldi Lift Company) opened its doors for business in 1966. Times certainly have changed from that small town to our now world class destination.
On the real estate side, we are continuing to see an increase in sales activity in all segments. If you are thinking of selling, now would be a good time to consider listing as there is very little supply in relation to the demand from buyers.
Please call or drop by the office if you have any questions on the market or if you would like an update if you are thinking of buying or selling.
Wishing you a fabulous 2016!
Market Report: 2015 Year In Review
2015 was the fifth consecutive year of improvement for the Whistler real estate market in terms of both total sales activity and total sales value. Our data indicates that the market has fully returned to the conditions that were typical of Whistler prior to the financial collapse of 2008/2009.
Demand for Whistler real estate, as a result of Whistler’s continued evolution as a diverse year-round mountain community, an active real estate market in the Greater Vancouver area, low interest rates, and a favorable Canadian dollar, resulted in price increases across all market segments.
Overall, the total number of sales rose by 14.4% when compared to 2014 with a total value in excess of $673 million. The average transaction value for 2015 reached $799,937. This is the highest average we have seen since 2007 and shows an increase of 10.5% over the end of 2014.
Activity in the single-family home market increased by about 22% with an average transaction value of $1,697,000. This is a 5% increase over 2014.
The condominium and townhome markets saw a 6% increase in the total number of transactions with average sales prices sitting at $415,600 (a 7.1% increase over 2014) and $756,142 (an 8.4% increase over 2014) respectively.
The luxury real estate market also experienced a very strong year with a 33% increase in the number of sales over $2 Million.
The total number of properties being offered for sale in Whistler is currently at its lowest level in over a decade. As a result properly priced new listings are selling very quickly.
Going forward, we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. With no new development planned and as a result of the recent levels of activity, we do expect sales activity to fall in 2016 as a result of the lack of opportunities within the marketplace.
In this rapidly changing and dynamic marketplace, it is important to stay up-to-date on current market conditions by contacting one of our knowledgeable, local agents.
*Based on Whistler Listing System statistics Jan-7-16