On the heels of a very successful ski season, we are continuing to see an increased demand for Whistler properties; as you will read in the market update below. This, coupled with the recent announcement of Whistler Blackcomb’s Renaissance Expansion plans, is very positive news for the Resort in continuing to strive to be the best.
We hope you can enjoy all that Whistler has to offer this summer with 5 lakes, the mountains, 3 golf courses and a multitude of activities, there is no shortage of things to do for every age group and member of the family. A common local saying is ”you come for the winters, but stay for the summers”….I encourage you to check it out for yourself!
Have you been thinking of buying or selling? I would be happy to give you an update on the market specific to your needs. Please feel free to give me call or drop by the office the next time you are in the Village, I would be happy to meet with you.
Here’s to an amazing summer!
April Market Update
The first quarter of 2016 reported the most active quarter of real estate activity since mid-2004. Overall, over 300 transactions were finalized in the first 3 months of the year. This represents a 63% increase in activity as compared to the same period a year ago and a 26% increase over the previous quarter. As a result, the average transaction value has increased by 4.2% since the start of the year.
Demand for Whistler real estate is being driven by favorable exchange rates, low interest rates, extremely active real estate market activity in the Great Vancouver area, and Whistler’s ongoing evolution as a diverse year round community.
All market segments showed strong buyer interest limited only by the continued low level of available opportunities. The condominium market in particular posted its strongest quarter since 2003.
The overall average transaction value rose by 4.8% to $840,000 over the course of the quarter. However, both single family homes and townhouses showed big jumps of almost 40% in average transaction value as purchasers focused on higher value properties through the resort.
Currently, the average transaction value of a single family home is $2,284,000, while townhouses ring in at $1,042,000. Condominium values fell slightly to $314,300. Single family lots average to $1,072,000 to date and shared ownership/quarter shares fell slightly to $75,000.
Current market activity is being determined largely by what is being offered for sale and we expect that general statistical analysis will be quite volatile going forward. As Whistler is a small and it is important for buyers and sellers to look closely at more detailed data for both the type of property they are considering/selling as well as the neighbourhood in order to get a true picture of their particular area of interest.
Going forward we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. Sellers will continue to be firm on prices and buyers will need to be decisive to avoid disappointment.