We hope your summer is off to a great start!
The resort is in full swing with summer activities and a jam-packed calendar of events, there is something going on every weekend. The beauty of Whistler is that you can also escape all the action and enjoy some solitude in the forest within a short few minutes of the village.
On the real estate front, the market continues to charge on and we have reached benchmark highs in almost every segment of the market. As you will read below, we are seeing double digit increases across all segments. If you are thinking of buying or selling I would be happy to sit down and discuss your options. Please feel free to call or drop by the office at your convenience.
I would also like to take this time to introduce Jamie Dowling, my new assistant. She was most recently the owner relations administrator at ResortQuest Whistler and brings over 14 years of hotel/owner relations experience to the real estate business.
On behalf Jamie and myself we wish you a wonderful summer!
Real estate interest in Whistler remained strong throughout the first half of 2017. Sellers continued to enjoy the benefits of a marketplace with low numbers of properties being offered for sale and strong levels of interest from buyers and investors.
Historically this pattern has constrained activity below those levels achieved in the first half of 2016; however, sales activity has been very consistent over the last 12 months and we expect another above average year in terms of activity.
The total value of all transactions and the average transaction value has increased dramatically over the previous six-month period (July – December 2016). The total reported transaction value increased by almost 35% as compared to the previous 6 months. As a result, the average transaction value in Whistler has increased by over 26% (to $1,144,309) over the course of the first half of 2017, when compared to one year ago when the average value sat at $904,360.
Coming into this quarter the average price of a single-family home transaction is $2,729,000 due largely to an increased focus on higher priced properties throughout the first half of the year. The actual median price was $2,114,583. Condominiums also saw a sharp rise in average value to $611,081, while townhomes moved up to $1,060,419. The luxury market remained active with 13% of all transactions in Whistler being valued above $2,000,000 so far, this year.
What does it mean?
The current market conditions will continue to drive market activity for the foreseeable future. General and local economic conditions suggest continued buyer/investor confidence going forward. Expected future changes in interest rates should not negatively impact the Whistler marketplace. It is also unlikely that the new government in Victoria will do anything that would compromise Whistler’s contribution to the tourism brand of BC.
Whistler’s natural beauty combined with both a strong tourism program and Vail Resorts name recognition will insure continued strong interest in the area going forward.