Falling into Winter!
The leaves are turning, the air is crisp and we have already received our first dusting of snow in the valley. The anticipation of winter is building and the mountains are calling, are you ready for opening day?
Beyond the excitement for the upcoming season, as a community we are all anxiously awaiting to see if there will be any further changes coming to us now that Vail Corp is officially taking the reigns this winter. There is much discussion around town, but we will just have to wait and see. As this is the 52nd season since Whistler Mountain opened for business, much change has occurred over the past half century. From the “dark side” aka Blackcomb Mountain opening in 1980, to the merger of Whistler and Blackcomb in 1997, the sky never did fall… As a 25 year resident, I too am curious, but I believe it will be another great year of skiing, with a few changes which I am sure we will have to adapt to.
Speaking of changes, as you will read below, the market continues to move forward with increased values, but the number of transactions has slowed slightly due to the lack of supply. If you are wondering what your property is worth in today’s market, please feel free to get in touch or drop by the office at your convenience.
If you are thinking of buying, good properties don’t last long, so it’s important to be prepared to act quickly. We are here to help. My Sales Associate Jamie and myself are available for you – 7 days a week!
Here’s to another great winter season!
Sales activity in the Whistler marketplace continued to be brisk throughout the third quarter of 2017, albeit at a slower pace than the first half of the year. Overall, the total number of sales was 16% lower than the previous quarter, and 13% below the same period one year ago. This still represents a historically above average pace of business, and the slowing of sales can largely be attributed to the low number of properties being offered for sale.
Interest in investment in Whistler continues to be high and this, combined with the restricted supply, has led to a continued upward movement in values. An increased attention towards luxury properties (those over $2,000,000) in 2017 has also moved the dial statistically as almost 13.5% of all transactions occurred in this high-end market segment.
Currently the median transaction value of a single family home is $2.04 million, an increase of 19.5% since the end of 2016. Townhouse median values have risen to $899,000, an increase of 11%. Median condominium values currently sit at $487,000, an increase of 24%, and median values for single-family building lots are at $1,295,000. It must be noted that each individual market segment is best defined as a ‘micro’ market, so individual situations may vary significantly from the statistical average.
Going into winter we expect the existing framework of supply and demand to be the determining factor impacting activity and sale values. The heightened energy and interest generated by the new Vail Resorts ownership, combined with our growing traditional target market in Greater Vancouver, a predictable economic outlook, and the expectation of a great snow year, should ensure an active season for the community and the real estate market.
As always we encourage you to speak directly with one of our advisors to make sure you are fully up-to-date with our very dynamic and specialized real estate market .
Whistler Listing System statistics, October 2017.