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The mountains are snow capped around Whistler as we anxiously await another ski season! Looking back over the last few months, the real estate market has been anything but ordinary, “astonishing” might be a better term to describe it. Despite the pause we had in our 2nd quarter this spring, the 3rd quarter market more than made up for this and has come back even stronger. In fact we have now surpassed our year to date sales from 2019 as you will read below.
If you are thinking of making a move in the market, either as a buyer or seller, I would be happy to sit down and discuss what opportunities exist for you in today’s marketplace. Please feel free to call/email or stop by the office the next time you are in the village.
Let it snow!
The third quarter of 2020 saw a significant surge in activity in the Whistler marketplace with all sectors returning to pre-COVID activity levels. This activity also moved sales values higher overall and all indications are that market activity in 2020, despite all the uncertainty, will exceed the market performance of 2019.
Like most recreational and small resort areas across North America, the Whistler marketplace experienced a very definite “V” recovery which can be attributed to the pent-up demand created in the second quarter of 2020, perceived COVID safety of small towns, and their political and personal safety, inflationary concerns, and wealth creation in the stock market.
Market Report Snapshot
The strongest level of interest in the third quarter was in the single-family and townhouse sector, which saw the highest level of activity for a single quarter since 2016.
The luxury market (properties over $4,000,000) also reached unprecedented levels with an over 300% increase in activity as compared to the previous quarter.
Condominiums continue to lag the other sectors in terms of activity (particularly those that are oriented toward short-term rentals), due to concerns related to tourism; however, it’s important to note that values for condos have not weakened.
Currently the average sale value for a single-family home sits at $3,275,000 (median of $2,389,000). Townhomes are $1,409,380 (median of $1,199,000) and condominiums are $879,496 (median of $715,000).
*median values are the point which defines the halfway point of total sale activity (50% is above, 50% below)
What does the Final Quarter of 2020 hold?
The final quarter of the year, in our opinion, offers less predictability than in past years. Uncertainty related to the pandemic, political change, and the impact that could have on tourism, financial stability, and how this will impact consumer demand for real estate re-enforces the old saying, “We don’t know what we don’t know”.
That being said, the fundamental framework of the Whistler marketplace is very favourable to real estate investment, and as one of the most beautiful places in the world, it is a place that will attract buyers which will support values and equity.
Now more than ever, it is important to get an up to date assessment of the marketplace and detailed information about specific properties that are currently available in the market. If you are thinking of making a move in the market, I would be happy to discuss your options. Please feel free to call or drop by the office at your convenience.
Information in this report is based on all data reported activity to the Whistler Listing System as of October 5, 2020. This information is deemed reliable but is not exhaustive.
Watch President, Patrick Kelly, as he goes into detail about the exciting, unpredicted third quarter Whistler and Pemberton Real Estate Markets experienced after the COVID shutdowns in the second quarter.
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