Summer has finally arrived! The heat has turned up, and so have the activities! There is so much to do in our mountain town at this time of year. We hope you can get outside and enjoy some of the many offerings or just enjoy some time with friends on one of the many outdoor patios in the village.
Regarding the real estate market, as you will read below, the market is also offering more opportunities for buyers with an increase in listing inventory. This is something we haven’t seen since before the pandemic. If you have been considering a purchase, I think this is a great time to be buying. Overall prices are holding and I don’t see much change going forward, as this speaks to the majority of sellers who have the financial stability to stay the course. It really comes down to finding the right property that meets your criteria. We are a small market, so there is never really an oversupply of listings.
If you are thinking of selling, correct pricing is imperative, as is ensuring you have the best possible presentation for your property. This is something we can help with. We are big proponents of staging and can assist sellers in getting their properties ready for the market.
Feel free to call or pop by the office in the village the next time you are in town to further discuss how we may assist you in your next real estate move. We love drop-ins!
Whistler
In Whistler, there were a total of 136* sales in Q2, with approximately half of these sales coming in the month of April. Overall, this is a 16% increase vs Q1, but down 18% from the same period last year. Despite sales volume declining over the course of the quarter, the median sale price increased each month as a result of the product mix sold. The luxury segment, although slower than Q1, remained active with 10 sales over $4M in Q2. Buyer’s origin for the first half of the year in Whistler was typical, with 83% of buyers coming from British Columbia, 2% from the rest of Canada, 8% from the US and 5% from other international locations. There was a listing boom likely due to the capital gains change, with 315 new units coming to market throughout the quarter. Total market inventory currently sits at 346 units, 50% above inventory at this time last year and 23% above the 5-year average. Overall, Q2 market conditions in Whistler were balanced, with a slight lean in favour of buyers.
Pemberton
There were 31* sales in Pemberton in Q2, almost doubling the sales volume from the typically slower first quarter of the year. Year-to-date, there have been 17 less sales than there were at the end of Q2 2023. Median sales prices are down across all categories, likely because of the continued sensitivity of the market to mortgage rates. Inventory increased by almost 40% from April to June and currently sits at 94 units, which is the highest level Pemberton has seen since August 2020. There was one luxury sale in Pemberton over the $2M price point in Q2 vs two in Q1. 37% of Pemberton buyers originated from Whistler, 33% from Pemberton, 16% from the Lower Mainland and 8% from other areas of BC. Overall, the Pemberton market tilted in favour of buyers throughout Q2.