Summer in the Mountains – there’s nothing that can beat it! Ask a local and they will tell you they came for the winter and stayed for the summer! Whistler has so much to offer with five lakes and a multitude of recreation options, there is something for everyone, at every age. People often ask me if I have plans for a summer vacation away and I say I am not leaving, as it’s the best time to be here – really!
As far as the real estate market, as you will read below, the market has started to normalize from the incredible activity we have had over the last few years. There is still strong interest from buyers and prices are staying consistent, however we do have a bit more inventory now with approximately 250 listings on the market. A balanced market is approximately 400 listings. During the winter we had approximately 160 listings available.
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.
On behalf of my assistant Jamie Dowling and myself, we wish you a wonderful summer!
Real estate activity in Whistler continued to be steady throughout the first half of 2018. The total number of transactions has moderated from the peak levels achieved in 2016 and the first half of 2017, but strong buyer interest and low levels of properties being offered for sale continues to support prices in all sectors of the market place and as a result average sales values have continued to move up in 2018.
Overall the total number of transactions in Whistler has decreased by 23% as compared to the same period in 2017. However, the level of activity is very consistent with that which occurred in the previous six-month period and is similar to our long run historical activity levels.
The numbers
Sales values have continued to rise, but at a slower rate than in the recent past. The average transaction value during the January-June period now stands at $1,211,482, up approximately 5% from the beginning of the year.
Single family properties continue to be the highest priced category in the market with an average value exceeding $3,168,000 (median value $2,649,000), which is a 16% increase since the beginning of the year. Although representing only 13% of the total number of transactions done in Whistler, single family represents an excess of 33% of the value changing hands to date.
Condominiums and townhouses continue to be the most active part of the market accounting for almost 70% of all activity. Average transactions value for a condominium during the first six months of the year was $623,937 (median 587,000) an increase of 4% since the start of the year. Although townhouse activity was slightly slower as compared to previous comparable periods, strong interest from buyers, particularly in larger units, propelled average transaction values upward by 26% since the start of the year, and now stands at $1,449,000.
What to expect
As we move into the second half of the year we expect buyer interest to continue to be high and sales activity to keep the number of properties offered for sale low.
As always, however, outside factors such as government policy, interest rates, economic cycles and exchange rates can have a significant impact on the decision-making process for both buyers and sellers in Whistler .