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Spring is in full bloom…
…the golf courses, bike park, restaurant patios and summer activities have opened ahead of schedule this year. Although we had a shorter than normal ski season, the resort certainly hasn’t skipped a beat…we are truly a four season destination – there is no shortage of things to do!
On the real estate front, as you will read below, the market continues to be busy overall with a shortage of supply in certain segments. If you are contemplating selling, it might not be a bad to time to discuss your options or at the very least understand what your property is worth in today’s market. Feel free to call or drop by the office, I would be happy to discuss the current market with you.
I am also pleased to announce that we will be launching sales of the Lakecrest Residences – an 8 unit luxury townhome complex with 3 & 4 bedrooms, in the Lakecrest area (Alta Vista) – see info at the bottom of the newsletter. We have currently started to take priority purchase reservations with refundable deposits to secure positions in line to purchase. We anticipate being able to formally sell the units sometime in June. Construction will commence this summer, with completion expected sometime in late 2016 / early 2017. Please contact me directly for details.
Wishing you an amazing start to Summer!
Market Report
Strong sales activity continued to characterize the real estate market in Whistler during the first quarter of 2015. Favourable exchange rates, low interest rate levels, and strong buyer demand overcame a less than stellar winter season and, as a result, the total value of sales transactions in the first few months of 2015 exceeded both of the previous quarters and the same quarter one year ago.
The total dollar value of transactions in the first 3 months of 2015 was almost $140,000,000 with an average transaction value of $827,000. This represents an average increase of 14% in the average transaction value since the end of 2014.
The single-family home segment of the market had a particularly strong quarter with a noticeable increase in buyer demand for properties listed at over $1,000,000. As a result, we witnessed an increase of 4% (to $1,679,000) in the average transaction value for a single-family home since the beginning of the year.
The majority of the market activity continues to occur in the condominium and townhome segments where we see almost 60% of all reported transactions. Strong interest in these categories has resulted in a significant reduction in available opportunities and this has led to an increase in transaction values. Multiple offers are common in these categories, particularly on properties valued under $1,000,000. Overall, the average value for a condominium is $427,000, a 9% increase since the end of 2014. Sitting at $745,000, townhomes saw an increase of almost 7% in average value over the course of the first quarter of 2015.
As the number of opportunities to purchase existing, built property has decreased, we have seen a strong renewal of interest in building lots. This market segment is currently experiencing its highest level of activity since mid-2013.
Real estate in Whistler is much like waterfront property – they are not making any more of it and buyer interest continues to grow. If you are considering buying or selling, it is important for you have the most up-to-date information and insight into our very dynamic marketplace.
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