MARKET NEWS

MARKET REPORT - JANUARY 2012

Posted : January 18th, 2012 11:22 am

The 2011 Year in Review

Real Estate sales in Whistler showed a significant increase in sales activity in 2011 as compared to the prior two years. Overall sales activity increased by 18% in 2011 as compared to one year ago. All of the major categories (single family homes, condos townhouses and shared ownerships) experienced double digit increases in unit sales with buyers focused on properties that suited family lifestyles and were perceived to be good value for money.

Overall, the total value of real estate sales also rose in comparison to last year. The total value of reported sales increased by 6% (up to $363,665,000) for the calendar year. Most categories experienced a marginal gain in average values. That being said, outlier events continued to skew average numbers significantly so determining a reliable analysis of the market by using average values should be done with caution.

For 2011, the average sold value of a single family property in Whistler was $1,508,000, a condominium was $389,000, a townhouse was $657,750, a fractional interest was $124,000, and a building lot was $706,000.

The vast majority of sales in the Whistler area continue to be properties selling under $1,000,000. Given the dominance of medium density development (condos & townhouses) as a percentage of all properties in Whistler, it is not surprising that over 80% of all transactions in Whistler fall below this $1,000,000 mark.

Properties above $1,000,000 continued to sell at a similar pace to last year, with the luxury market (over $2,000,000) remained active despite a continuing consolidation phase of the market cycle as value buyers continue to pursue the best homes in the best locations.

The turnaround in market activity indicates that buyers have shaken off some of the uncertainty that resulted from the past financial crisis and are actively looking for purchases that demonstrate clear, long term value.

Whistler is back on the resort and recreational property buyers' radar as good value for money combined with a world class lifestyle and recreational experience! We expect continued improvement in sales and an improvement in values in the year to come as a result.