Welcome to Summer in the Mountains!
There’s so much to do and see these days in Whistler, it’s sometimes hard to fit it all in! Whether you are interested in being in the heart of the action or if you just want to find some solitude, it’s all possible as you are never more than a few minutes away from the mountains, local trails, and lakes.
With regards to the real estate market, as you will read below, it might be a good time to buy, as there are more listings to choose from than there have been in recent years. If you are thinking of selling, it’s important to be priced competitively. If you have questions or would like to discuss your options in today’s market, I would be happy to sit down with you. Please call or drop by the office at your convenience.
Wishing you an amazing summer!
“Real Estate is a local phenomenon.”
Never has this statement been truer than it is currently. Media reports and industry press releases cover wide geographic areas and aggregate data to present information that is easier to follow. However, they rarely recognize the unique issues that directly impact the supply and demand in individual communities or market segments. This is even truer for smaller, non-urban communities like Whistler and Pemberton.
Current thinking and headlines would suggest the real estate activity in southwestern BC is at an all-time low and that prices are declining monthly. Headlines suggest that sales are down as much as 40% compared to the market peak and that prices are down 10% over the last 12 months (and even more in the high-end/luxury market). The pressure on prices to move downward is directly correlated with sales activity, but will also vary based on the type of inventory, the total amount of inventory available in any one segment of the market, and, of course, the needs and opinions of buyers and sellers regarding the future.
That brings us to the age-old question:
What has happened in Whistler in the past 6 months as compared to one year ago?
Market activity has followed the regional trends being reported. Overall activity in Whistler has declined by 37.5% compared with the same six-month period a year ago.
All property types have seen a significant decline in transaction volume, with townhouses and condominiums most affected. The current level of activity is equivalent to that experienced in 2009 (pre-Olympics). The primary difference today is that the number of properties of all types being offered for sale is less than half what it was ten years ago.
The slowdown in activity has led to a steady increase in the number of properties offered for sale and has lengthened the average time on the market for sellers. However, the interest in Whistler property is sufficient to offset those sales trends, and overall average prices have remained comparable to a year ago at this time and have slightly increased since the start of 2019.
Different market segments have responded differently (price-wise) to the slowdown in activity. The townhouse market has seen a 11% drop since the beginning of the year, while condominiums have increased by 11%, largely due to strong rental revenue opportunities. Single-family values have risen by 7.2% since the beginning of the year, despite being 5% below where they were at this time a year ago. Clearly, the amount and type of property being offered for sale have a significant impact on market performance.
What should we Take Away from this as a Buyer or Seller?
1. Don’t assume that what is being reported in other areas or regions in B.C. or Canada, for that matter, is happening in Whistler
2. Sellers can expect that properties, on average, will be on the market longer than we’ve seen in the recent past. Properly priced; however, they will attract significant interest and may sell quickly.
3. There continues to be a historically low number of properties offered for sale. This will be the reality for the foreseeable future. Buyers should not hesitate when they find their dream property.