Welcome to Summer in the Mountains!
Although we have had a cooler start to the summer weather wise, the market is hot! As you will read below, sales are way up. If you have been thinking of selling, there couldn’t be a better time. Buyer demand continues to be strong and listing inventory is low.
Wondering what your property is worth in today’s market? Please drop by the office or give me a call at your convenience. I would be happy to discuss the market in relation to your property and the best time to be listed.
If you are thinking of buying, good properties don’t last long, so it’s important to be prepared to act quickly when the right property comes on the market. Between my associate Teal and myself there is always one of us available – 7 days a week!
Have a wonderful summer!
July Market Update
The first six months of 2016 have seen a dramatic increase in all categories of the Whistler and Pemberton real estate markets. The total number of transactions, total dollar value traded and average value of transactions all saw double digit increases as compared to the same period last year.
Strong interest in real estate in south western BC, favorable currency exchange rate, and strong consumer confidence has combined to accelerate activity in Whistler and Pemberton to record levels and created a marketplace that is both highly dynamic and challenging for buyers, sellers and agents.
Market Activity
Overall, transaction activity levels have increased by 46% in Whistler and Pemberton as compared to the first six months of last year. This in turn has increased the value of those transactions by over 11% as compared to the same period in 2015. The total value of reported transactions in Whistler and Pemberton for the first six months of the year exceeded $1.3 billion.
Not surprisingly the overall average transaction value has also increased throughout Whistler and Pemberton with values increasing by 9.6% to $898,535 in Whistler and by 16% to $435,269 in Pemberton.
A more in depth analysis of average prices shows strong increases year to year in all housing categories; single family average sales have increased by 13% to $2,042,000 in Whistler and by 21% to $627,647 in Pemberton. Whistler townhouses have increased by almost 18% to $922,696 while Pemberton values have risen 8% to $334,000. Condominiums in both markets also have increased with an 11% increase in Whistler to $437,518, and a 1% increase in Pemberton to $207,000.
As a result of this strong increase in activity and values, the number of properties listed for sale has fallen to historically low levels. New properties coming to the market attract immediate attention and often receive multiple offers. Buyers and Sellers need to be well informed and prepared prior to writing an offer or going to the market to be best equipped to make their desired purchase or sale. Using the services of a dedicated full time professional who is working in the local market place is the best approach to buying or selling a property in Whistler of Pemberton today.
*Information and data in this report is based on data available on the Whistler Listing System (WLS) and is deemed reliable but is not exhaustive. Specifically this information does not include WHA activity, private sales, commercial transactions, or properties not listed on WLS. The report is for general information purposes only and should not be relied on for specific real estate decisions.