Welcome to Summer in the Mountains! Not only is the weather hot, so is the market!
As you will read below, the market continues to be robust in many segments. We are also seeing more interest in vacant land and tear down properties as more buyers are looking to build new homes. Just drive around town and you will see several construction sites in every neighborhood. In addition, there is still very good value in already built property, as building costs are at a point where replacement costs of existing homes are significantly more than what you can purchase an already built home for.
Market Report
Strong, steady and consistent is the best description of the Whistler real estate market during the first half of 2015. Overall, the total number of transactions was equivalent to that achieved in the same period of 2014. We have now had 8 consecutive quarters of strong market activity and it is safe to say that the Whistler market has fully recovered from its post-Olympic financial crisis doldrums.
As a result of strong and consistent market activity, real estate values have trended upwards as buyer interest focuses on higher priced properties. The overall value of properties traded so far in 2015 has increased by 26% and the average value of a transaction has increased by 8.5% to $834,000 since the start of the year.
During the first half of 2015, single detached homes/chalets had their highest level of activity and the average price of a transaction reached a high of $1,807,000.
The condominium market has remained steady and largely unchanged – both in terms of the number of sales and average values. The current average transaction value for a condominium is sitting at approximately $393,959.
Buyers continue to show strong interest in the townhouse segment of the market; however, due to a reduced number of listings, the number of transactions is 20% lower than last year. As townhouse buyers continue to look at alternatives we have witnessed an increase in activity at higher price points causing the average value of a townhome transaction to rise 12% to $782,708.
Building sites are showing renewed vigor after many years of lagging general market activity. Renewed interest is due to the lack of existing lower priced homes and older properties that are appropriate for renovation. The average transaction value of a single-family vacant lot has risen to $1,293,000 over the course of the first 6 months of 2015.
There is a good deal of pent-up demand from buyers for certain types of properties. Sellers may find that they receive an offer quite quickly if they are well priced. Since a Whistler purchase is largely discretionary, sellers need to be aware that buyers are very well in informed in regards to value and proper pricing is the key to success.
For buyers, it is important to keep in mind that the best opportunities move quickly. It is important to be clear in what you wish to achieve and to work with a realtor that is knowledgeable about the daily changes in our unique marketplace if you are going to be successful in finding your perfect Whistler property.