Welcome Winter – We are glad you’re here!
What a year we have been having in Whistler! Both the resort and the real estate market continue to break records. We are finally feeling the post-Olympic effect in full swing. As you will read below the market demand continues to be very strong. Listings are at an all time low and there does not seem to be any sign of a slowdown for the “Whistler Experience”. With regards to the resort, we had another record breaking summer with visitors to the resort and the hotel bookings for this winter are also pacing ahead of last year at this time.
This past week brought cooler temperatures to the area and lots of precipitation resulting in a snowline below mid-station, creating a lot of anticipation for the upcoming ski season. In 25 years of living in the resort, I have not seen the snow line below mid station in early October, definitely feels like we are well on our way to winter!
If you are thinking of selling, it couldn’t be a better time. Please feel free to reach me and I would be happy to discuss what your property is worth in today’s market – you might just be pleasantly surprised!
If you are looking to buy, the best way to deal with this fast paced market is with a good understanding of value. Both myself and my associate Teal Ready, can help you get the information you need that will equip you with the knowledge and confidence to act on the right property when it hits the market.
Please feel free to call/email us or drop by the office at your convenience.
Here’s to an early winter!
October Market Update
Whistler market activity during the third quarter of 2016 continued to demonstrate above average levels of sale activity and steady increases in value. High levels of buyer interest combined with historically low levels of properties being offered for sale continues to move the dial in favor of sellers in all segments of the marketplace.
Current Market activity trends indicate that 2016 will be the second busiest year for transactions since 2002. As of September 30th, the number of transactions has increased by 32% as compared to the same period last year.
Property values increase
Sales values have also shown strong positive performance, with the average transaction value increasing by almost 10% to $880,000 since the start of the year. Chalets and townhomes have reported the most interest since the start of the year, resulting in average sales prices increasing to $2,059,004 for chalets (a 21% increase in 9 months), and $935,000 for townhouses (a 22% increase in 9 months).
The other major market segment, condominiums, also had a very busy first three months, accounting for almost 35% of all market activity. Average price of a sale has increased as well from the start of the year, moving up to $428,000.
As a result of the consistently strong levels of activity for the last 18-24 months, both the number of properties being offered for sale and the time on the market for most properties (particularly those priced under $1,000,000) has fallen to historic lows. It is safe to say that for those thinking of selling the conditions are as favorable as they have been in 15 years.
Still a seller’s market
Looking forward to the last quarter of 2016 we expect sellers to continue to have the market in their favor. With no new buildings being made available, the market will continue to demonstrate the characteristics of a low supply, high demand marketplace with strong support for prices at current our higher price levels.
We expect general market activity to be lower than previous, but properties will sell quickly if priced properly.
To be successful in making the right purchase buyers need to be decisive, fully understand the purchase process, and stay right up to date by speaking with their adviser to achieve their dream purchase in our unique and dynamic marketplace.