Whistler Real Estate Market Update
Matching the market trends seen throughout British Columbia, Whistler’s real estate market had a slow start in 2019 – a trend that began in the second half of 2018 and continued through the first 6 months of 2019. The second half of 2019 was a different story. Low interest rates, a recovery in consumer confidence, and a strong tourist season resulted in the marketplace returning to its normal historical levels of activity.
As a result of these trends, overall average transaction values in Whistler remained virtually unchanged from 2018 (finishing 2019 at $1,247,388) despite a 16% drop in the overall number of completed transactions.
Breaking it down further:
- 12% decline in overall number of transactions compared to 2018
- Average transaction value finished the year at $2,881,000 (largely unchanged from year-end 2018)
As the year progressed, we saw inventory levels increase as well as a lengthening in average time on market. Going into 2020, we expect to see a balanced market for this sub-group, especially those priced below $3,000,000.
- 18% decline in overall number of transactions compared to 2018
- 11% decline in average transaction values (to $1,354,000) since year-end 2018
- Overall values per square foot remained steady at $1,150.00 per square foot and should continue in this range
These declines are largely the result of there being less properties being offered for sale overall and fewer luxury townhome sales as buyers focused their attention towards properties that offered short-term rental opportunities. Despite the declines, the average time on market remains relatively unchanged and the number of listings has not increased. Going forward, this sub-market should remain balanced with continued interest favouring lower-priced towhomes that offer rental opportunities.
- 15% decline in overall number of transactions compared to 2018
- 9% increase in average transaction value (to $733,000)
Properties that offered opportunities for short-term rentals were very popular and often had multiple offers through the second half of the year. Inventory fell slightly for condos, yet it was still the most active sub-market with over 200 sales in 2019. Average days on market increased to 43 days but this segment continues to experience a seller’s market.
Luxury Market (list price over $3 Million)
- Overall, sales activity fell significantly during 2019
- Average values increased by 7% to $4,856,368 ($1,483 per square foot).
Going into 2020, we expect that days on market will continue to increase as inventory increases. Sellers will need to be patient and price effectively if they wish to meet their goals within the next 12 months. The luxury market going into 2020 can best be described as a buyer’s market.
As we go forward in 2020, the uncertainty that impacted consumer decisions through the last half of 2018 and the first half of 2019 has passed. There is significant pent-up demand for all property types in Whistler, with a focus on properties under $3,000,000 and those that can generate short-term rental income.
It is important for buyers and sellers to keep in mind that each market sector (by property type, location, or price) has and will continue to exhibit its individual trends. As such, if you are curious about what your home is worth or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.
*All stats deemed to be accurate and taken from the Whistler Listing System, January 2020