2019 QUARTER 1 REVIEW
With temperatures becoming milder and the first signs of spring just around the corner, it’s time to review how the Whistler real estate market has been performing throughout the first quarter of 2019.
During the first three months of 2019 the Whistler area has maintained a similar level of sales activity to that of the last quarter of 2018. However, these numbers are considerably lower than the levels experienced during the peak of the market towards the end of 2017 and beginning of 2018.
Consistent with most parts of British Columbia, overall sales have fallen by approximately 45% when compared year-on-year to quarter 1 of 2018. Surprisingly, in spite of the decline in sales, the overall value of sales was $165 million, an increase of approximately 10% from quarter 4 of 2018. Receiving a comparable percentage increase are average transaction values, which have risen to $1,312,000.
Breaking the numbers down a little more:
Single-Family Homes: experienced an increase in average sales values by 2%
Condos: experienced an increase in average sales values by 9%
In comparison to their performance over the last quarter of 2018, single-family homes and condominiums are on the rise, proving to be the strongest markets during the first quarter of 2019.
Limited inventory has resulted in a slowdown in the townhome market, and average sales values remain consistent with the last quarter of 2018, in addition to the same period one year ago.
What We Expect Moving Forward
Overall the number of properties available for sale is continuing to rise, but still remains low compared to previous years. A typical listing is on the market for approximately 60-70 days, which is consistent with previous quarters. This also indicates that buyers remain active in the local marketplace.
Unlike most urban markets, supply and demand within Whistler is largely driven by discretionary decisions, and as a result the Whistler market often follows different trends to that of surrounding regional marketplaces.
In summary, Whistler is currently experiencing a balanced market, but variances are to be expected – multiple offers on well-priced, well-located or unique properties should not come as a surprise.
If you are curious about what your home is worth in today’s market, 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, April 2o19