2018 QUARTER 3 REVIEW
Fall has officially arrived in Whistler and with it has come some beautiful sunny weather that makes getting out to enjoy the outdoors and admire the changing colours even more enjoyable.
From a real estate perspective, there is also good news for both buyers and sellers. Through the third quarter of 2018, market activity remained strong, but not to the same levels as we were seeing at the height of the market in 2016 and 2016. Instead, we are seeing the market return to historically ‘normal’ levels.
Buyers are finding that there are many more options available to them as the number of properties available for sale has increased somewhat from historically low levels and many listings are taking longer to sell (and therefore staying on the market a little longer than in the recent past). So, not only do buyers have more options, but they also have a little more time to make decisions.
All that said, despite the lower number of sales that have been occurring, sellers will be happy to know that sales prices have continued to rise in all segments of the market with a combined approximate 7% increase since the start of the year in average transaction value for a property in Whistler. The overall average transaction value for a Whistler property is currently $1,247,715.
Breaking the numbers down a little more:
- Single-Family Homes: Average sale value increased 5% through the third quarter
- Towhomes: Average sale value increased 27% (to $1,146,084) through the third quarter
- Condos: Average sale value increased 6% (to $1,146,000) through the third quarter
WHAT WE EXPECT MOVING FORWARD
Going forward through the rest of 2018 and into 2019 we expect that the current market trends will continue.
There will continue to be strong buyer interest in Whistler properties, especially those that are well priced and/or unique. However, a degree of economic uncertainty resulting from provincial and federal economic policies and rising interest rates is expected to temper buyer confidence and ensure that they proceed with caution.
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.