2019 QUARTER 3 REVIEW
While market activity in Whistler was slower than average through the second quarter of 2019, the good news is that the third quarter of the year stayed busy and market activity has returned to levels more similar to those of the past year and a half.
Two years ago, we saw historical lows in the total number of listings being offered for sale and now, with increasing listings, many sellers are experiencing longer periods of time on the market (depending on the type of property for sale).
Currently market conditions are mostly balanced, with a slight lean towards sellers in again in specific property types. Overall sales activity is lower when compared to a few years ago; however, average sales transaction values remain consistent.
The current overall average transaction value for a property in Whistler is $1,269,800, which is a small increase since the beginning of 2019. There is still a substantial level of buyer interest in Whistler, with only the type and number of investment opportunities hindering activity.
Breaking the numbers down a little more:
- Townhomes despite considerable buyer interest, the lack of opportunity has resulted in a 10% drop in average sales value to $1,367,967 since the start of the year
- Condos continue to experience an increase in sales prices with an average transaction value of $751,000, up 13% since the start of 2019. This is largely due to the high demand for generating short term rental income (e.g. AirBnB)
- Single-Family Homes continue to be steady and have an average sales value of $2,968,000
In the luxury market (properties over $5 million) we continue to see high interest from both international and domestic buyers. There have been four sales above $9 million so far this year, something we have not seen in our market for a while. Given this sector is highly specialized, market activity will continue to follow its own direction.
What We Expect Moving Forward
Moving forward we expect the trends experienced throughout the third quarter of 2019 to continue into the 2019/2020 ski season. We anticipate steady interest from buyers looking to enter the Whistler market, with a strong focus on unique or new properties, in addition to opportunities where owners can generate a healthy income from short term rentals.
It’s important to note that buyers are looking for value for money, and sellers should pay attention to the current market value of comparable properties when looking to put their property on the market.
What Should We Take Away from this as a Buyer?
- Buyers need to consider the dynamics of supply in the Whistler market
- When determining the value of a property, don’t make comparisons to other geographical areas
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, October 2019