The third quarter of 2020 saw a significant surge in activity in the Whistler real estate market with all sectors returning to pre-COVID activity levels. This activity also moved sales values higher overall and all indications are that market activity in 2020, despite all the uncertainty, will exceed the market performance of 2019.
Like most recreational and small resort areas across North America, the Whistler marketplace experienced a very definite “V” recovery which can be attributed to the pent-up demand created in the second quarter of 2020, perceived COVID safety of small towns, and their political and personal safety, inflationary concerns, and wealth creation in the stock market.
Market Report Snapshot
The strongest level of interest in the third quarter was in the single-family and townhouse sector, which saw the highest level of activity for a single quarter since 2016.
The luxury market (properties over $4,000,000) also reached unprecedented levels with an over 300% increase in activity as compared to the previous quarter.
Condominiums continue to lag the other sectors in terms of activity (particularly those that are oriented toward short-term rentals), due to concerns related to tourism; however, it’s important to note that values for condos have not weakened.
Currently the average sale value for a single-family home sits at $3,275,000 (median of $2,389,000). Townhomes are $1,409,380 (median of $1,199,000) and condominiums are $879,496 (median of $715,000).
*median values are the point which defines the halfway point of total sale activity (50% is above, 50% below)
What does the Final Quarter of 2020 hold?
The final quarter of the year, in our opinion, offers less predictability than in past years. Uncertainty related to the pandemic, political change, and the impact that could have on tourism, financial stability, and how this will impact consumer demand for real estate re-enforces the old saying, “We don’t know what we don’t know”.
That being said, the fundamental framework of the Whistler marketplace is very favourable to real estate investment, and as one of the most beautiful places in the world, it is a place that will attract buyers which will support values and equity.
Now more than ever, it is important to get an up to date assessment of the marketplace and detailed information about specific properties that are currently available in the market. 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, October 2020