Whistler real estate market activity during the third quarter of 2021 continues to be a balancing act between a high level of buyer demand, and low availability of properties to buy. Activity is still at historically high levels. It remains comparable to what we experienced last quarter, although it is below what we experienced at the start of the year.
As a result, unit sales and the total value of these sales have already exceeded the levels that were recorded in 2020. With little change expected in the underlying factors driving the marketplace, we predict that 2021 will end up being one of the busiest years on record for total sales and will establish a new high for total dollar value sold.
We expect the number of listings to remain low and with continued strong interest from buyers, for all types of Whistler real estate, in all value ranges, we will continue to have a market that favors sellers and supports upward pressure on values in all areas. Availability and pricing will continue to be the biggest determinants of market activity for the foreseeable future.
Whistler Real Estate Market Snapshot
Market activity remained consistent with what we experienced in the second quarter. However, strong activity in the higher end of the single-family market contributed to a 15% increase in total value sold as compared to the previous quarter.
Overall average transaction value remains largely unchanged from the start of the year and currently reports at $1,541,000. This is a result of 80% of all sales activity occurring under $3,000,000.
A Closer Look
The single-family market segment was particularly robust with an increase in activity as compared to the previous quarter and a significant focus on more expensive single-family properties. This has resulted in the average sales value for 2021 increasing by 15% to $3,950,733.00 when compared to the start of the year.
Sales activity in the condominium and townhouse sector was impacted by the lack of available listings and was 10% lower than the previous quarter. However, sales values continued to be supported and moved upwards. Average condominium sales values have increased by 4.5% since the start of the year and are currently reported at $876,000, with an average dollar per sq foot value of $1,169.
Average townhouse sales values have increased by 6.5 % since the beginning of the year. The current average value is $1,525,000, with an average dollar per sq foot sales value of $1,310.
Activity in the luxury market (properties over $4 Million) has now exceeded that reported for all of 2020. The average transaction value continues to exceed $6.6 Million, with six reported sales above $10 Million dollars. Although interest in Whistler’s luxury homes remains at an all-time high, activity levels going forward will be largely driven by what is offered for sale in this unique and highly specialized sector of the market.
Looking Ahead to Next Quarter
We expect interest in Whistler properties to remain strong as we move into 2022. Low levels of inventory will ensure that values will be supported and that sellers will be successful in achieving their goals as both days on the market, and months of inventory, remain at historically low levels.
Although some uncertainty exists in regard to inflation and interest rates, and surrounding possible directives government policy may take in respect to real estate and taxation. It’s important to note that such changes are unlikely to occur quickly and should be easy to analyze when it comes to decision-making in the local real estate market. We expect the real estate market to continue to chart on a similar path that it has been on for the next 3-6 months.
For more information about how the current Whistler real estate market activity trends may impact your decisions to buy or sell, contact me at any time.
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*All stats deemed to be accurate and taken from the Whistler Listing System, October 2021.