Although the pace of sales has slowed in the 2nd half of 2018 from the beginning of the year, overall transaction values for the market have risen by approximately 7% since the start of the year.
The number of properties listed for sale has risen from recent historical lows. I am monitoring pricing and values in the 2nd half of 2018 to best guide clients on their real estate decisions.
Single family home (chalet) inventory has varied with an historic low of 46 listings at the end of March, increased to 75 in September, and the supply available for homes for sales decreased over the past few months to 58.
Properties zoned for vacation/nightly/weekly/AirBnb rental (‘Phase 1’ zoned) have been in short supply and very high demand due to strong rental/revenue returns.
Overall in our market the trend is towards marginal increase in the amount of listings and the amount of time listings are available in the market before they sell, which also reflects a return to a more normalized market framework.
Real estate market activity in Whistler remained active during the third quarter of 2018, albeit at significantly lower levels than those experienced during the peak of the market cycle experienced during 2016 and 2017.
The Numbers
Despite lower levels of activity, sales prices have continued to rise since the start of 2018. Meanwhile, the overall average transaction value in the Whistler market place is currently $1,247,715 and all categories of real estate have seen increases.
Average values in all individual segments of the marketplace have seen increases. The average transaction value for a single-family homes rose 5% through the third quarter of the year, while average condominium prices experienced an increase of 6%. The townhouse market segment has witnessed the greatest increase since the start of the year with average pricing moving from $1,146,000 to $1,464,084 (a gain of 27%).
What To Expect
Moving into 2019 I expect that the market trends will continue. Buyers will continue to show strong interest in the limited supply of Whistler properties available for sale, particularly those which are unique and/or new. However, economic uncertainty as a result of provincial and federal economic policies and rising interest rates will temper buyer confidence and ensure that buyers will proceed cautiously in their decision making.
If considering buying, upsizing/downsizing or possibly selling your Whistler property, I would be happy to discuss your goals, vision and create a plan to make a smart move!
