For a long time now we have been talking about the real estate market and what has characterized the market in recent years. In 2017 it’s all about low inventory, rising prices but what did the market look like five and ten years ago? Here we take a glimpse at Whistler’s real estate market in 2007, 2012 and 2017 to get a good understanding of how the market has changed in the last ten years and possibly get some insight on how the market may look in the future.
Whistler’s Real Estate Market in 2007
In 2007 Whistler was eagerly awaiting the 2010 Olympics. A new highway connecting Vancouver to Whistler was underway, and much of the world enjoyed economic prosperity. Little did most of us know at the time the global financial crisis was only a year away, and the property markets around the world were about to be hit by the largest recession in recent history. This is what the Whistler property market looked like in 2007, leading up to the GFC.
Detached Homes
Median Sales Price: $1,675,000
Median Days on Market: 167
Total Inventory: 73
Townhomes
Median Sales Price: $735,000
Median Days on Market: 84
Total Inventory 85
Condos
Median Sales Price: $315,000
Median Days on Market: 90
Total Inventory: 175
Whistler’s Real Estate Market in 2012
Two years after the Olympics and Whistler’s property market was still suffering the effects of the GFC. In 2012 there was a surplus of properties on the market and sales prices were below 2007. It would still be a few years until prices began to recover but with a strong Canadian dollar, fewer non-residents were buying in Whistler while many US buyers capitalized on the strong currency and sold off their Canadian assets. Inventory was very healthy at this type and it was considered a ‘buyer’s market’ in Whistler.
Detached Homes
Median Sales Price: $1,575,000
Median Days on Market: 75
Total Inventory: 138
Townhomes
Median Sales Price: $644,000
Median Days on Market: 44
Median Inventory: 167
Condos
Median Sales Price: $230,000
Median Days on Market: 88
Total Inventory: 244
Whistler’s Real Estate Market in 2017
In 2017 we are riding high on one of the strongest real estate markets we’ve seen in years. A brief glance at sales price, days on market and total inventory clearly shows 2017 is red hot. For the last three years the market has gone from strength to strength, with the only thing holding the property market back being lack of available inventory on the market.
Detached Homes
Median Sales Price: $2,400,000
Median Days on Market: 28
Total Inventory: 45
Townhomes
Median Sales Price: $739,500
Median Days on Market: 36
Total Inventory: 33
Condos
Median Sales Price: $449,000
Median Days on Market: 14
Total Inventory: 75
When in the midst of an active real estate market it’s important to gain perspective and realize that conditions have not always been this way. In the last ten years we have seen significant changes in the Whistler real estate market and in the next ten years we will surely see more changes that will amaze, shock and even blindside us. For those looking to sell their Whistler home there is no time better than now and conditions will not remain this favourable forever. Contact me today if you are looking at buying or selling in Whistler this year.
*stats from REGBV website and taken from April 2007, April 2012 and April 2017
