Greetings from Whistler,
This week we have the 2016 recap for you from our owner-broker Pat Kelly which I am sure many of you will enjoy.
2016 Whistler Real Estate Market Review
The Whistler real estate market experienced one of its most active years in 2016 resulting in significant price appreciation in most sub-markets and over one billion dollars of value being transacted throughout the year.
Overall the totally number of transactions increased by 22% as compared to 2015 and the average price of a transaction increased by 12.6% to $901,765 (from 801,894).
The first half of 2016 was particularly strong as buyer interest peaked as a result of favorable exchange rates, low interest rates, strong regional economics, and a record number of visitors discovering and exploring Whistler in both summer and winter.
Larger, family orientated, properties, single family and townhouse experienced the highest level of interest which resulted in the highest rates of appreciation with average single family values in Whistler rising by 32% to 2,252,000 (from 1,697,000) and average townhouses rising by 24% to 947,000 (from 764,000). As a result of the high level of interest, the number of family style houses being offered for sale has dropped significantly which also supported upward price movement.
The condominium market showed the highest level of activity this year with almost 400 reported transactions. Values also showed an increase, going up by 11.7% since the end of 2015. Shared ownership also showed double-digit improvements in both activity and value.
Given the strong levels of activity in condominiums and townhouses (65% of the total market) it should not be surprising that almost 70% of all real estate transaction in Whistler were under $1,000,000 in 2016.
The luxury market (properties over 2,000,000) stayed strong and constant with a total of 83 properties changing hands representing approximately 8% of the total transactions that occurred in 2016. This did represent over 28% of total market value at an average price of 3,524,000 million (an increase of 13% from 2015).
As a result of the 2016 activity, we now have a historically low number of properties being offered for sale in almost all segments of the market which will mean that activity levels will drop despite strong buyer interest and prices will continue to be pressured to move upwards. Tempering these local market factors will be the unpredictable influence of a number of expected changes in external circumstances. Interest rates, government and financing regulation, an expected retreat in Vancouver real estate values and some uncertainty due to the impact of the Trump presidency, and more locally, a provincial election may present either unexpected challenges or opportunities for the 2017 marketplace.
Going forward, buyers will continue to buy and sellers will sell. There will be a real estate market. Supply will be restricted and will not change quickly through 2017. More than anything supply and demand will direct pricing in the Whistler market.
The Whistler market continues to be a unique nuanced and highly dynamic marketplace and those interested in the real estate are well advised to keep up to date by contacting us, your full-time local advisors.
Here is what happened in the market this week.
Have a great week and stay warm!
Cheers, Lynne and Tracey