This Week In Whistler
It’s already the middle of July, the summer is flying by! We hope you are getting out and enjoying all the activities there are available for you here in Whistler and Pemberton. If you want the inside scoop on what’s happening in Whistler, be sure to check out the Tourism Whistler Blog, The Whistler Insider!
We have 21 new listings in Whistler and 12 new listings in Pemberton this week. Sales are picking up, we know that there are quite a few offers in process right now that have not hit the WLS yet because they are still under subject. Don’t hesitate to give us a call if you are interested in any of these new listings or if you are thinking of selling and would like a current market evaluation on your property.
Quarterly Market Report
“Real Estate is a local phenomenon”
Never has this statement been truer than it is currently. Media reports, and industry press releases cover wide geographical areas and try to aggregate data in order to present information that is easier to follow. However, they rarely recognize the unique issues that directly impact the supply and demand in individual communities or market segments. This is even truer where smaller, non-urban communities like Whistler and Pemberton are concerned.
Current thinking and headlines would suggest the real estate activity in southwestern BC are at an all-time low and that prices are declining monthly. Headlines suggest that sales are down as much as 40% as compared to the peak of the market and that prices are down by 10% in the last 12 months (and even more in the high end/luxury market). The pressure on prices to move downward is a direct correlation to sales activity but will also vary based on the type of inventory, the total amount of inventory available in any one segment of the market, and of course the needs and opinions of buyers and sellers in regard to the future.
What has happened in Whistler in the past 6 months as compared to one year ago?
Market activity has followed the regional trends being reported. Overall activity in Whistler has declined 37.5% as compared to the same six-month period a year ago.
All property types have seen a significant decline in the number of transactions with townhouses and condominiums being impacted the most. The current level of activity is equivalent to that experienced in 2009 (pre-Olympics). The primary difference today is that the number of properties of all types being offered for sale is less than half when compared to ten years ago.
The slowdown in activity has caused a steady overall increase in the numbers of properties offered for sale and lengthened the average time on the market for sellers. However, the interest in Whistler property is sufficient to offset those sales trends, and overall average prices have remained comparable to a year ago at this time and have slightly increased since the start of 2019.
Different segments of the market have responded differently (price wise) to the slowdown in activity. The townhouse market has seen a drop of 11% since the beginning of the year, while condominiums have increased 11% largely due to strong rental revenue opportunities. Single family values have risen by 7.2% since the beginning of the year despite being 5% below where they were a year ago at this time. Clearly the amount and type of property being offered for sale has significant impact on market performance.
What Should we Take Away from this as a Buyer or Seller?
1. Don’t assume that what is being reported in other areas or regions in B.C. or Canada, for that matter, is happening in Whistler
2. Sellers can expect that properties, on average, will be on the market longer than we’ve seen in the recent past. Properly priced; however, they will attract significant interest and may sell quickly.
3. There continues to be a historically low number of properties offered for sale. This will be the reality for the foreseeable future. Buyers should not hesitate when they find their dream property.
Have a great week!
Lynne Venner & Tracey Cruz
Your Mother/Daughter Team
*All statistical information provided from sources deemed to be reliable*
* Information based on data collected from Whistler Listing Service WLS or MLS in Squamish
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Natural stone, hardwood, slate and granite reflect the rugged beauty of the surrounding landscape in this beautifully appointed and furnished 3 bedroom home in the exclusive community of At Nature’s Door. As a tenth share owner, enjoy five weeks per year of effortless vacation time, where your every need will be taken care of by the unparalleled service of the Fairmont Owner Services Team.