The first six months of 2016 has seen a dramatic increase in all categories of the Whistler and Pemberton real estate markets. The total number of transactions, total dollar value traded and average value of transactions all saw double digit increases as compared to the same period last year.
Strong interest in real estate in south western BC generally, favorable currency exchange rate, and strong consumer confidence has combined to accelerate activity in Whistler and Pemberton to record levels and created a marketplace that is both highly dynamic and challenging for buyers sellers and agents.
Overall, transaction activity levels have increased by 46% in Whistler and Pemberton as compared to the first six months of last year. This, in turn has increased the value of those transactions by over 11% as compared to the same period in 2015. The total value of reported transactions in Whistler and Pemberton for the first six months of the year exceeded 1.3 billion dollars.
Not surprisingly the overall average transaction value has also increased throughout Whistler and Pemberton with values increasing by 9.6% to 898,535 in Whistler and by 16% to 435,269 in Pemberton.
A more in depth analysis of average prices shows strong increases year to year in all housing categories; single family average sales have increased by 13% to 2,042,000 in Whistler and by 21% to 627,647 in Pemberton. Whistler townhouses have increased by almost 18% to 922,696 while Pemberton values have risen 8% to 334,000. Condominiums in both markets also have increased with an 11% increase in Whistler to 437,518, and a 1% increase in Pemberton to 207,000.
As a result of this strong increase in activity and values, the number of properties listed for sale has fallen to historically low levels. New properties coming to the market attract immediate attention and often receive multiple offers. Buyers and Sellers need to be well informed and prepared prior to writing an offer or going to the market to be best able to make their desired purchase or sale.
It is more important than ever to understand how the current market affects the sector/area of the market in which you are looking to buy or sell. I am available to discuss anytime and together we will work to achieve your desired goals.
For a detailed look at the numbers, view the YTD Market Stats.
Published: July 21, 2016