With half of 2018 in the books, it is time to take a look at how the real estate market has been performing through the first six months of the year.
Overall, the total number of transactions has moderated since the peak levels seen in 2016 and through the first half of 2017. Thus far in 2018 we have seen a 23% decrease in transactions when compared to the first six months of 2017. That being said, the real estate market has remained steady as compared to the second half of 2017 with transaction numbers so far this year on par with July through December 2017, not to mention our long-run historical activity levels.
Strong buyer interest and the continuing low levels of real estate inventory for sale continue to support price appreciation and higher average sales values across all sectors of the local market – albeit at a slower rate than in the recent past. As of July 1st, the overall average transaction value for a property in Whistler was at $1,211,482. This an an increase of about 5% since the beginning of the year.
Not surprisingly, the highest price category in the market continues to be single-family homes where current average values exceed $3,168,000 – a 16% increase since the beginning of the year. Although this segment of the market accounts for 33% of the value changing hands, it represents only 13% of the total transactions in Whistler so far this year.
The townhouse and condo market, which account for almost 70% of the completed transactions in 2018, continue to be the most active segments of the real estate market. That said, activity within the townhome segment of the market has been slightly slower as compared to previous periods. Nevertheless, average transaction values in this market segment have risen to $1,449,000 – a 26% increase since the beginning of the year.
The average value for a condominium in Whistler now sits at $623,937. This represents a 4% increase since January 1st.
Moving forward into the second half of 2018, we can safely expect that buyer interest in the resort will remain high and, as a result, sales activity will continue to keep inventory levels low. As always, we have to be aware of the impact that outside factors (such as government policy, interest rates, economic cycles and exchange rates) can have on the local real estate market. Whistler is a small and nuanced market that often reacts differently than expected and works on different cycles than those found in typical urban marketplaces so it is important to stay up-to-date with the help of a local, experienced realtor.
If you have been thinking of buying or selling, or if you are just looking to stay in the loop, don’t hesitate to contact me any time.
This information is deemed to be accurate and is taken from the Whistler Listing System, July 2018