Through the third quarter of 2018, we have continued to see an active real estate market, albeit at lower levels than we were experiencing at the height of the market cycle in 2016 and 2017. The good news is that the number of properties available for sale has risen from the historical lows were were experiencing and there are more options for buyers in many (but not all) segments of the market. As inventory levels have risen and the pace of sales has dropped, we have also seen the expected lengthening of ‘days on market’. All in all, the current market is undergoing what we would call a return to normal.
Although market activity has decreased, we have not yet seen a decrease in average sales prices. In fact, the overall average transaction value for a property in Whistler has increased by about 7% since the start of the year with an average value of $1,247,715.
Individually, all segments of the market have continued to experience price appreciation. Through the third quarter of the year we have seen 5% increases in average values for single-family homes and 6% increases in average condominium prices. With a gain of 27% since the start of the year, townhomes have experienced the greatest increases with the average value now sitting at $1,464,084.
With fall well underway we are now looking forward to a busy winter season in Whistler; however, we do expect that the current market trends will continue into the foreseeable future – most certainly through the remainder of 2018 and into 2019.
There will be no shortage of buyer interest in the supply of Whistler properties for sale, especially those properties that are unique and/or new and/or well located. However, economic uncertainty as a result of provincial and federal economic policies and rising interest rates will temper buyer confidence and ensure that buyers will proceed cautiously in their decision making.
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, October 2018