After a lower-than-expected second quarter of the year, the third quarter of 2019 saw a return to the levels of activity seen over the previous six quarters. After hitting a historic low number of listings two years ago, the number of properties listed has steadily increased as has the time on the market for sellers (depending on the type of property). In other words, the current conditions for the Whistler real estate market are mostly balanced, favouring slightly sellers in specific housing types.
Despite a lower number of sales recorded over the last quarter compared to previous periods, the average sales transaction values have remained intact. The average transaction value in Whistler is currently $1,269,800, which is a marginal increase since the beginning of the year. While interest in Whistler properties remains high, the limited number of properties available remains the biggest factor limiting transactions.
Market Update in Numbers
The single-family market remains consistent with an average sales value of $2,968,000. Properties that have the ability to generate short term rental income (such as AirBnB) continue to be in high demand and, therefore, the have been the top performer so far this year. The average transaction value has seen an increase of 13% to $751,000 since the beginning of the year. The townhouse market has seen a slow quarter mostly driven to the low inventory available. As a result, this sector has seen a 10% decrease in average sales value to $1,367,967 since January 2019.
At the top of the market, the luxury market (properties over 5 million) continues to remain active with strong interest from both international and domestic buyers. The Whistler Real Estate Company has been involved in four property sales of at least $9 million since the beginning of 2019.
As we approach the new ski season, we anticipate that the trends seen during the third quarter of 2020 will continue into 2020. The interest in Whistler properties will remain strong and this will be emphasized by the limited number of properties available for sale in the market. Properties that are unique, new or provide opportunities for rental income will continue to be highly sought-after.
Another factor that will remain consistent is that buyers will continue to maximize value for their investment, therefore, sellers must have high awareness of the market conditions of comparable properties at the time they decide to list their properties for sale.
The real estate market in Whistler is a highly unique and nuanced market. If you have been thinking of buying or selling, or if you just want to stay up-to-date, don’t hesitate to contact me to discuss your specific area(s) of interest and how the current conditions may impact you.