Late Fall 2011 Real Estate Market - Whistler - November 30, 2011. - Ron Mitchell - Sutton Group

Late Fall 2011 Real Estate Market - Whistler - November 30, 2011. - Ron Mitchell - Sutton Group - West Coast Realty

The past 3 months (Sept/Oct/Nov) have seen the most sales activity YTD. Since September 1st the Whistler Listing System (WLS) recorded 165 Firm Sales (average 55/month). The other most active months were June 48 sales, April & May 40 sales each.

Selling Values - continue to be soft. Listing inventory remains high for most Property-Types. Buyer demand is low to moderate depending on the "Property-Type." Listing inventory should diminish with the start of the winter season as many unsold listings will come off the market to be rented or used-personally.
Selling values will probably continue to be soft through 2012 as buyers look for motivated sellers and "The Best Value".

Restricted-use condo-hotel units (Phase 2) and shared-ownership (quarter-share etc): Current selling prices are 40% to 50% lower than the last 2 price peaks - (2007/08 and 2002/03)

Unrestricted condos/townhomes (Phase 1) in Whistler Village / Upper Village: Current selling values are off 15% to 20%.

Residential homes, cabins, townhomes, condos: These have weathered the post October 2008 financial storm much better - dropping 10% to 20% - since 2007. Moderate buyer demand mainly supported by Greater Vancouver & local buyers, buying for personal-use.

In my opinion...It's a good time to buy if you can find the right property match at the right price. However it appears many potential Whistler buyers are still waiting and watching. For sellers it is a challenging time to get the values they want. The question is “What will happen in 2012?” Crystal Ball Real Estate?... As always... Time will Tell

The one thing we know is… It’s one of the best early season starts to the winter and it will be a great season in Whistler! If you have a place here, then enjoy it with your family and friends!

Key Points:

Primary buying activity is in the under-$1M price point, with 1-2 bedroom townhouse/condo properties being the most popular.

Chalets are selling for much less than the replacement cost. Most activity is under $2M. Limited activity $2M to $3M.

Harmonized Sales Tax (HST 12%) is still an issue, since the primary buyer audience is from the Metro Vancouver area. These buyers are looking for personal use rather than rental investment, so properties with HST paid are very attractive.

For buyers it is a good time to buy with low interest rates and the forecast of rates dropping even further - a variable mortgage could be an attractive benefit.

Buyers are looking for value. With mortgage rates and selling prices attractively low, if you can find the right property at the right price now and you are looking at long term ownership, then act now. You'll get the use and enjoyment of your Whistler Retreat immediately!