Whistler Real Estate - Spring 2012 Property Update from Managing Broker: Ron Mitchell

A GREAT 2011-2012 WINTER SEASON

April 2012 - Officially the winter-snow season has ended (as of April 22) and the spring season is now in gear. The snow in the valley is gone and we are waiting to see our first hungry bear munching on some fresh skunk cabbage. A sign that spring is here!

The winter season ended much like it started back in mid-November with March being a banner month for snow. Currently Blackcomb Mountain has a snow pack of 114 in / 290 cm and is scheduled to stay open until May 28th. So with that amount of snow there will be some great late spring skiing and riding!

Overall the winter of 2012 was a positive one, excellent snow conditions, skier visits up over the previous year and first quarter real estate sales slightly ahead of last year.

Tourism Whistler reported hotel room nights up from last year although the average daily room rate was down slightly. The "Rubber-Tire" market (Vehicle Transport) continued to contribute the highest numbers with the majority coming from BC and to a lesser extent Washington State. The top destination markets (Air Transport) were up from last year with the US, UK, Ontario and Australia leading the way.

REAL ESTATE MARKET UPDATE

On the real estate side, first quarter sales continued to build on the activity we saw last fall. First quarter sales totaled 123 compared to 108 for the same time in 2011 (excludes Shared-Ownership, Timeshare and Employee Housing). Total Shared-Ownership sales were 12 compared to 15 in 2011. Currently there are 685 Whole-Ownership listings on the Whistler Listing System (WLS) and 103 Shared-Ownership listings. (Source WLS).

Although the overall Whole-Ownership market statistics at the end of Quarter-One indicate a balanced market with a Listings-to-Sales Ratio* of 17.9% (123 sales/685 listings), in my opinion most Property-Types still favor the buyers. However due to the complex nature of the Whistler market with a variety of property types and a wide range of values, one must examine the specific micro-market to determine the exact status. So if there is a specific area of the market that is of interest, send me an email or give me phone call. (*Note Listings to Sales Ratio is determined by the Monthly Number of Sales Divided by the Total Number of Listings. The Rule of Thumb is: Seller's Market over 20% / Balanced Market 15%-20% / Buyer's Market – below 14 %.)

In summary, the post-Olympic market of the past two years has seen continued price reductions as buyers look for properties that represent good value and motivated sellers. For most sellers the current market is still challenging with selling prices continuing to be below their expectations. However if priced right, most properties sell. Having said that, there are exceptions, especially with property-types or condo complexes that have weak demand and insufficient sales.

Here's a graph that gives a snapshot of the past ten years: (Total $ Volume in Millions)

MARKET OUTLOOK - SUMMER / FALL 2012

Overall Whistler continues to be an attractive "Lifestyle" purchase. It’s a place for family and friends to connect re-connect and enjoy. As we look ahead, the 2012 market should be very similar to what we saw in 2011 as we work towards a more balanced market with all Property-Types in 2013.

Feel free to send me an email or give me a phone call if I can assist you further.

Enjoy the late spring and early summer. Hope to see you around Whistler!

Warm Regards,

Ron

This communication is not intended to cause or induce breach of an existing agency agreement. (E&O.E)