Whistler Real Estate Market Update - A Stable Real Estate Market & Winter Around The Corner

Whistler - October 4, 2012. 

 

It's that time of year again…the leaves are changing colour, the nights are getting cooler, and it's time for the Annual Whistler Blackcomb Turkey Sale. All in anticipation of the winter season fast approaching.  However, looking back on the summer, it was a good one in Whistler. After another cool and damp "June-uary" Mother Nature rallied and by mid-July brought us an outstanding mountain summer. Hot, dry sunny days followed by beautiful evenings that could be enjoyed outside, late into the evening. A stroll through the Village on any day, revealed tourists, Vancouver folks and locals taking full advantage of the weather and the activities. Whistler was buzzing with free summer concerts, various sporting events, packed patios, busy strolls and mountain-top activities.  All in-all a good summer to remember!

 On the real estate side, the climate of the local market continues to be much the same as it has been over the past year.  As stated in my Summer 2011 Newsletter… " The buying trends of the past several years are the same trends driving today's market. Lifestyle, recreation and principal residence are the key reasons for buying. The majority of buyers continue to be from the Metro-Vancouver area with a small number of foreign buyers from the Western US and Asia." 

 As of September 30, in reviewing the Year-To-Date sales statistics, total dollar volume and sales are up over the same period last year.

Key Points - The majority of sales are in the condominium and townhouse market (price range $300,000 - $700,000).  Chalet sales totalled 65, very similar to last year (69), with the average price on par with the last few years at $1,500,000.  The luxury chalet market had 16 sales over $2,000,000 compared to 11 in 2011. Phase 1 townhouses and condos saw the largest increase in sales compared to last year. Vacant land had 12 sales compared to 15 in 2011. Quarter-share ownership with 38 sales was slightly below last year (44 sales) with a moderate drop in the average sale price. (Note: Sales Statistics from the Whistler Listing System WLS as of October 4th.)

          

In summary, selling prices and sales transactions over the past year indicate the Whistler market is stable. Buyers continue to look for good value and long-term ownership. Sellers who are serious about selling realize they need to lower their expectations and adjust to the current market values.  On the financing side it appears interest rates will continue to stay low so there is still good opportunity to enter the Whistler market for the right reasons.  

 

So as I write this, the sun continues to shine (interesting to note August/September were one of the driest on record) and there is a definite chill in the air bringing anticipation of another great winter season.  And with winter comes not only new visitors from near and far but people who return to Whistler year after to year to explore and enjoy this mountain paradise.  

 

Have a great Fall Season as we look forward to the snow! 

Ron