Interest in real estate in Whistler remained strong throughout the first half of 2017 as sellers continued to enjoy the benefits of a marketplace with low numbers of properties being offered for sale and strong levels of interest from buyers and investors.
The historically low number of properties being offered for sale has constrained activity below those levels achieved in the first half of 2016; however, sales activity has been very consistent over the last 12 months and we expect another above average year in terms of activity.
As a result of the low number of properties being offered for sale and the continued strong interest from buyers, both the total value of all transactions and the average transaction value has increased dramatically over the previous six month period (July – December, 2016). The total reported transaction value increased by almost 35% as compared to the previous 6 months. As a result, the average transaction value in Whistler has increased by over 26% (to $1,144,309) over the course of the first half of 2017 when compared to one year ago when the average value sat at $904,360.
After the first two quarters of the year, the average price of a single family home transaction is $2,729,000 due largely to an increased focus on higher priced properties throughout the first half of the year. Condominiums also saw a sharp rise in average value to $611,081, while townhomes moved up to $1,060,419. The luxury market remained active with 13% of all transactions in Whistler being valued above $2,000,000 so far this year.
The market conditions we are currently facing (low supply and high demand) will continue to be the factors that drive market activity for the foreseeable future. General and local economic conditions suggest continued buyer/investor confidence going forward. Expected future changes in interest rates should not negatively impact the Whistler marketplace. It is also unlikely that the new government in Victoria will do anything that would compromise Whistler’s contribution to the tourism brand of BC.
Whistler’s natural beauty combined with both a strong tourism program and Vail Resorts name recognition will insure continued strong interest in the area going forward.
The market is highly dynamic and nuanced and now, more than ever, it is important to work with a full time local advisor who monitors the constantly changing marketplace and can advise you in the specifics of our very specialized market.