Sales activity in the Whistler marketplace continued to be brisk throughout the third quarter of 2017, albeit at a slower pace than the first half of the year. Overall, the total number of sales was 16% lower than the previous quarter, and 13% below the same period one year ago. This still represents a historically above average pace of business, and the slowing of sales can largely be attributed to the low number of properties being offered for sale.
Interest in investment in Whistler continues to be high and this, combined with the restricted supply, has led to a continued upward movement in values. An increased attention towards luxury properties (those over $2,000,000) in 2017 has also moved the dial statistically as almost 13.5% of all transactions occurred in this high-end market segment.
Currently the median transaction value of a single family home is $2.04 million, an increase of 19.5% since the end of 2016. Townhouse median values have risen to $899,000, an increase of 11%. Median condominium values currently sit at $487,000, an increase of 24%, and median values for single-family building lots are at $1,295,000. It must be noted that each individual market segment is best defined as a ‘micro’ market, so individual situations may vary significantly from the statistical average.
Going into winter we expect the existing framework of supply and demand to be the determining factor impacting activity and sale values. The heightened energy and interest generated by the new Vail Resorts ownership, combined with our growing traditional target market in Greater Vancouver, a predictable economic outlook, and the expectation of a great snow year, should ensure an active season for the community and the real estate market.
As always we encourage you to speak directly with one of our advisors to make sure you are fully up-to-date with our very dynamic and specialized real estate market .
Whistler Listing System statistics, October 2017.