Through the first quarter of 2019, sales activity in the Whistler area remained consistent with what was experienced in the last quarter of 2018, albeit well below the levels achieved during the peak of the market in late 2017 and early 2018.
Like most parts of British Columbia, the overall number of sales transactions has trended down by approximately 45% as compared to the same period one year ago. Despite the slowdown in the number of sales, the overall value of sales was $165 million, an increase of approximately 10% from the previous quarter. Average transaction values have also seen an increase by a similar percentage amount to $1,312,000.
Single Family Homes and condominiums were the strongest markets through the first three months of the year, exceeding the activity levels achieved in the last quarter of 2018 and experiencing increases in average sales values (by 2% and 9% respectively) as compared to the end of 2018.
Due to a limited number of properties being offered for sale, activity in the townhome market was noticeably slower. In this segment of the market, average sales values remained largely unchanged from the quarter before and from the same period one year ago.
The total number of properties listed and available for sale continues to increase but remains below historical levels. Days on market statistics continue to be constant at approximately 60-70 days for the typical listing. This demonstrates that buyers continue to be active in the local marketplace.
The Whistler market continues to follow its own direction as compared to surrounding regional marketplaces. As a market largely driven by discretionary decisions, the factors that drive supply and demand differ from most urban markets.
We are currently experiencing a balanced market environment after experiencing several years of Sellers’ Market conditions. Sub-categories within the market vary dramatically however and multiple offers on well-priced and well-located properties are not unusual.