Interest in real estate in Whistler remained strong throughout the first half of 2017. Sellers continued to enjoy the benefits of a marketplace with low numbers of properties being offered for sale and strong levels of interest from home buyers and investors.
Historically low levels of the number of properties for sale has constrained activity levels below those 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 for sale and the continued strong interest from buyers, the total value of transactions and the average transaction value has increased dramatically over the previous six month periods. Total reported transaction value increased by almost 35% as compared to the previous 6 months , this resulted in the average transaction value in Whistler has increasing by over 26% to $1,144,309 for the first half of the year as compared to $904,360 a year ago.
At the end of the first half the average single family home transaction averaged $2,729,000 due largely to an increased focus on higher priced properties during 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.
Market conditions of low supply and high demand will continue to be the factors driving 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 strong tourism programs 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 can and does monitor the constantly changing marketplace and advise you in the specifics of our very specialized marketplace.
*information based on data collected from Whistler Listing Service WLS