Despite a slow start to the year in 2013, strong interest in Whistler real estate continued and both sales activity and the total value of all completed transactions in 2013 reached their highest levels in 5 years. As a result, the number of properties offered for sale continues to decline and we expect that this should lead to continued upward pressure on sales prices in 2014.
On a year-to-year basis, the total number of transactions increased by 10.9% in 2013. The most noticeable gains were seen in the single family market (50% for homes and 42% for vacant lots). Condominium sales and townhouse sales, which account for over 65 % of all transaction in Whistler, remained largely unchanged as over 415 properties transferred hands.
In 2013, the total dollar value of transactions increased by 17% as compared to 2012 and the average transaction dollar value increased by 6.1% (to $709,359) over the course of 2013.
Average transaction values for each property segment clearly represented the nature of properties being offered for sale in 2013. Both single family and condominium average transaction values fell (single family by 9.6% to $1,439,353 and condominiums by 17% to $315,194). This trend was the result of both the significant number of properties available in lower price ranges and because buyers continued to focus on good value at lower price points. The average value of a townhouse transaction remains unchanged compared to last year and sits at $675,000. Overall, buyers continue to be interested in lifestyle oriented properties suitable for families.
With over 75% of all transactions valued below $1,000,000, real estate in Whistler continues to be well priced as compared to other comparable resort areas, despite the town’s world class resort reputation. However, the Whistler marketplace is small and tightly traded so good value opportunities sell quickly.
Whistler continues to evolve and expand the range of recreational and cultural experiences offered to both investors and tourists. This, combined with increased confidence in the general economy world wide and in our primary target markets in the Lower mainland of Vancouver and the Pacific Rim, leads us to expect that 2014 will continue to build on the steadily upward trend we have experienced since 2010 as buyers actively pursue real estate opportunities in and around Whistler.
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