Real estate activity has strengthened significantly in the 3 month period ending September 30, 2013. The total number of sales reported to the Whistler Listing system reached its highest level since 2009. Continued high levels of interest from investors and buyers will ensure a strong finish to the calendar year and a return to the local real estate market performance experienced prior to the financial collapse of 2008/9.
The year-to-date sales activity levels have increased by almost 6% as compared to the same period a year ago. The total value of those transactions has increased by approximately 16% to $335 million dollars. As a result, the average price of a real estate transaction has risen by 13% to $729,335.
Although all sectors of the market have shown considerable activity and strength, the single family home market and the single family vacant lot market continue to lead all sectors in terms of market performance. Activity levels as compared to a year ago have increased by more than 50% in both sectors and interest continues to be strong. As of the end of September, the average reported sales value of a detached home was $1,408.000* and for a single family lot was $1,260,000.
The condominium and townhouse markets continue to be the most active markets in Whistler (despite what has been reported in both national and regional media outlets). Both are on track to meet or exceed last year’s performance in terms of activity and total sales value. To date, the current average value for a townhouse sale is $706,000*, while condominiums are at $328,800*.
As a result of improving sales activity over the last 24 to 30 months, there has been a steady reduction in the number of properties available for sale (listings). In our opinion, this has begun to place upward pressure on prices across the market place. Multiple offers on properly valued properties are not unusual and sales prices above the offered price are occurring. To be successful, a buyer needs to be prepared, informed, and decisive to achieve their objectives.
Our recent summer season was the best on record in terms of summer occupancy and tourist visitation. The winter season is trending positively and, with snow on the mountains already, it is shaping up to be a busy winter as well. Worldwide, our target customers are more confident and comfortable making investments in first class, high quality recreational property and we believe our marketplace will continue to demonstrate real vitality.
As the market is currently very dynamic, please give us a call and we will gladly provide you with the most up-to-date information.
figures rounded to the nearest ‘000