|Happy Thanksgiving! I hope you are all gearing up for a weekend full of turkey (and perhaps a visit to Whistler Blackcomb's big Turkey Sale -- this is the time to get any gear you might need for the upcoming season!)
It's hard to believe that we are already a few weeks into fall and just over a month away from skiing. Time flies! It was a very busy summer here in Whistler, both in terms of activities around the village and activity in the real estate market. Here's a review of what happened in the third quarter of 2015.
Inventory: The New Whistler Real Estate Buzzword
Inventory has been a hot topic in 2015. Inventory refers to the number of listings on the market -- in other words, the houses that are presently for sale.
Consider the following figures. They represent the average number of listings for sale at any given point throughout the indicated year.
Notice a trend?
- In 2013, the average number of listings was 611
- In 2014, it was 507
- In 2015 (to date), it is 482
In Q3, we actually saw inventory rise just a bit -- July saw an average of 521 listings, up from the mid- to high- 400s we'd experienced earlier in the year. It ended up being just a blip: by September, we were back down to 477 listings.
Low inventory often means it's a seller's market. But is this the case in Whistler?
While it's true that buyers need to move quickly if they see something they like, buyers are still looking for properties that represent good value. In other words, they aren't overpaying.
Sales Prices Are Up - Sometimes
Average sale prices for single family homes (chalets) was $1,630,000 in Q3 -- not far off from the average sales price for 2014, which was $1,624,000.
Having said that, average sale prices for condos and town homes crept up in Q3. These properties are often in high demand, as they tend to be well located with options for renting them out when they aren't being used by the owners. Sellers, this could be a good time to cash in on your Whistler condo or town home.
To sum it all up, the Whistler real estate market is hot right now. With low inventory but lots of interest from buyers, properties are selling faster and faster.
Sellers -- particularly condo and town home owners -- you might be thinking about cashing in on your property while demand is high. Give me a call if you'd like to talk about your options.
Buyers, if you dream of owning a Whistler property, you need to get organized. Properties are in high demand and are moving quickly. I can help you work out an action plan to get you started.
If you have any questions about anything discussed above -- or anything else pertaining to Whistler -- please touch base. Enjoy your holiday weekend!
- 50 new properties were listed for sale in Whistler and Pemberton over the past two weeks.
- 50 properties sold in Whistler and Pemberton over the past few weeks. NONE sold over the listing price (though a few were close), indicating that buyers won't pay just anything to get their hands on a property.