The first quarter of 2016 reported the most active quarter of real estate activity since mid-2004. Overall, over 300 transactions were finalized in the first 3 months of the year. This represents a 63% increase in activity as compared to the same period a year ago and a 26% increase over the previous quarter. As a result, the average transaction value has increased by 4.2% since the start of the year.
Demand for Whistler real estate is being driven by favorable exchange rates, low interest rates, extremely active real estate market activity in the Great Vancouver area, and Whistler’s ongoing evolution as a diverse year round community.
All market segments showed strong buyer interest limited only by the continued low level of available opportunities. The condominium market in particular posted its strongest quarter since 2003.
The overall average transaction value rose by 4.8% to $840,000 over the course of the quarter. However, both single family homes and townhouses showed big jumps of almost 40% in average transaction value as purchasers focused on higher value properties through the resort.
Currently, the average transaction value of a single family home is $2,284,000, while townhouses ring in at $1,042,000. Condominium values fell slightly to $314,300. Single family lots average to $1,072,000 to date and shared ownership/quarter shares fell slightly to $75,000.
Current market activity is being determined largely by what is being offered for sale and we expect that general statistical analysis will be quite volatile going forward. As Whistler is a small and it is important for buyers and sellers to look closely at more detailed data for both the type of property they are considering/selling as well as the neighbourhood in order to get a true picture of their particular area of interest.
Going forward we expect prices to remain strong as the factors driving demand for real estate in Whistler will likely remain unchanged. Sellers will continue to be firm on prices and buyers will need to be decisive to avoid disappointment.