Let’s talk about the number in November 2024 Whistler and Pemberton real estate markets.
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Whistler saw a decrease in units sold with 30* in November, down from 49* in October. There were a similar number of single-family homes and townhouses sold, but only about half as many condos sold as last month. Despite the decrease, November sales remain on par with sales for the same period last year. With one month left in the year, Whistler is 28* sales away from matching last year’s sales total.
Whistler Market Recap:
Days on market for properties increased both month-over-month and year-over-year, with the median days to sell being 66 for single family, 65 for townhouses and 56 for condos. Inventory decreased slightly across all categories versus last month, but more single family, townhomes and condos remain available for sale when compared to November of last year. There were 71 new listings in November, which is the lowest number of new listings we have seen come to market in a month since January. Overall, the Whistler market is balanced, with the single-family segment of the market leaning in favour of buyers.
Pemberton Market Recap:
there were 8 sales in Pemberton in November, which is in line with both the monthly sales average for 2024 and sales in the same period last year. Sales included 3 single family, 3 townhomes, and 1 condo. Overall inventory currently sits at 64* units, down 16% from last month, and only 39* units when excluding vacant land. Median sales prices have increased slightly across all categories compared to last month. Days on market for single family homes and condos has declined significantly year-over-year, with median days on market sitting at 43 days and 7 days, respectively. The slight increase in prices and decrease in time properties are spending on the market are both being fueled by the cumulative interest rate decreases. The condo and townhome segments in Pemberton are favouring sellers, while the single-family market is leaning in favour of buyers.
From Economic Views:
From an economic standpoint, with inflation now squarely within the target range and interest rate decreases, there is potential for the Canadian economy, including our real estate markets, to rebound after two years of slow growth. Looking forward, we expect to see a slowdown in sales in December as part of the natural seasonality of our markets. The early season snow that Whistler has received is definitely a good news story and may add a bit of a boost to the typically lower sale volume through the end of the year. A possible further interest rate decrease on December 11 could drive more activity than we would typically expect in the Pemberton market in December as well.
