Real Estate Prices in Whistler BC for November 2013
Real estate market data for Whistler, BC provided by Dean Linnell of The Whistler Real Estate Company Ltd.
Whistler Real Estate Prices
It's not news that real estate prices in Whistler have been on the decline since the highs of 2007. However, that slide has been quietly arrested as of last year around this time in the general real estate market (see chart below). The market now is much improved with listing inventory down to levels we've not seen since 2006/2007 (see chart below). This doesn't seem to be pressuring prices higher quite yet but this lack of listing inventory has definitely arrested the slide.
What we're now seeing in the market is a point where the lack of inventory coupled with continued strong buyer demand is pushing the list prices just slightly higher. As you can imagine, if a seller sees that there's nothing else similar on the market in his condo complex or neighbourhood, then of course he's going to ask a bit more than the last sale since he or she is the only game in town so to speak.
So, if you are considering buying a property in Whistler you can still find great deals on a house or condo in Whistler but having a good Whistler real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market and with multiple offers. As you can see from the graphs below, listings are not selling exactly for asking price but in some pocket segments they are indeed selling for very close to the asking price or even at or slightly above. To make sure you don't overpay for your Whistler property, you'll want to have an agent that does a thorough market analysis of the Whistler home on which you are making an offer.
I wouldn't expect Whistler real estate prices to run up quite as fast as they did back in the mid 2000s but the current low inventory is one indicator that prices should continue to rise albeit at a more predictable and normal rate of perhaps 5 to 7% for longer term.
The chart below shows the median sale price of Whistler homes and condos over the past 10 years. I've stripped out the quartershares and Phase 2 hotel condos from this data which can tend to skew the overall market data due to the "fringe" nature of this type of real estate in Whistler. As you can see in the chart below, in general the Whistler real estate market has declined by approximately 20% over the past 6 years since 2007. However, the quartershare and Phase 2 hotel condo market has come down by a whopping 50 to 60% in the same time period. Properties with usage restrictions placed on them at the municipal level due to restrictive covenants in the case of Phase 2 properties makes them less desirable on the whole when the market turns south. Whistler real estate buyers tend to lean towards properties that allow for liberal owner use as their first choice.
The next chart show the dramatic decline in the active listing inventory over the past several years. We're now down to inventory levels we have not seen since 2007 and it's still dropping. The moral of the story is don't sit on the fence. If you see a Whistler property that fits the bill for your needs you have to be ready to jump on it or it's going to be gone.
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