Estimated reading time: 3 minutes
Quick Market Stats – October
- New listings: 90
- Sales: 53
- Inventory: 294
- Market type:
- houses: buyers
- townhouse: balanced
- condos: balanced
Key Takeaways
- In October, there were 90 new listings and 53 sales in the Whistler market, with an inventory of 294.
- The market type varied: houses leaned towards buyers, while townhouses and condos showed a balanced market.
- The HPI declined significantly from the COVID peak, with houses down 15%, townhomes down 6%, and condos down 20%.
- New listings have consistently outpaced sales over the past two years, increasing inventory and putting downward pressure on prices.
- For more detailed statistics, visit the Market Update page on the website.
Overview
Let’s talk new listings. At the end of the month, we measure the number of new listings and the number of sales. And when there are more new listings than sales, then inventory grows. And any increase in inventory puts downward pressure on pricing.
For the past 2 years, we’ve seen double the amount of new listings to sales. The buyers are waiting for prices to drop, but the Whistler market is small, and when you dive into the number of properties listed for sale that are in a great location, recently upgraded with permits, and have a desirable layout, well, there aren’t that many properties that fit the bill. Whistler realtors know their market and price properties based on demand. This is especially true for townhomes that have a covenant for nightly rentals.
When a realtor bases the pricing on supply, they take into consideration, for example, all the 3-bedroom townhomes in Whistler. By basing the pricing on demand, they know from their own practice and brokerage how many colleagues have buyers looking for a 3-bedroom in a true ski-in ski-out location. The experienced realtor prices the property based on their experience of the probable demand.
Peak of the Market
COVID is recognized as the peak of the real estate sales, not only with the number of sales, but also as the peak of the pricing for each segment. Detached houses, townhomes and condos were flying off the shelves with multiple offers during 2021. On the Market Statistics page, the HPI graphs will show you the decline in the value of detached houses, townhomes and condos since the COVID peak.
Statistics
There are plenty more numbers on the Market Statistics page on this site. On that page, you can see the number of new listings and sales for the past month in each neighborhood in Whistler.
FAQ
Overall, Whistler was in a Balanced Market, but each segment was different. In Whistler, detached houses remain in a Buyer’s Market.
The price. Pricing a house is not based on cost/sq. ft. of the last sale in the neighbourhood, so it is easy for sellers to overprice their beloved home above market value.
Overpriced properties affect new listings. Even if one in five houses is priced to sell within a reasonable period of time, the four that don’t sell keep the unsold houses buyer’s market.
When you work with an experienced Buyer’s agent, buying a property is an educational process, and you will learn how to determine value.
Overall, it has dropped 17%. Each segment is different. Houses have dropped 15%, townhomes dropped 6% and condos have dropped 20%
Next Steps
Please contact me if you are considering the purchase of real estate in Whistler. I know I can help you sort through what you need or want, compared to what Whistler has to offer.
Marion Anderson Personal Real Estate Corporation
Sutton Group – West Coast Realty, Whistler, B.C.
marion@marionanderson.com (604) 938-3885