Happy New Year. What better way to start of the year than with Whistler real estate news for January 2020. This month I have focused on the overall Whistler market. This can be done because the numbers for each segment are so small. The three segments included are, detached houses, townhomes and condominiums.
Real estate prices are determined by supply and demand. By comparing the number of listings for sale (supply) against the number of sales (the demand) we arrive at the sales to active listings ratio. This ratio determines whether we are in a sellers market, a balanced market or a buyers market.
In December 2019 there were 36 sales and there were 265 listings. Therefore, the Sales to Active Listings ratio was 14%. Last month we were at 17%, so we are still in a balanced market for Whistler real estate. The Real Estate Board of Greater Vancouver have decided that a balanced market is between 13% and 22%.
Over the past 12 months the Whistler real estate sales to active listings ratio has moved between a balanced and buyer’s market, with more emphasis on the balanced.
What Do The December 2019 Statistics Mean For A Buyer?
What does this mean to you, the buyer? Opportunity. If you are looking for a property which is not ski-in ski-out there is little excuse for a seller to be hanging on to a price-point which worked in 2018. You would really have to wonder about the seller’s motivation. For ski-in ski-out property, which is walking distance to Whistler village and zoned for nightly rental, expect to pay a premium…within reason.
Pricing For Luxury Homes
All luxury ski-in/ski-out property is priced at a premium. I sometimes wonder if any owner is paying attention to the current market conditions. We have seen very few price reductions since 2018, for the high-end market. The response from the seller is typically, “bring me an offer and we will negotiate” and that is what we do. These beautiful homes continue to be listed as though we were in a strong sellers market, and I do not see that changing.
For all products, you need a realistic and experienced negotiator to navigate the sales process. Please call me, if you are not working with a realtor, and let’s find you that Whistler home.
Marion Anderson PREC*
*Personal Real Estate Corporation
Sutton Group – West Coast Realty
203-1080 Millar Creek Road, Whistler, BC, V8E 0S7 CANADA