The December 2020 real estate update for Whistler focuses on the supply of real estate and the continuous demand for it. The questions is, when does pent-up demand return to plain, old demand? There have been record number of sales particularly in the last three months. In addition, new buyers are showing up and wanting to purchase their share of Whistler. Unfortunately, for a lot of these buyers, the lack of supply is slowing down their ambitions. This results in a line-up to buy most types of Whistler real estate, multiple offers on a sale, and as a result pent-up demand continues.
December 2020 Review
Looking at the year in review, no-one, not even the Bank of Canada predicted the high demand in real estate in Whistler, and the Province. We know that this demand has been driven by the low interests rates, and of course the pandemic. The question is, how long will this demand continue? For Whistler, the mountains are not going anywhere, and neither is our world famous, Whistler Village. For more statistics on the Whistler sales and new listings check out the Market Update page on this site.
Purchasing Trends in December 2020
Due to the lack of supply, there is a trend with the ski-in ski-out market. I am seeing examples of current owners buying out their neighbour and expanding their personal foot print in the slope-side developments. Some of these transactions happen between the neighbours and some are listed for all to consider. However, this means that there will ultimately be fewer sales in the ski-in ski-out locations. Maybe it’s time to get into this segment of the market, while you still can.
Below is the monthly real estate market update for Whistler, October 2020. This month I cover the result of the increased number of new listings since May, and the increased demand from Buyers. This has taken the Whistler real estate market from a Balanced Market into a Seller’s Market.
For more information on the Whistler Real Estate Market, check out the Market Update page on this site.
If you are not already working with a Whistler realtor, and you think I can help you, please call me.
The following charts show 5 years of sales and new listing statistics for Whistler Real Estate. These embedded statistics are courtesy of the Real Estate Board of Greater Vancouver, of which Whistler is a member. If you have any questions on these, please reach out to me.
From the sales graphs below, we can see that over the 5 year period there has been a drop in the number of sales which has coincided with a Seller’s market from 2017 to the end of 2018. Since May 2020 we have seen an increase in sales.
SALES TO ACTIVE LISTING RATIO
For more information on statistics and the real estate market in Whistler, check out the Market Update page on this site.
What effect has Covid-19 had on the Whistler Real Estate market? One way to measure this effect is to look at supply and demand. To measure supply we count new listings, and to measure demand we count the number of sales. In addition, we then compare these 2020 statistics to the same week in 2019. The following statistics were taken from the Whistler Listing System.
Effect of Covid-19 on Whistler Real Estate Supply
Effect of Covid-19 on Whistler Real Estate Demand
Tracking the Whistler Real Estate Market During Covid-19 Pandemic
For more information on the real estate market in Whistler, please check out the Market Update page on this site. I post the stats on my Twitter account and on my Facebook account, so if you are looking for a regular update please follow me on those. The link is on this home page.
Weekly, I aim to compare 2020 Whistler real estate market to 2019. Now, 2019 was a big adjustment from 2018, which was a very strong seller’s market which ended abruptly in December 2018. Since January 2019, the overall Whistler market has been fluctuating in and out of a Buyer’s Market. Since March 13th, it is safe to say, that with the drastic reduction in sales, and the number of new listings, Whistler real estate is now in a Buyer’s Market. Please note, the number of listings has also declined, but it has not declined nearly as much as the sales…so far.
The following video will give you an overview of the Whistler Real Estate Market News as of November 2019. This means that the statistics are for October 2019, as the November statistics cannot be released until December 1st. The real estate statistics are provided by the Real Estate Board of Greater Vancouver (REBGV). To see the full, five page statistical report, go to the Market Update page.
When you have a look at the following chart it is simple to see that there has been decline in the number of houses sold over $3M, YTD in 2019 over 2018. Year to date (YTD) is from January 1, 2019 to September 30, 2019.
The sales stats were compiled to help those who were considering a detached house, which was ski-in/ski-out on Whistler Mountain or Blackcomb Mountain. Those detached houses used to be sold around $3M back in 2014 when I started this website. Now, those houses start at $5M, but the statistics are committed to a $3M starting price.
The following video will give you an overview of the Whistler Real Estate Market News for September 2019. The real estate statistics are provided by the Real Estate Board of Greater Vancouver (REBGV). To see the full, five page statistical report, go to the Market Update page. The statistics are linked to the REBGV and they are automatically updated, usually by the 5th of the month at the latest.
Are you considering the purchase of a Whistler Phase 1 condo? Perhaps in the Aspens? Phase 1 means that the property is zoned for nightly rentals. Can statistics help you determine when to buy real estate? Let’s take an example of a client looking for a one bedroom, Whistler Phase 1 condo. They have narrowed the search down to the Aspens on Blackcomb Mountain. The clients don’t want to buy at the top of a down market, and of course they want to feel as though they are getting value for their money. So, can statistics help them with their decision. Let’s have a look at the video.