1st Quarter Real Estate Review 2022
Whistler 2022 1st Quarter Stats
In 2022 the average selling price for a single family home had risen to $5,444,868 - an increase of $1,309,716 compared to the 1st quarter of 2021.
The average price of a townhome has jumped from $1,629,470 to
$2,054,306 and condos have jumped from an average price of $1,044,676 to $1,346,963.
The total number of sales in the 1st quarter of 2022 was 221 compared to 324 in 2021. So the number of sales has dropped but the average price has increased.
It certainly appeared that the pace of real estate sales started to slow in March of this year but we are still relatively low on supply. Properties may begin to spend more time on the market, if they are not priced correctly and buyers will have more opportunities to do their due diligence, without having to worry about competing with other purchasers who are submitting subject free offers. As of today, there are 147 listings on the market - this is up approximately 25% compared to the beginning of the year but still low compared to some years, when we have seen over 1,000 listings on the market!
Whistler Breakdown for the 1st Quarter:
98 sales under $1 million
54 sales between $1 and $2 million
33 sales between $2 and $3 million
15 sales between $3 and $4 million
8 sales between $4 and $5 million
7 sales between $5 and $8 million
6 sales over $8 million
It shouldn’t be a surprise that 44% of our sales were under $1 million but this winter we did see a significant number of quartershare and 1/10th share sales as buyers are continuing to make lifestyle choices and wanting to spend as much time as possible playing in Whistler.
Pemberton is also starting to see a little more inventory coming on the market. There are currently on 27 properties on the market including single family homes, townhomes, condos and vacant land. In the 1st quarter of 2022, there were a total of 18 sales.
The interest rate increases The rate increases (the first that we have seen from the Bank of Canada since 2018) have not had much impact yet on the Whistler market. However, more increases are expected this year - will this motivate buyers to jump in before the higher rates come into effect or put buyers on their heels. If I was considering buying, I would try to lock in a rate right now before the next increase which is tentatively scheduled for the 1st week of June. This way, as a buyer, I could secure a good rate and take advantage of the slight increase in listing inventory.
Whistler March Real Estate Statistics - CLICK HERE
Pemberton March Real Estate Statistics - CLICK HERE