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Sales by the dollar range:
Of the 34 sales in Whistler:
Under $1 million there were 19 sales:
6 Phase 2 condos
5 Quartershares
5 Phase 1 condos
1 Residential townhome
1 Timeshare
1 Parking stall
$1 million to $2 million – 9 sales
4 Phase 1 condos and townhomes
1 Residential townhome
1 Phase 2 condo
1 Employee townhome
1 Duplex
1 Single Family home (Black Tusk)
$2 million to $4 million – 4 sales
2 Phase 1 townhomes
1 Residential townhome
1 Single Family
$4 million + - 2 sales
2 Single Family
There are currently 267 listings in Whistler (all product types) – another increase compared to last month.
Of the 6 sales in Pemberton in September: 1 single family, 1 single family on acreage, 1 townhome, 1 condo, 1 cabin in Devine and 1 cabin at Lillooet Estates2 townhomes, 2 vacant land and 1 condo.
There are currently 75 listings in Pemberton – a very slight decrease in the number of listings compared to last month.
General:
The activity over the last couple months has slowed while experiencing a broad scope of activity from properties that sell in one day with multiple offers to listings that expire after many months on the market. Several factors, including economic uncertainties and rising interest rates, have contributed to a quieter market this month, not to mention global unrest around current terrorist and war activity.
Implications for You:
- Buyers: For potential buyers, the slowdown presents a favourable window of opportunity. With less competition and potential room for negotiation, now might be the time to make your move. Inventory is increasing as well, which offers more choice.
- Sellers: If you're selling, patience and strategic pricing will be essential. Although the pace has slowed, there are still motivated buyers in the market. Properly positioning your property can lead to a successful sale.
Whistler September 2023 Real Estate Statistics: CLICK HERE
Pemberton August 2023 Real Estate Statistics: CLICK HERE
Meanwhile in Vancouver:
The month-over-month price gains seen earlier this year abated in the Metro Vancouver1 housing market in September due to a seasonal decline in sales and a modest increase in inventory levels across the region.
Sales
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales2 in the region totalled 1,926 in September 2023, a 13.2 per cent increase from the 1,701 sales recorded in September 2022. This was 26.3 per cent below the 10-year seasonal average (2,614).
"A key dynamic we’ve been watching this year has been the reluctance of some homeowners to list their homes given that mortgage rates are the highest they’ve been in over ten years. With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months."
Andrew Lis, REBGV director of economics and data analytics
Sales-to-active listings ratio
Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2023 is 17.7 per cent. By property type, the ratio is 12.6 per cent for detached homes, 21.6 per cent for townhomes, and 21.3 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“In contrast to the spring and summer, the September data suggests there may be a renewed interest on the part of sellers to participate in the market, with new listing activity rising back in line with long-term historical averages.
"This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
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