Home buyer demand continues to be relatively slow in Whistler but winter has finally arrived.
In November we had a total of 29 sales in Whistler. How this compares:
In Whistler in January we had only 19 sales but in February this number more than doubled with a total of 44 sales; in March we had a total of 51 sales and in April we had a total of 56 sales. In May we had a total of 64 sales, proving to be the busiest month for sales in 2023 - in June we had a total of 38 sales, July we had 39 sales and in August it was one of the quieter months with 31 sales. September was not as busy as expected and predicted, with 34 sales and October rebounded with 58 sales.
Sales by the dollar range:
Of the 29 sales in Whistler:
Under $1 million there were 12 sales:
3 Phase 2 condos
3 Shared Ownership
3 Timeshares
2 Phase 1 condos
1 Residential townhome
$1 million to $2 million – 7 sales
3 Phase 1 condos and townhomes
2 Single Family (BlackTusk)
1 Residential townhome
1 Employee townhome
$2 million to $3 million – 3 sales
1 Phase 1 townhome
1 Residential townhome
1 Single Family
$3 million - $5 million - 4 sales
3 Single Family
1 Phase 1 townhome
$5 million+ - 3 sales
2 Single Family
1 Phase 1 townhome
There are currently 262 listings in Whistler (all product types) – a drop as a result of the increased sales activity (particularly in October) and a few properties coming off the market as we get close to the Christmas holidays.
Of the 8 sales in Pemberton in November: 1 single family, 1 single family on acreage, 4 townhomes, and 2 condos.
There are currently 68 listings in Pemberton – also a slight decrease in the number of listings.
Activity in October rebounded to more typical fall levels but November has been a slower month for sales in the Whistler area.
Several factors, including economic uncertainties and high interest rates, have contributed to a quieter market this month.......not to mention global unrest around current terrorist and war activity.
Meanwhile in Vancouver:
Balanced conditions come to the Metro Vancouver housing market for the holiday season
With less than a month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver1 among the largest selection to choose from since 2021.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,702 in November 2023, a 4.7 per cent increase from the 1,625 sales recorded in November 2022. This was 33 per cent below the 10-year seasonal average (2,538).
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Andrew Lis, REBGV’s director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 was 16.3 per cent. By property type, the ratio was 12.7 per cent for detached homes, 19.8 per cent for attached, and 18.2 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.
“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven per cent earlier in the year,” Lis said. “You probably won’t find Cyber Monday discounts, but prices have edged lower by a few per cent since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”
General:
As we transition out of 2023 having experienced a number of ups and downs in the market, we are looking forward to a stronger market in 2024. The prediction is that we will see more sales and a slight increase in values in 2024 as the market stabilizes, now that interest rates have stopped rising.
We wish you a wonderful holiday and Happy New Year!
Whistler Real Estate Statistics: Click Here
Pemberton Real Estate Statistics: Click Here
