Market Report 2010

The fourth quarter of 2010 showed a strong rebound from quarter three in terms of both total value of sales and total number of sales. Combine this with a significant decline in the number of properties offered for sales, and the 2010 real estate market ended in a high note and leads us to believe in a positive market environment for 2011.

Although the total number of sales was unchanged as compared to 2009, the total value of sales increased by approximately 10% for the year.

On the single family front, sales volume, unit sales, average price and median price remained largely unchanged from year to year. Average sales price remained at just over 1.5 million dollars with a median value of approximately $1,095,000. Activity was consistent throughout the year, with a total volume of 85 sales valued at $123,602 million.

The townhouse market was the strongest market in 2010 with significant increases in unit volume, dollar sales volume and average price and median value. Average values increased to $779,535 by year and with a median value of $632,000. This activity is reflective of changing trends in consumer preference to smaller, less expensive family property with less upkeep, yet providing year round enjoyment. Increasingly rental income is not a priority for the majority of our buyers. The 154 sales last year valued at over 120 million dollars represent a 40% increase from the year before.

Condominium sales declined during the year reflecting a concern with the rental income and increasing ownership costs. Total sales value and unit sales declined by about 10-15% to approximately $382,000 from the year before. Interestingly median value remained relatively stable in the condominium sector, indicating a narrowing of range of value a the lower price points.

After several years  of low-activity, building lot sales showed a strong recovery, reaching the highest number of  sales recorded since 2002. This was largely due to new offerings at Lakecrest & Baxter Creek. Despite the interest, average price for a lot fell by 15% to $1,004,364 with a median value of $925,000 (the lowest level since 2003). Clearly this segment of the market continues to adjust to the number of lots available for sales and to consumer preference for existing, built properties at a lower end price point then indicated by current lot values on a residual basis

Although our visitors and customers come from all over the world, the great source of buyer for real estate in our own marketplace continues to be the Lower Mainland. Fully 60% of our buyers are located in the greater Vancouver metro area. The second largest market is buyers with addresses located in Whistler. When combined with all other Canadian purchasers, fully 85% of all properties purchased in 2010 were purchased by buyers with Canadian addresses.

On a percentage basis, U.S. buyers continue to be our third largest source of purchasers despite recent issues with the exchange rate. It will be interesting to see how this will play out going forward if the dollar stays at par.

Following the U.S., buyers from the Pacific Rim (Australia, Hong Kong, Singapore, etc.) continue to show a strong interest in Whistler, and in light of the growing strength of their economics and their interest in Vancouver, we expect to see steady growth in this area. As always much of our success in selling real estate is a function of our success as a tourist and recreational destination. Changing trends in travel decisions and preferences will need to be watched closely as will the larger economic factors which impact discretionary buying decsions.

Source: The Whistler Real Estate Co. Ltd.