It’s hard to talk about Whistler lately without someone mentioning how crazy it is.
Maybe it’s the weather – how crazy awesome this past winter was, and how crazily beautiful this spring has been.
Perhaps it’s Whistler Blackcomb’s performance – coming off a crazily busy, crazily successful season and gearing up for what is sure to be an equally successful summer.
More likely than not, it is the Whistler real estate market they are talking about. It’s almost impossible not to use the word “crazy” when describing the insatiable demand, rising prices, and record-breaking low inventory levels the market is currently experiencing. Here are some stats that paint the picture of just how, well, crazy the market has really been.
Arguably, the data that has seen the most shocking changes is inventory.
Inventory represents the supply of properties on the market. For those of you who took Econ 101, you know that if supply decreases while demand stays the same or increases, prices are likely to rise. Low inventory levels are a catalyst for the overall condition of the Whistler real estate market.
Just how low are inventory levels?
In April 2016, 276 properties were listed for sale. Compare this to:
- April 2015: 468 properties
- April 2014: 512 properties
- April 2013: 658 properties
- April 2012: 788 properties
- April 2011: 875 properties
Notice a trend?
Days on Market
In the last couple of months, the number of days properties have been sitting on the market – in other words, the number of days between the property’s list date and selling date – has plummeted. With low inventory, buyers are ready to pounce when a property is listed for sale.
The average number of Days on Market for a property in April 2016 was a mere 34 days – that’s the lowest it’s been in the previous 10 years, or as far back as we have data for.
Given the above, it should come as no surprise that sales prices are steadily trending upward.
For the past couple of years, the median sales price has been somewhere in the $500K range – last month, it was $749,500.
In April 2016, the median sales prices for various property types were as follows:
- Chalets: $1,523,500
- Town homes: $749,000
- Condos: $425,000
- Vacant land: $1,150,000
Volume of Sales
Here’s a fact that will really stick with you: the total number of sales in the first four months of 2016 – January through April – exceeds the total number of sales for ALL of 2010. In fact, 2016 sales to date exceed the numbers for the entirety of 2011, too. If the rate of sales continues at this pace, we are sure to see a record-breaking year.
Of course, with inventory levels dropping, it will be interesting to see if the current volume of sales can be sustained.
While I don’t have statistics available for multiple offer scenarios, anecdotally I can tell you that they are becoming increasingly common. It is no longer rare for real estate salespeople to specify that the owner will not look at offers until a given date (usually a week or so from when the property is initially listed for sale). Offers must be competitive in order to be considered.
The craziest thing of all just might be the fact that, despite the flurry of activity, Whistler still remains a good deal compared to many other ski resorts in North America. When you throw in record low interest rates and a low Canadian dollar, it really is no wonder that Whistler real estate is garnering so much attention.
Eager to get into the market yourself? Keen on cashing in on your own Whistler property? Contact me to navigate through these wild times!
(All figures obtained from the Whistler Listing System)