The Whistler real estate market started slowly in 2019 and developed in parallel with the trends in British Columbia that started in the second half of 2018 and continued into the first half of 2019.
However, a strong rebound in consumer confidence combined with low interest rates and a strong tourist season led to the market returning to historical activity levels in the second half of 2019.The average overall transaction remained essentially unchanged at 16% compared to 2018 and was at the end of the year at $ 1,247,388.
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However, different categories of the market achieved different results in 2019, which should be highlighted to better understand where we are on our way to 2020.
Detached houses in Whistler
Despite a decline in activity of around 12%, the average transaction value remained largely unchanged compared to the previous year and stood at $ 2,881,000 at the end of 2019. Over the course of the year, the number of properties offered for sale increased steadily, as did the total number of listings and the average time on the market. From 2020, there will be a balanced market for single-family homes, especially for single-family homes below $ 3,000,000.
Terraced houses in Whistler
The row house market saw both an 18% decrease in activity and an 11% decrease in average transaction value. At the end of 2019, the average retail value of a townhouse was $ 1,354,000. Much of the behavior in this sector is due to lower sales of luxury townhouses, with an emphasis on real estate that offered short-term rentals while offering fewer offers on the market. The total value per square foot was constant at $ 1,150.00 per square foot. The average time on the market also remains largely unchanged and the number of listings has not increased. From 2020, we expect a balanced market with a continuing strong interest in low-cost terraced houses that offer rental opportunities. We expect the sales value to continue in the $ 1,100 to $ 1,200 per square foot range.
Condominiums in Whistler
Similar to the last two sectors, the condominium market saw a 15% decrease in sales activity in 2019 compared to 2018. However, with over 200 sales, it was the most active part of the market. Strong demand for condominiums resulted in a 9% increase in transaction value to $ 733,000. Real estate that offered the possibility of managed or personally managed rental income, like the townhouse sector, was extremely popular and often led to several offers in the second half of the year. Overall, the total number of listings declined slightly, while average market days rose to 43 days, which still indicates a seller’s market.
Whistler’s luxury market
The luxury market in Whistler (property over $ 3,000,000) is a highly specialized, unique market that is difficult to analyze. This is due to its small size and the unique properties that are often found with these unique properties. Overall, sales activity decreased significantly in 2019, but the average value of these transactions rose 7% over the year to $ 4,856,368 ($ 1,483 per square foot). At the beginning of 2020, the expected time on the market will gradually increase due to the slowly increasing number of properties that are available for sale in this price range compared to previous years. We would expect sellers to be patient and cost effective if they want to achieve their goals within the next 12 months. The luxury market up to 2020 can best be described as a buyer’s market.
A look ahead to 2020
In conclusion, we believe that the uncertainty and lack of trust that have influenced consumer decisions in the last half of 2018 and the first six to eight months of 2019 are behind us. Significant pent-up There is demand for all properties, with a strong focus on properties under $ 3,000,000 and properties that can generate short-term rental income. Our consultants actively pursue opportunities in these areas.
Remember that each market sector, be it by type, price range or location, behaved differently in 2019 and will continue to do so in 2020. While general trends are a good place to start, you should use the experience and insights of a market. Our local staff will help you get the specific information you need to succeed in the Whistler real estate market.
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