Whistler Spring - April 2012 - Resort & Market Update
Officially the "Winter Snow" season has ended ( as of April 22) and the "Spring" season is gearing up. The snow in valley is gone and we are waiting to see our first hungry bear munching on some fresh skunk cabbage. A sign that Spring is in the Valley!
The winter season ended much like it started back in November with March being a banner month for snow. And with the current snow pack on Blackcomb Mountain (114 in / 290 cm) there will be some great late Spring skiing and riding until May 28.
Overall the winter of 2012 was a positive one, excellent snow conditions, skier visits up over the previous year and 1st Quarter real estate sales slightly ahead of last year.
Tourism Whistler reported hotel room nights up from last year although the average daily room rate was down slightly. The "Rubber-Tire" market (Vehicle Transport) continued to contribute the highest numbers with the majority coming from BC and to a lesser extent Washington State. The top destination markets (Airline Transport) were up from last year with the US, UK, Ontario and Australia leading the way.
On the real estate side, 1st Quarter sales continued to build on the activity we saw last Fall. First quarter sales totalled 123 compared to 108 for the same time in 2011 (excludes Shared-Ownership, Timeshare and Employee Housing) . Total Shared-Ownership sales were 12 compared to 15 in 2011 Q1. Currently there are 685 Whole-Ownership Listings on the Whistler Listing System (WLS) and 103 Shared-Ownership Listings. (Source WLS).
Most real estate analysts determine the state of a local market by the "Listings to Sales Ratio" or the "Absorption Rate". The "Listing to Sales Ratio" is determined by the Monthly Number of Sales Divided by the Total Number of Listings. The Rule of Thumb is; Seller's Market over 20% / Balanced Market 15%-20% / Buyer's Market - below 14%.
Although the overall Whole-Ownership market conditions in Quarter 1 indicate a balanced market ("Listing to Sales Ratio of 17.9% with 123 sales/ 685 listings), in my opinion most Property-Types in the Whistler market still favour a "Buyer's Market". However due to the "Complexity" of the market, the variety of "Property-Types" and "Range of Values" one must examine the specific "Micro-Market" to determine the exact status.
Using "Listing to Sales Ratio" ( Monthly # Sales Divide Total # Listings) the Chalet market in the $1M to $2M range is a Buyer's Market. For example, in March there were 40 listings in the $1M to $2M range and 3 sales (3/40 = 7.5%). If there is a specific area of the market that is of interest to you, drop me an email or phone call.
In summary, the post-Olympic market of the past two years is still prevalent: price reductions are common and buyers are still selective as they look for good valued properties with motivated sellers . However I believe we are nearing the bottom of the price cycle. Properties that are priced right, sell. It appears for most property-types the current selling prices are setting the new "Baseline Values." However there can be exceptions especially with property-types or condo complexes that have weak demand and insufficient sales.
Overall Whistler continues to be an attractive "Lifestyle" purchase. It is a place for family and friends to connect and enjoy. As we look ahead, the 2012 market should be very similar to what we saw in 2011 as we work towards a more balanced market in 2013.
Feel free to send me an email if I can assist you further.
Enjoy the late Spring and early Summer. See you around Whistler!
RM
