A Stable Market & Summer Sunshine in the Forecast!
Finally summer is here....at least that's what the calendar says. After a fantastic winter with many epic snow days and a cool non-existent spring, the anticipation of some summer sunshine and warmth is a welcoming thought. But when? It seems we get two days of summer then six days of fall. I guess that's life on the West Coast!
Although our spring and summer weather hasn't been stellar, at least our local real estate market has continued to show signs of growth and stability compared to the past two years. 2011 Year to Date sales (Jan-June) total 258 compared to 214 for the same time last year and 168 for 2009. See below for the past 5 years.
January-June Sales 2007-2011 (Note: Employee Housing & Timeshare excluded).
2011 = 258 / 2010 = 214 / 2009 = 168 / 2008 = 317 / 2007 = 450
So far this year the number of monthly sales has been relatively consistent month to month ranging from a low of 33 in January to a high of 50 in March. Average per month = 43.
Residential townhomes have been the most popular property-type with buyers. The most active price range for Whistler buyers has been between $350,000 to $900,000. Next in line are higher-end townhomes and single family chalets in the $1.1M to $1.8M range. One key focus for buyers are properties that are exempt of the HST.
Sales by Property Type / Jan-June 2011
Single Family Chalets = 44 / Unrestricted Condos = 43 / Restricted-Use Hotel Condos = 38 /
Townhomes = 75 / Strata Duplexes = 5 / Vacant Land = 7 / Quartershare =36
Total Sales per Month TYD 2011
Jan - 33 / Feb = 39 / Mar = 50 / Apr = 43 / May = 46 / June= 47 / Average = 43.
The buying trends of the past several years are the same trends driving today's market. Lifestyle, recreation and principal-residence are the key reasons for buying. The majority of buyers continue to be from the Metro-Vancouver area with a limited number of buyers from the Western US & Asia.
In general, listing inventory for most property types remains high compared to the number of sales. The "Rule of Thumb" (Active Listings versus Sales Ratio) for determining a Seller's or Buyer's market indicates a Buyer's market for most property types. As a result, buyers should continue to have a good selection of properties. And as we have seen over the past several years, buyers will continue to look for motivated sellers, properties that meet their needs and offer good value for their investment.
Have a Great Summer and I hope to see you in Whistler... in the Sunshine!!
(Disclosure: In our endeavours to provide information to past and current clients, we periodically send real estate related information such as this. However, should you not wish to receive future mailings, please let us know and we will remove your name from our database. This communication is not intended to cause or induce breach of an existing agency agreement. All sales data is from the Whistler Listing System. E&O. E)
