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

Real Estate Association of Whistler - Recent News

The local real estate association in Whistler known as the 'Real Estate Association of Whistler" (REAW)  recently launched a public website portal….WhistlerListings.com

This was accomplished through REAW receiving licensing approval from the two owners of the privately owned local cooperative listing system known as the Whistler Listing System.

Here's a recent article in the Real Estate Magazine - REM*
CLICK HERE

*REM is Canada’s premier business publication for the real estate industry. REM is published 12 times a year. It is independently owned and operated and is not affiliated with any real estate association, board or company.

(Footnote: Please note in my opinion some of the reporting information in the REM article may not be 100% accurate.)

The Vancouver Sun - Whistler Properties

Here's a recent article from the Vancouver Sun newspaper on the Whistler real estate market…. CLICK THIS LINK:
Vancouver Sun - Whistler real estate market February 17, 2012

Finally Some Positive News For The Local Whistler Market…

Whistler 2011 Real Estate Market in Review

Finally some positive news for the local Whistler market….as buyers look for attractive buys and acquire well-valued properties. As a result, the end of 2011 saw the highest number of sales since 2008.

2011 Total Sales = 543 *(Excludes Timeshare & Employee Housing). Compared to the previous year - 2010 = 450* 

Since the late fall of 2008 Whistler prices have continued to be soft with motivated sellers being forced to lower their asking prices in an attempt to attract the buyers. The 2010 Olympic year side-lined most buyers as they waited to see the impact of the Olympic exposure.  Given the state of the US & World economies it really was no surprise the post-Olympic market continued to be a buyers' market with high levels of inventory.

In summary, most buyers are acquiring properties for personal use. Selling values in many cases are 20%* to 50%* lower than the peak values of the past 10 years (especially years 2001- 2003). *(Depending on the Property-Type). The outlook for 2012 should be similar to 2011 with "Value-Buys" and "Personal- Use / Lifestyle" being the reasons for acquiring a Whistler property.

The bottom line is…If one has the financial ability and a Whistler place has been on your radar, 2012 will be another good year to acquire a Whistler property. 

Here's a Snapshot of the 2011 Whistler Sales:

Highest priced sale was a luxury chalet that sold for $8.7m 

24  sales over $2m.

70 sales between $1m to $2m.

387 whole ownership sales under $1m.

62 shared ownership sales.

Here's a look at Whistler's bedroom community -  The Village of Pemberton;

Total Pemberton &  Area sales:  2011=56 vs 2010=87. 

Data Source: (WLS) The Whistler Listing System  (E&O.E).

If you want more detailed information or if you are looking to connect with a knowledgeable group of agents, drop me an email or phone call. We're here to help!

Ron Mitchell

Managing Partner / Broker

A Winter Surge in Whistler Business

From Tourism Whistler January 23, 2012


Perfect storm of conditions combine for surge in Whistler business….

Whistler, B.C. – An unprecedented snow advantage, combined with Tourism Whistler’s marketing efforts and pent-up post-Olympic consumer demand have aligned to create the perfect storm of conditions for Whistler, where bookings are up significantly this winter over last.

Tourism Whistler reports that December 2011 was the busiest December on record in terms of room nights booked, with an increase of approximately 12 per cent compared to December 2010 and a six per cent increase over the previous record held in December 2007.

Combined with increases in the month of January, February and March (room nights booked to date, as well as pace of bookings) the upward swing has resulted in a revised winter forecast from Tourism Whistler.

Research gathered originally indicated that room nights for the 2011/ 2012 winter would be up by approximately four per cent over the previous winter. With the latest numbers, however, Tourism Whistler has revised that forecast to be up by at least 10 per cent over last winter, in terms of room nights booked, making the 2011/ 2012 winter season the strongest winter since 2007/ 2008.

Improvements are being seen from all key destination markets however Tourism Whistler officials caution that the worldwide economic situation continues to play a role in resort business levels.

“It’s fantastic that we’re seeing the benefits of our efforts,” said Barrett Fisher, Tourism Whistler’s President and CEO. “Early results this season indicated a very positive response to our marketing initiatives – and there’s no doubt that we’ve effectively tapped into pent up demand.”

“However, we do have to recognize that while this is shaping up to be an exceptional winter season in terms of room nights,” said Fisher. “Consumer behaviour continues to evolve and we need to be cognizant of that and adapt accordingly.”

In addition to the success of Tourism Whistler’s marketing efforts following the unprecedented exposure from the 2010 Winter Games, Fisher pointed out several other factors affecting the positive results, including: gains in early bookings through tour operators, the resort’s early booking offers, interest generated by the Whistler Sabbatical Project, the resort’s 2011/ 2012 winter marketing campaign; and Whistler’s unprecedented snow advantage.

“Whistler capitalized on extremely positive positioning with our early booking efforts,” said Fisher, “and we know that the Whistler Sabbatical Project – which has received more than 15,000 entries and tens of thousands of viewers watching the weekly vignettes – has really resonated with people.”

The exceptional snow conditions in Whistler served to layer on additional bookings for the resort in recent weeks. Last year the resort received more than 52 feet of snowfall, shattering the average annual accumulation of 34 feet, and La Niña is helping pave the way for another strong snow season. Whistler has received 20 feet of snowfall to date and offers 8,171 skiable acres of terrain – more than any other destination in North America.

“We recognize how fortunate we are,” said Fisher. “Mother Nature has been very kind to Whistler and we’re pleased to see other resorts starting to receive some snowfall. That’s good for the entire ski industry in the long-term.”

The first few months of Whistler Blackcomb’s 2011/ 2012 winter season have been excellent, with 613 centimetres (241 inches) of total snowfall. The resort has received 68 centimetres (27 inches) in the past seven days and 28 centimetres (11 inches) in the past 24 hours. The forecast is calling for up to 45 centimetres (18 inches) this week. Visit Tourism Whistler website

Whistler WinterStart & Real Estate News - December 7th, 2011

                            Whistler WinterStart & Real Estate News

Early Winter Greetings!

Wow!  What a start to the winter season. I was lucky enough to get a little early season taste of what should be a great winter ahead when I took a little hike with a few friends on November 30^th and skied boot deep “POW” on 7^th Heaven .  Whistler Blackcomb’s E-News from today December 7^th sums up things quite well….  

November brought 312 cm (over 10 ft) of snow and one amazing opening month making it A November to Remember. Whistler called, and La Niña certainly answered. Winter has just begun and we are already beyond stoked about what this season has in store for us.  

www.whistlerblackcomb.com

Off the slopes the fall real estate market has also been somewhat “Stoked”. The past 3 months (Sept/Oct/Nov) saw the most sales activity YTD. Since September 1st the Whistler Listing System (WLS) recorded 165 Firm Sales (average 55/month).  The other most active months were June 48 sales, April & May 40 sales each.

Key Points:

  Primary buying activity is in the under-$1M price point, with 1-2 bedroom townhouse/condo properties being the most popular.  

  Chalets are selling for much less than the replacement cost.  Most activity is under $2M. Limited activity $2M to $3M.  Appears values have bottomed and are stable.

  Harmonized Sales Tax (HST 12%) is still an issue, since the primary buyer audience is from the Metro Vancouver area.  These buyers are looking for personal use rather than rental investment, so properties with HST paid are very attractive.  

  Timing is good to buy - with low interest rates and the forecast of rates dropping even further - a variable mortgage could be an attractive benefit. 

  Buyers are looking for value. Mortgage rates and selling prices attractively low. As a buyer if you can find the right property at the right price and you are looking at long term ownership, then buy now. You'll get the use and enjoyment of your Whistler Retreat immediately!                                                                                Cont’d…               

Selling Values - continue to be soft from a historical perspective. Listing inventory remains high for most Property-Types. Buyer demand is low to moderate depending on the "Property-Type." Listing inventory should diminish with the start of the winter season as many unsold listings will come off the market to be rented or used-personally.

Selling values will probably continue to be soft through 2012 as buyers look for motivated sellers and "The Best Value".

Restricted-use condo-hotel units (Phase 2) and shared- ownership (quarter-share etc): Current selling prices are 40% to 50% lower than the last 2 price peaks - (2007/08 and 2002/03).

Unrestricted condominiums / townhomes (Phase 1) in Whistler Village / Upper Village: Current selling values are off 15% to 20%.

Residential homes, cabins, townhomes & condominiums: These properties have weathered the post October 2008 financial storm much better - dropping 10% to 20% - since 2007.  Moderate buyer demand mainly supported by Greater Vancouver & local buyers, buying for personal-use. Most people feel the single family home market has bottomed-out and stabilized.  

In my opinion...It's a good time to buy if you can find the right property at the right price and you are buying for the right reasons. However it appears many potential Whistler buyers are still waiting and watching.  

For sellers it is a challenging time to get the values they want. Sellers want values to increase and buyers want prices to come down.  The question is “What will happen in 2012?” Only time will tell. 

What we do know is… It’s one of the best early season starts to the winter and it will be a great season in Whistler!  If you have a place here, then enjoy it with your family and friends!
   

                       Have a Great Holiday Season and Enjoy the Winter Snow!

                                                                 Warm regards,

                                                              Ron Mitchell

                                   

Office: 604.935.3380 / Toll Free Canada & USA: 1.866.978.8866

Email: MoreInfo@SuttonWhistler.com 

Web: www.SuttonWhistler.com 

36-4314 Main Street, Whistler BC Canada V0N 1B4

*Newsletter compliments of Ron E. Mitchell / Managing Broker. / Sale Data Source – Whistler Listing System. E&OE                                

Fall 2011 Real Estate Market - Whistler Canada

September and October were the 2 busiest months year to date for 2011. In September there were a total of 54 Firm Sales in Whistler.  October followed the trend of September with 53 Firm sales.
The other most active month was June 48 sales.(April & May had 40 sales each).

Selling Values - continue to be soft. Listing inventory is high for most property-types. Values will probably continue to be soft as buyers look for motivated sellers and the best deal.

Re: Restricted-use condo-hotel units and shared- ownership (quarter-share etc): Current selling prices are 40% to 50% lower than the last 2 price peaks - (2007/08 and 2002/03).

Re: Unrestricted  condos/townhomes in Whistler Village / Upper Village: Current selling values are off 15% to 20%.

Re: Residential homes, cabins, townhomes, condos: These have weathered the post October 2008 storm must better - dropping 10% to 20% - since 2007. Mainly supported by Greater Vancouver & local buyers. Buying for personal use.

In my opinion...Many potential Whistler buyers are still waiting and watching.  The question - Will some property-type values dip further? That's a difficult one to predict... Crystal Ball Real Estate? As always... Time will Tell.