Whistler Market Favours Home Buyers
Buyers are spoilt for choice with inventory up by 182% compared to this time last year. There were 278 active listings in Feb 2019, compared to 153 in Feb 2018 (see line graph). Buyers are taking a wait and see approach, resulting in fewer transactions. Feb 2019 recorded 29 sales, versus 59 in Feb 2018. For Sellers, this means their property is less likely to sell quickly, and more likely to sell below asking price. Sellers would be wise in this market to price competitively. Buyers are put off by high list prices and we are seeing a lot of price reductions on properties that are listed above their market value.
Whistler’s Sales-to-Active-Listings Ratio has dropped from 39% this time last year to 10%, which indicates a Buyer’s market. When you break this down into property types, detached homes and townhouses skew this ratio more towards a Buyer’s market, as they are both at 8%. Condos remain fairly strong with a ratio of 15%. A balanced market is considered to be around 12%.
Now is a great time for home buyers to shop real estate in Whistler! Call me for a coffee and a chat to plan your real estate purchase.
*Market statistics gathered from the REBGV Stats Centre.