Looking back on 2018, the Whistler real estate market certainly has seen significant change. The first quarter saw a steady rise in prices across all property types, a continued trend from the previous couple of years. In Spring of this year, that trend began to change.
“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”
What we are seeing now amongst sales of townhomes and condos is a much slower pace of increasing prices, and in some cases these properties are selling for lower prices. Listings are not being scooped up by buyers as quickly as they were at the start of the year, resulting in a larger number of price reductions. Detached homes have taken an even bigger turn towards a buyer’s market, with prices dipping more significantly.
What is evident in the graph is that Whistler benchmark prices from early-2015 to mid-2018 rose steadily. From mid-2018 until now, that trend is starting to take a turn in the other direction. Buyers can take a sigh of relief. This could be a telltale sign of what 2019 has in store.
If you’re thinking about buying or selling, I’d be happy to discuss how these changes might affect you. Call me to make an appointment today.
Happy Holidays to you and your family, and thanks for reading!
*Market statistics gathered from Whistler Listing Service Stats Centre & the REBGV Stats Centre.