The number of sales in September was up marginally from August – however, September did not see the usual spike in the number of sales normally experienced at this time of year. We have typically seen (on average) 80 sales in the month of September. In September of this year, we had 49 sales.
The good news is that inventory is still low and that there has been no increase in inventory over the last month. There are currently 243 listings in Whistler (a slight drop from a month ago) and 78 listings in Pemberton (also a slight drop compared to a month ago) .
As we move through the fall, we expect the sales activity to keep the number of properties offered for sale low. As always, outside factors such as government policy, interest rates, economic cycles and exchange rates can have a significant impact on the decision making process for both buyers and sellers in Whistler. As Whistler is a small and nuanced market, it can react to these factors differently than may be expected or experienced in a typical urban market.
However, it is difficult to ignore all of the media talking about the record drop in sales in the Lower Mainland as so many of our buyers are from the Lower Mainland. Gregory Klump, who is the Canadian Real Estate Association’s Chief Economist, says “it’s the balance between sales activity and the number of homes for sale that sets the tone for pricing environment. In markets with an abundant supply of homes and slower sales activity, buyers have the upper hand when it comes to negotiations over price. However, in places where buyers are keen to make a purchase but there’s a shortage of homes for sale, sellers are in the driver’s seat when it comes to price.” In Vancouver, there is currently a high number of homes for sale so it has become more of a buyer’s market. Whistler is unique in that we are still experiencing a shortage of properties for sale but we are also experiencing a lower than average number of buyers – so it is not clear who is in the driver’s seat right now!
There was a total of 49 sales in September. Of these 49 sales for the month:
24 were under $1 million:
- 5 shared ownership
- 7 Phase 2 condos
- 5 Phase 1 condos
- 4 Phase 1 townhomes
- 1 Residential condos and townhomes
- 1 Single family home (Pinecrest)
- 1 Timeshare
15 were between $1 million and $2 million:
- 6 Phase 1 townhomes
- 3 Residential townhomes
- 6 single family homes
5 sales were between $2 million and $3 million:
- 3 single family homes
- 1 townhome
- 1 vacant lot
5 sales were over $3 Million
- 3 single family homes
- 2 townhomes
In Pemberton, the total number of sales in September was 13: 4 vacant lots; 1 single family home and 8 townhomes
The statistics above show the total dollar volume of sales and number of sales in each category - chalets (single family homes), condominiums, Phase 1 condos, Phase 2 condos, duplexes, shared ownership, town-homes and vacant lots. It also has the total of all these categories. This includes all sales reported by all the real estate companies in Whistler.