Back To Blog September 13, 2024

Whistler real estate market update August 2024.

As summer winds down and the cool, crisp air starts hinting at the upcoming ski season, Whistler’s real estate market is heating up. Despite the changing season, the market remains dynamic, with unique opportunities for both buyers and sellers. Demand for well-situated properties, particularly in the nightly rental sector, continues to be strong. However, with inventory levels steady in most areas, pricing strategy is key for anyone looking to make the most of the current market conditions.

The Canadian Real Estate Association’s Senior Economist predicts an uptick in housing activity by the end of 2024, making this a prime time for buyers to enter the market. For those focused on resort real estate, movement is expected to begin at the high end—something we’re already witnessing in Whistler with high-end homes and vacant lots changing hands.

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different. With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.” Andrew Lis, GVR director of economics and data analytics

Here’s an overview of the Whistler real estate market as of August 2024:

Whistler Real Estate Snapshot (August 2024):

  • Active Listings: 263, down 4% from last month, but up 49% year-over-year.
  • Firm Sales: 21 contracts, a 22% drop from July and 25% below last year’s numbers.
  • Median Sale Price: $1,720,000, up 63% year-over-year, but down 16% from July.
  • Sales Volume: $43.15M, a 26% decrease year-over-year and a 31% drop from July.
  • Months of Inventory: 13 months, reflecting a 30% increase from July and a 117% rise compared to last year.
  • Overall Sales-to-Active Ratio: 8%

Whistler Real Estate Market by Property Type:

Single Family Homes:

  • Active Listings: 95, up 1% from last month and 34% from last year.
  • Firm Sales: 4 homes sold, down 43% from July but steady year-over-year.
  • Median Sale Price: $4,317,500, up 39% from July, though still 27% lower than last year.
  • Sales Volume: $17.1M, a 36% drop from last month.
  • Months of Inventory: 24 months, an 85% increase from last year.
  • Sales-to-Active Ratio: 4.2%

Townhomes – Phase I:

  • Active Listings: 39, up 3% month-over-month and 56% year-over-year.
  • Firm Sales: Only 2, down 67% from July and 71% from last year.
  • Median Sale Price: $1,200,000, down 55% from July and 42% lower than last year.
  • Sales-to-Active Ratio: 5.1%

Townhomes – Residential:

  • Active Listings: 33, down 11% from July but up 94% from last year.
  • Firm Sales: 3, down 40% from July, but consistent year-over-year.
  • Year-to-Date Sales: 34, a 13% drop from 2023.
  • Sales-to-Active Ratio: 9.1%

Condos – Phase I:

  • Active Listings: 48, a 13% drop from July, but up 41% year-over-year.
  • Firm Sales: 8, double from July.
  • Year-to-Date Sales Volume: $100.1M, up 3% from last year.
  • Sales-to-Active Ratio: 16.7%

Condos – Phase II:

  • Active Listings: 21, down 22% from July but 40% higher than last year.
  • Firm Sales: Only 1, a 75% year-over-year decline.
  • Median Sale Price: $745,000, up 22% from last month and 28% higher than last year.
  • Sales-to-Active Ratio: 4.8%

Residential Condos:

  • Active Listings: 13, up 30% from July.
  • Firm Sales: 1 in August.
  • Year-to-Date Sales Volume: $12M.

Whistler Real Estate Market Summary

With inventory on the rise in Whistler, downward pressure on pricing may continue on the Whistler real estate market, but another potential drop in interest rates could soon drive demand back up. If you’re considering buying, now may be an excellent opportunity before prices level out or even rise heading into 2025. For sellers, patience will be crucial as the market transitions from a buyer’s market to a more balanced one.

If your property is currently on the market, strategic pricing remains key to attracting offers in today’s conditions.

Whether you’re looking to buy, sell, or explore your options, I’m here to provide expert guidance and personalized service. Let’s work together to ensure your next real estate move is a success!