Whistler real estate October 2021 month in review.
Monthly active listings in Whistler fell to 84 in October. This is comprised of chalet, condo, duplex, townhouse and Triplex listings. This signifies a historic low for the Whistler real estate market, down 13% from September 2021. Compared to October 2020, there are 63% less listings available to purchase in the resort. We saw 11% less sales in October 2021 compared to September 2021. Monthly firm sales for October are down 52% year over year. Demand is still high, but reduced inventory has also reduced firm sales. Year to date firm sales is pacing at 653, compared to October 2020 which saw 484 firm sales. This represents a 35% increase in demand.
Single family homes have seen an 18% gain in year of year firm sales with a 37% increase in year to date sales volume. Phase I townhomes have seen a 87% is active listings in October 2021 compared to October 2020. we saw a 42% decrease in firm sales in October 2021 compared to September 2021. Again, lack of inventory is slowing the rate of sales. Phase II hotel-condos have benefited from the lack of unrestricted Phase I inventory. In October we saw a surge in purchases in this sector of the market, and continue to see it through November.
Active Phase II listings were up 20% in October compared to September 2021. Firm sales also increased from 6 in September to 10 in October 2021. Median monthly sale prices also increased month over month, posting a 17% increase from $339,750 to $396,000. Phase I unrestricted nightly rental condo sales saw a 14% reduction in sales from September 2021 to October. This sector also saw a 21% decrease in active listings to purchase in the same time frame. This reduction in sales can also be attributed to the reduction in available inventory to purchase.
Buyer demand continues to be strong for the resort, albeit frustrated by lack of inventory. As International travel returns to the resort, it will be interesting to see what effect the non-resident buying power working with a softer Canadian dollar will have on the resort real estate market. While some have citied a potential increase in interest rates as a potential road block to continued escalations in price; we find most people are buying with cash. An increase in interest rates likely won’t have a large impact Whistler and lenders seem to remain bullish that value is strong here in the mountains.
To view the Whistler real estate October 2021 month in review statistics for all of Whistler’s major ownership types, including active listings, firm sales and the sales to active ratio, please follow this link (click here).
The mountains open in 2 weeks and given the amount of precipitation the valley has received, I expect this winter season to be a busy one.
If you or friends have questions on our local Whistler market, please connect with us – we are also happy to discuss your goals for a Whistler purchase or sale.
My best always,
Nick
