Whistler Real Estate Shifts to Buyers Market
For the first time since May 2020 the Whistler real estate market* is experiencing a shift to a more balanced market and in some sectors, a shift to a Buyers market. Overall, July saw 183 active listings of Chalets, condos and townhomes with 18 sales, for a Sales to Active ratio of 10%.** This compares to February which saw 88 active listings and 63 sales. This equated to a 72% sales to active ratio. Since February, the Whistler market has seen a 103% increase in listings and a 70% decrease in sales.*
What is the difference between a sellers and a buyers market?
A buyers market is when there are more homes for sale than there are buyers. The result is prices will in most cases decrease or increase at a pace below the average rate of inflation. In contrast, a seller’s market is when there are more people looking to buy than there are homes available. This causes a rise in price above the long-term average rate of inflation. The Real Estate Board of Greater Vancouver provides the sales to active listings ratios here.
Single Family Homes for sale
Single family home sales in July totaled 3, with 67 active listings for a Sales to Actie ratio of 4%. March saw a high of 14 sales with only 31 active listings. This gave a ratio of 45%. Since March listings have increased 116% with sales decreasing 78%.
Townhouses for sale
Phase I townhomes saw 4 sales in July and 26 active listings for a ratio of 15%. February saw the highest month with all listings being purchased. Since February listings have increased 160% and sales have decreased 75% percent.
Condos for sale
Phase I condos saw 2 sales in July with 43 active listings. This equates to a 5% sales to active ratio. March saw 18 sales and 19 new listings for a 95% ratio. Since that time listings have increased 126% and sales have decreased 88%.
Hotel Condos for sale
Phase II condos saw a slight resurgence in July, posting 6 sales with only 25 active listings for a ratio of 24%, up from 15% in June. Overall the hotel-condo market saw positive demand. March saw a 85% sales to active ratio with 11 sales and 13 active listings. Since then, listings have increased 92% and sales have decreased 45%.
Residential condos saw 1 sale and 4 active listings in July. This represents a 25% sales to active ratio, with residential townhouses seeing 2 sales in July from the 13 active listings.
For 2022 Whistler is sitting at an average sales to active ratio of 42%. It’s likely this number will see downward pressure, but overall demand for resort real estate remains strong and unlikely to remain in a sustained buyers market for long. 2021 saw an average ratio of 51%, 2020 an average of 20% and 2019 an average of 16% – all years leaning towards a sellers market. With limited supply and steady demand, the Whistler market remains bullish.
Chalet, condo, Duplex, Townhouse and Triplex active listings and number of sales Jan. 2018 to July 2022:
*Statistics from Whistler Listing Service August 2 2022 for Chalet, townhouse and condos. Deemed reliable at time of publishing, the data is subject to change. Nick Swinburne Personal Real Estate Corporation does not take responsibility for changes in data.
** A Buyer’s market is considered anything below 12%; balanced between 12% – 20%, and a seller’s market is above 20%.