As summer heats up, so does the real estate market in Whistler. July 204 has brought some interesting shifts and trends that potential buyers and sellers should be aware of. Whether you’re thinking about purchasing a home, investing in a vacation property, or simply keeping tabs on the market, here’s a comprehensive overview of the latest real estate data in Whistler.

Active Real Estate Listings See Significant Increase

The most noticeable trend in July 2024 is the surge in active listings. Compared to July 2023, there has been a 67% increase in the number of properties on the market, with 275 homes available. This is a significant rise, though it’s worth noting that the number of active listings has remained stable from June 2024. The increase in inventory suggests that sellers are eager to list their properties, but it may also indicate a cooling in buyer demand, as properties are staying on the market longer.

Sales and Firm Contracts Decline

Despite the increase in listings, the number of firm contracts in July 2024 has dropped by 31% compared to last year, with only 25 properties sold. This represents a 14% decline from June 2024. The sales to active ratio—a key indicator of market health—has also taken a hit, dropping 58% year-over-year to just 9.1%. This decline from 2023, as well as the 14% decrease from June, points to a more sluggish market where buyers are either hesitating or finding themselves with more options, leading to slower sales.

Median Sale Price on the Rise

One of the more positive signs for sellers is the 50% increase in the median sale price year-over-year, which now stands at $2,050,000. This substantial rise indicates that while fewer homes are being sold, those that do sell are commanding high prices. This could be due to the desirability of specific properties, or perhaps the market’s adjustment to higher-priced inventory that meets buyers’ expectations.

Sales Volume Declines Across the Board

While the median sale price has increased, the overall sales volume tells a different story. The total sales volume for July 2024 was $59,135,000—a 38% decline from July 2023 and a 7% drop from June 2024. This decline in sales volume across all property types suggests that the market may be entering a correction phase, where prices and sales activity are stabilizing after a period of rapid growth.

Single Family Homes: A Mixed Bag

For those interested in single-family homes, the market has shown some mixed results. Active listings for single-family homes increased by 59% from July 2023, with a total of 94 homes available. However, the number of firm contracts was relatively stable, with a slight increase from June, as 7 homes were sold in July 2024.

The median sale price for single-family homes decreased by 15% year-over-year, coming in at $3,100,000. This decline may indicate that while more homes are on the market, they are not necessarily attracting higher offers. The total sales volume for single-family homes was $26,590,000, reflecting a 42% drop from last year, despite a small month-over-month increase.

Townhomes and Condos: Varied Performance

Townhomes and condos, two of the most popular property types in Whistler, have shown varied performance in July 2024.

• Townhomes Phase I: Active listings increased by 63% year-over-year, and the median sale price saw a modest 22% rise. However, sales volume slightly decreased, suggesting a balance between supply and demand.
• Townhomes Residential: Listings in this category more than doubled, with a 111% increase from last year. Despite this, firm contracts dropped by 44%, and sales volume fell by 53% compared to July 2023, indicating a slower market for these types of properties.
• Condos Phase I & II: The condo market also showed varied trends. Phase I saw a 57% increase in active listings, but the sales to active ratio dropped significantly by 72%. In contrast, Phase II experienced an 18% increase in sales volume, even as its sales to active ratio declined by 53%.  The Westin Resort Whistler and Delta Whistler Village Suites continue to see high demand.

Inventory and Market Conditions

The average days to sell across all property types decreased by 34% from June to July, now averaging 39 days. This decrease suggests that while fewer homes are being sold, those that do sell are moving quickly—likely due to motivated sellers pricing their properties competitively.

Another key indicator to watch is the months of inventory, which have increased significantly. Single-family homes, for instance, now show up to 13 months of inventory, indicating a shift toward a buyer’s market. This trend, combined with the rise in active listings, suggests that buyers have more options and negotiating power, which could lead to further price adjustments in the coming months.

Year-to-Date Overview

Looking at the year-to-date data, the number of firm contracts has decreased by 5% compared to last year, with a slight decline in overall sales volume. The total sales volume for 2024 so far stands at $485,565,799, which is 6% lower than the same period in 2023. These figures reflect a market that, while still active, is showing signs of slowing down after a period of rapid growth.

Conclusion

The Whistler real estate market in July 2024 presents a mixed bag of opportunities and challenges. While there are more properties available, buyers seem to be taking their time, resulting in longer selling periods and lower sales volumes. On the other hand, the rise in median sale prices indicates that high-quality properties are still in demand. As the market continues to evolve, it will be interesting to see how these trends develop in the coming months.