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Whistler Market report


Blog by Nick Swinburne | October 19th, 2010


Buyers Market Continues

For the third quarter, conditions in the Whistler and Pemberton marketplaces continued to favour buyers.

The ongoing global economic uncertainty, changing credit conditions, weather, and of course, the implementation of HST all contributed to buyers remaining cautious when making a real estate investment in the area. Although purchasers retain a strong interest in Whistler and the surrounding area, they are taking much longer to do their research and make a decision. The purchaser’s perception of value is the major determining factor in completing a sale.

During the quarter, reported sales volume declined by approximately 20 per cent from the previous quarter and is well below levels achieved a year ago for the same period.

Overall, average values continue to decline as the market focuses on value in the market below $1,000,000.00. More than 80 per cent of all transactions reported were on properties in the under $1,000,000.00 range.

Current Average Values for the most recent quarter of 2010

DETACHED

TOWNHOMES

CONDOMINIUMS

VACANT LOT

$1,256,000

$829,000

$287,700

$1,012,009

For only the second time since 2004, the median value of a home fell below the $1,000,000.00 price point.

On the negotiation front, successful sales are occurring at between seven and 10 per cent below asking price.

As the market continues to look for direction, buyers will continue to focus on value. Developing a proper pricing strategy for current market conditions is a must.