A few more sales and more than few more listings….
The second quarter sales (147) were up for the 3rd quarter in a row but down slightly from Q2 2023 (163) and off by 35% from the 10 year quarterly average (191). The total number of listings at the end of the quarter was at 337 which is up by 10% from the first quarter and now more than 45% above the 10 year average (227). With more choice, I do find that it creates a little more momentum/lubrication in the market – allowing people to move around a little easier. May was a good indicator of this while June fell off a little bit even with the 25pt decrease in the Bank of Canada overnight interest rate.
Seasonality still counts in resorts..
I remember when I first moved to Whistler in 1992 when the mountain closed, there wasn't a lot going on. While things have surely changed since then, we still get shoulder seasons - albeit much shorter. June has traditionally been a slower month in Whistler and this year was no different with only 30 sales market wide. With the bike park in operation, free concerts at Olympic Plaza and the open of the newly renovated Rainbow Park, July is kicking off with some more momentum proving that seasonality is still a factor in our market here in Whistler.
So much to learn and understand...
New Government legislations and regulations including (but not limited to), capital gains tax, residential tenancies, Small scale multi unit housing and the introduction of a flipping tax have many owners and investors working hard to understand the implications. As always we are here to help manage and advise on all matters in real estate and the community as a whole.
You can see that the market is still trying to find more of a balance with a gap of 24% between Median List Price ($1,945,000) and Median Sale Price ($1,480,000). In my experience anything over 10% requires some price adjustments to find the equilibrium again. This is currently most pronounced in Chalet segment of the market between $3,500,000 and $6,000,000 with over 40% of the total listings and less than 20% of the sales year to date (YTD). The average days on market currently sits well over 100 days and list to sale price ratio on sales so far this year is at 93%. There are some great buying opportunities at this level of the market currently, especially when you consider that many of these homes are listed well under their replacement value.
Did you know….
A 25 point interest rate reduction at current rates only represents a $16/month decrease in your payment for every $100,000 over a 25 year amortization period. Over a 5 year term that is a total savings of $960. With a $500,000 mortgage that would be $4800 and at $1Million - $9600.
As a Buyer in today’s market I am quite certain we can negotiate a better price reduction for you today rather than waiting for the next interest rate change. Don’t wait for everyone else to figure this out!
