whistler 3rd quarter | market update (YTD as of October 1)
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Year to Date (YTD) sales in Whistler are down 18% from 2022, 33% below the 10 year average and 23% below the 5 year average. Median sold price is relatively even from last year and up 18% from 2021 while current Median list price is up 20% from last year and 33% from 2021.
Chalet sales in q3, 2023 (13) was the 2nd lowest in the past 10 years and 55% below the 10 year average. Townhouses are outpacing the rest of the market so far with 110 sales in 2023 compared to 116 in 2022.
As of October 15th, there are 263 active listings for sale - up from 194 in January, 2023 and 15% below the 10 year average. The current listing count is 57% below the highest recorded in the past 10 years - 633 (April 2013).
The limited listing inventory has help keep pricing relatively stable in most segments although we are starting to see some declines over the past few months.
The current spread between Median sold and Median List price is at its highest since 2009 at 27%. This is up from 13% in 2022 and 3.8% in 2021. This leading indicator helps to understand the underlying market sentiment. When the gap is expanding, as it is, expect benchmark prices to decline. Another lead indicator of the market, list to sale price ratio, has also shifted down from 98.3% in 2021 to 94.8% in 2022. This represents nearly $42,000 at current median sold price in Whistler.
YTD sales volume is at nearly $700Million for 2023. Meaning buyers remain active in Whistler and SHOULD, and WILL continue to invest in an amazing lifestyle in a world class resort. Sellers with unique and properly presented properties at sharp pricing, are still attracting significant attention in all segment of Whistler’s market. While the prices have come off, there is excellent opportunity to realize incredible equity from a solid investment made previously in the market.
