Real Estate in Whistler has been moving along well for the first quarter.

 In looking at the numbers, total sales and dollar volume were measurably better in this first quarter when compared to the same period one year ago. The total number of properties sold increased by about 7% while the dollar volume of sales increased by approximately 20%.

Overall, we see a balanced market condition continuing to prevail and we expect this trend to continue to the end of 2012.

As 2011 comes to a close, here is a brief year-in-review when looking at trends in the number of listings on the market.

At the present, overall listing numbers have decreased but selection is still excellent.The numbers of available properties are down because sales have increased but it is not back up to the levels of 2006/2007 - let’s not kid ourselves. Sales have increased steadily because pricing is great but the number of listings have also gone down because some properties have expired as some sellers decide to keep their property for personal use over the ski season. This is a typical trend in December and January.

Well, the first snow fall in Whistler Valley has officially come and gone (and so has the second). All that remains are a few traces of snow in the shaded areas of our backyards. Although there is not much snow on the ground in the Valley the temperature is certainly low enough to feel like winter and make us all turn up our heat. At the office, everyone has put away their summer clothes and pulled out their winter jackets. The snow tires have been put on all the cars, snow brushes have been tossed in the backseat, shovels have been dusted off, skies and snowboards have taken the place of bikes and golf clubs, snow blowers have been dug out of sheds and lawn mowers have been stored for the season. Of course I still see the occasional person in their shorts and t-shirt who still seems to think it is summer – I guess for them it is not winter until there is a foot of snow on the ground.

The winter buzz is definitely in the air. Whistler is such an amazing place and as soon as the temperature starts to change you can feel a different electricity in the air as everyone gets ready for the upcoming season. Every day we are faced with the question “So, when is the mountain really going to open?”

The official opening day is not until November 25^th but judging by the amount of snow up there we all think it may just happen a little earlier. Some people argue that it could be as early as November 11th! One of our receptionists at the office pulls double duty also work in guest relations for Whistler Blackcomb and unfortunately even she has been unable to provide us with any insight on when that magical day might be but what she can say is that none of the lefties have been scheduled yet so the decision makers are doing a great job of keeping us all guessing.

On the real estate side of things, sales activity has improved by approximately 7% over where we were at this time last year. Sales activity has been especially strong in the townhome segment of the market and we expect sales activity for the remainder of 2011 to exceed that of 2010. Average sales prices in the most recent quarter have been as follows:

• Single family homes – $1,248,000
• Condos – $265,240
• Townhomes – $605,113

The high levels of interest in the Whistler market that we are currently experiencing should result in continually improving sales activity. It is expected that this will begin to be reflected in sales values. Increasingly, we see that well-priced, good-value properties are attracting offers quickly. So, if you see something out there you like, now may just be a good time to buy so that you are sure to enjoy every moment of the fast approaching ski/board season.

Steve

P.S. Check out my Facebook page for some great first snowfall shots from Whistler Blackcomb

With the not-so-hot weather we had in Whistler this July we have slowed down compared to the last 3 months, however, we are still up over 2010. Here are the year-to-date stats for January to July 2011 in comparison with the same period in 2010. This is good the way I see it – we’re moving forward.

Well, this month I decided to enter the world of digital newsletters in an attempt to go with the new “Green” initiative we have going at the Whistler Real Estate office. Did you know that we now handle all of our internal office listings files digitally? It is a whole new digital world out there and I am doing my best to keep up. It is amazing how much less paper our office has to order now and we have only just begun!

Anyways, back to my newest indevour. Do to increasing market activity, I now plan to write a monthly newsletter in the hopes of keeping everyone informed of the Whistler real estate market conditions. My first edition of the Leggie newsletter has been a while in the making, so check it out:

Leggie’s July Newsletter

Not bad for my first newsletter? If you have any comments, questions or feedback please don’t hesitate to contact me.

  New report shows trend of local buyers replacing international interest

By Christopher Poon

The Whistler Question

Local buyers are snatching up real estate in Whistler in what at least one local realtor sees as a return to market norms following the brutal impact of the 2008 recession.

According to the 2011 Re/Max Recreational Property Report, released Monday (June 13), buyers from Vancouver and the Lower Mainland are purchasing more recreational properties in Whistler than previous years, offsetting the reduction in international buyers.

“We’re not seeing a lot of U.S. buyers and there are fewer Europeans as their travel patterns have changed, which does mirror what’s going on with the tourism side of things,” said Pat Kelly, owner of Whistler Real Estate. “There’s no question that there’s certainly an increase level in buyers in the Whistler area and they are predominately from the Lower Mainland.”

According to the report, sales in Whistler were up 58 per cent in the first four months of 2011 compared with the same time last year, with townhomes seeing the greatest improvement in sales. The report also states that the highest demand seems to be for properties in the $300,000 to $700,000 price range.

“Demand for recreational product in Whistler is expected to continue to climb in the months and years ahead, as the market is bolstered by the bounce effect from ideal ski conditions in 2010/2011 and the 2010 Olympics,” the report says.

When asked if he thinks the Whistler market is on the upswing, Kelly said that parts of the market seem to be doing better than before.

“I don’t disagree with it. I wouldn’t call it so much of an upswing as a return to a normal market, to a balanced market which offers a good amount of choice to buyers. And buyers are really seeing a lot of value to things that are on the marketplace today, so they are more inclined to act today than say a couple of years ago,” he said.

However, Kelly is quick to point out that one generalization shouldn’t apply to the entire Whistler market.

“You can’t apply one adjective to the entire marketplace,” said Kelly. “There are certain parts of the market that have certainly improved over a year ago.

“A year ago was the six months of the Olympics, so that was a slower period anyways for a lot of obvious reasons. You couldn’t get around town.”

As for luxury home sales in Whistler — properties priced at $2 million and over — the report said sales appear to be in line with last year’s. Kelly said while luxury home sales may not be improving, it shouldn’t have too much of an effect on the overall scene.

“I think there’s a big misconception as to how big luxury homes are in the market in Whistler,” said Kelly. “The general amount, 80 per cent of the activity in Whistler, occurs under $1.5 million. So there is activity at the higher end; it’s at a level that I would consider to be normal.”

Overall, Kelly said it currently appears to be a buyers’ market in Whistler and he predicts that the market will continue slowly but surely in the direction that it’s headed.

“If you look at the last 10 years, we went through a period of very rapid growth followed by a consolidation phase where prices levelled off and in fact reversed themselves in some cases,” explained Kelly. “The markets basically levelled off starting in 2008 when everything hit the fan. So we’re really in that stage where things are really moving forward in what I would call a very predictable manner.”

The new Summer/ Fall edition of our listings guide is now available for viewing.  Please click the link below.

http://www.myvirtualpaper.com/doc/Whistler-Real-Estate/wrec_magsummer2011_forwebcomplete/2011060701/

The real estate market in the first half of 2011 continues to build on the momentum established in the second half of 2010. Despite some continuing economic uncertainty worldwide, consumer confidence against our major target market continues to strengthen. Unit sales volume continues to be consistent for all types of real estate offered here and is slowly growing. Buyers do continue to focus on value for money and convenience. Family oriented townhomes, being the most popular purchase, are in high demand.

Prices continue to consolidate as the market adjusts to the new buyer preferences. The median value of homes currently sits at $992,000 with condominiums valued at $295,000 and townhomes at $605,000.

The number of properties for sale continues to provide an excellent selection for both investors and lifestyle purchasers. Prices are expected to remain at current levels as sales momentum continues to build for the remainder of 2011.

Astute buyers will act to today to take advantage of best-in-decade prices, low interest rates and a great selection of opportunities.

Recent reports are suggesting that the time might be right to purchase a home in British Columbia.

For those renters, who are readying themselves to make the leap into Home Ownership, but felt that economic factors were holding them back, the market may be ripe, and time to take the plunge. A recent report from the British Columbia Real Estate Association (BCREA) hints  that the balance of power has shifted to home buyers, with an increase in inventory propelling this shift. Says Cameron Muir, Chief Economist with the BCREA:  “Total active residential listings in the province have declined 18 per cent since June.

However, the housing market remains tilted in favour of homebuyers. BC home sales have posted moderate gains since the summer months,” Mr. Muir continues, “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power. ”Magic words for anyone worried about taking on a mortgage payment, the normalization of both short-term and long-term interest rates will be deferred. So then, most BC households with variable rate mortgages will pay lower amounts than would have been anticipated at the beginning of the year. They are ready to share the wealth too.

New homebuyers or homeowners whose mortgages are coming up for renewal will be offered a second chance at securing rates at levels which have not been seen since the recessionary lows, which would assist new homebuyers ( and current ones too for that matter) in budgetary planning. The BCREA mortgage rate forecast suggests that they current low-rate situation will extend into 2011, when there is thought that there will be a new round of tightening by the Bank of Canada. When the economy returns a little more to normal, interest rates will climb again at a controlled pace. The forecast for a one-year fixed rate at the end of 2010 is around 3.20 % and will likely reach 4.05 % t by the end of 2011. The five-year fixed mortgage rate is forecasted to end 2010 at 5.35 % and to continue up to 6.10 % by the end of 2011.

So, with these low interest rates, that are expected to rise soon, and the good selection from a large inventory, conditions are currently pretty favourable to make the move to home ownership.