Whistler Market Update: 2022 Third Quarter
Executive summary for the 3rd Quarter of 2022
Inflation and rising interest rates continue to dominate the headlines, leading many buyers and sellers to assess how these factors will impact their housing options. Sales reached near historic lows and the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022. That said prices remain up year over year in most market segments.
Inside the numbers:
Inventory levels have risen approximately 29% from the second quarter 2022, but we are still 37% below the 10-year average. The median days on market for single family homes in Whistler in Q3 was 55 days, 43 days for townhouses, and 31 days for apartment homes. While the number of days on market has increased significantly compared to both the second quarter of 2022 and the same quarter last year, these numbers are relatively normal compared to historical levels.
Sales to active listing ratio for October 2022:
For all property types, the sales-to-active listings ratio was 17.51 per cent
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The current market conditions can best be described as a return to average. The cost of borrowing has increased significantly, and buyers do not have the same sense of urgency which has created a much more balanced market. All that said, the local fundamentals for Whistler and Pemberton remain strong, we are fortunate to live in an area with an abundance of natural and man-made amenities that people find extremely desirable.Click here to view the entire Market Update.
As always, please contact me for more information on any properties you see listed in Whistler or if you would like information on the market in general.