5 Indicators of a "Sellers Market"
1. Inventory of properties for sale is decreasing
The total number of properties available for sale in Whistler is currently at the lowest level in over 10 years. Currently the number of properties selling in any given month is greater than the number of new properties coming on the market. Demand is strong for the available listings.
2. Sale Prices are increasing
With the increase in demand comes the predictable increase in price. The average transaction value of properties sold in Whistler in 2015 was up over 10% compared to the average transaction value in 2014.
3. Average time on the market from listing to accepted offer is decreasing
With fewer properties on the market and strong demand, it is typical to see well-priced properties move quickly.
4. Multiple offers on a single property become more common
As the pace of the market speeds up and inventory decreases, more buyers are looking at the same properties and making offers. Sellers won’t always take the first offer that comes their way. They can be patient and wait for the best offer to come along. Again, if well priced, it won’t be long.
5. Properties are selling for more than the list price.
Similar to the multi-offer scenario above, as the market heats up, so does the competition to purchase. This can create a bidding war when more than one offer comes in at the same time for the same property. Over the past few months, this is happening more and more with well priced Whistler listings.