📊 YTD Market Update | October 2018
Buying or selling, it is critical to have a solid understanding of current market conditions.
Dean Linnell gives you an overview of the most important market data for Whistler and Pemberton, BC.
The number of active listings increased by another 4% in October continuing the upward trend we've been seeing since early in 2018. There were 237 active listings as of the end of October compared with 179 at the same time last year. Likewise, the number of sales and the total dollar volume remain consistently behind 2017 rates. Our average (median) sales price sits at $849,900 a 17% increase compared to October 2017. Inventory levels are holding at +/- 5 months and the average number of days that properties are sitting on the market is 59 vs. 47 in 2017.
What does this mean? Buyers have more choice and are not feeling the same urgency they did a year ago. Price is a critical factor, with well-priced properties selling faster. Sellers are urged to be realistic and strategic with their pricing.
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Similar to Whistler, inventory numbers continue to be up with 77 listings at the end of October compared to 51 at the same time last year. The total number of sales and the dollar volume year to date continue to pace behind 2017. Average sale prices (median), however, are still strong at just over $500k, a 29% increase compared to last year. We currently have 7+/- months of inventory with an average number of days on market at 62 compared to 36 in October 2017.
With new developments impacting numbers, it's important to note that much of this inventory will not be ready for occupancy for some time, so demand still exists for move-in-ready properties, particularly homes and townhomes. As in Whistler, strategic pricing on the part of sellers will result in a faster sale.
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