MultipleOffer wrote:There must be some official source for market stats..... WLS / Whistler Real Estate Co and Whistler ReMax sites don't contain any sales data. Basically i'd like to see a graph of market trends in the area for detached, attached and condo. Should be easy to get, no?
Taipan is correct. The stats are what they are, but what are they is the question. I have seen (here in the Okanagan, but it is still relevant) places on the market year after year, listed under different realtors, or real estate comapanies at different times, yet they are called "new listings". The stats say they sold for "95% of list price" or whatever, so it sounds like the market is pretty busy. But that price has been drifting down every year for many types of homes (not just the dumps, new homes, or slightly older but decent homes, even really nice homes). Yet when it finally sells they claim it fetched full price, sure after it was discounted how many times. Or a home is bought by a flipper, they spend so many tens of thousands of dollars on renos, then it's up for originally more than they bought (naturally), but when you are doing that with hundreds of homes, it shows up as an apparent increase in value of homes, which it isn't. A few years later, these same homes are still for sale, but eventually at a price where they are not going to recoup their expenses, almost back at the original price they payed before the cost of renovations.When there are a lot of speculators in the market the prices are what they optomistically think these homes will be worth in an upward market. If buyers are foolish enough to think that's a reasonable price, they get sucked in. As the market cools, it takes a while for everyone to realize the stats were accurate but had little to do with the value of the home in a weak economy. The average price will seem to rise because only the rich folks can buy homes, but the unsold (over-priced) moderate homes still aren't moving, which is what most people would be looking at. Year after year the inventory is high, so a lot of homes are either not selling or coming back on the market next year, or there are just more and more becoming available (boomers downsizing, plus economy weakening, old folks dying/ young people just not getting enough jobs, construction people moving elsewhere for jobs leaving rental vacancies etc.) All of the "stats" are only relevant for the current interest rate environment, and under all the government stimulus which is drying up now, as soon as rates rise the picture will change drastically unless some other new "boom" comes to B.C.