Dear: valued clients and friends, I hope all is well with you and you and your families. Here is what's been happening in the real estate market in February 2024: * There were $62,140,800 worth of real estate transactions in February 2024 vs $77,220,000 in February 2023. * Sales volume is down 19.5% this February vs February 2023. * July was the busiest month of 2023 with $103,250,500 of real estate transactions in Whistler. * There were 241 listings on the market in February 2024 vs 218 in January 2024 and only 163 active listings in January 2023. * In October 2019 there were 330 listings on the market vs December 2021 when there were only 95 active listings. * February 2024 had the most amount of listing inventory since October 2020 when there were 279 listings on the market. * There have been only 64 sales so far in 2024. There were 168 sales in the same period of 2021! Median Sale Price & Sales Volume - February 2024 * The median sale price is now at $1,365,000. This represents a 7.5% decline from 2023. I expect the median sale price to rise as sales volume increases through the remainder of 2024. * The median asking price is currently $1,566,500. Buyers are experiencing a 12.8% discount on their purchase price! * Cash buyers are using this as leverage to secure some excellent deals in Whistler. * The median days to sell in February 2024 was 36 days. This is an improvement from January when the median days to sell was 50. * There were 20 Price Reductions (https://matrix.buywhistler.com/DE.asp?p=DE-3850623-304&k=62295XPHLV&eml=d2hpc3RsZXJyZWFsdHlAZ21haWwuY29t) in February in Whistler. * The prime interest rate in Canada (https://www.ratehub.ca/prime-rate#:~:text=The%20prime%20rate%20in%20Canada,%2C%20including%20variable%2Drate%20mortgages.) remains at 7.2% for the last 7 months. The Bank of Canada meets next on April 12, 2024. (https://www.bankofcanada.ca/2022/07/2023-schedule-interest-rate-announcements/) * With Canada’s housing market (https://globalnews.ca/tag/housing-market) “starting to turn a corner,” (https://globalnews.ca/news/10293836/canada-housing-market-crea-jan-2024/) there is growing demand for homeownership with a “colossally high” number of people planning to buy a home within the next year, according to a new poll. Almost half (49 per cent) of the people surveyed by NerdWallet last month (https://www.nerdwallet.com/ca/mortgages/2024-canadian-home-buyer-report) said that they plan to purchase a home in the next five years. That percentage is up from a year ago, when 43 per cent expressed the same intent. Link to article. (https://globalnews.ca/news/10310766/canada-home-buyer-demand-poll/)