December 2023 Luxury Market Report & The Glimmer of Change Grows Brighter

The glimmer of change, first reported last month, seems to have some legs as both the number of sales and new inventory entering the market continues to see growth.

Compared to November 2022, which saw a market slow to stagnation, November 2023 is showing indications of the return of consumer confidence.  We analyze the various parameters and trends to understand how this could play out in 2024. While the market is still facing interesting challenges with buyers and sellers still firmly on the fence, a few market variables saw a slight shift in October that may offer a glimmer of change for 2024.


In this month’s report we review:

  • Investigate why new inventory is playing such an important role in today’s market.

  • While sales have not increased month over month, and nor would we expect them to at this time of the year, we appreciate why it is the comparison of data in the same months of 2022 that shows the optimistic change of the current market.

  • Understand what economists predict with respect to the mortgage rates during 2024 and how they could help with market rebound or cause problems if they drop too fast!

Check out the Whistler and North American Luxury Report below: (Whistler Report on Pages 21-26)

WHISTLER DETACHED HOMES on Page 23 is a Buyer’s Market with a 5% Sales Ratio.

• Homes sold for a median of 95.59% of list price in October 2023.
• The most active price band is $3,000,000-$3,499,999, where the sales ratio is 33%.
• The median luxury sales price for detached homes is $3,250,000.
• The median days on market for November 2023 was 55 days, down from 61 in November 2022.

Referrals are one of the Pillars of our Business.

We are never too busy for your referrals! If you can think of a friend or family member looking to buy and/or sell Real Estate in the Sea to Sky Corridor – Please keep the Morel Real Estate Team top of mind!

Thank you for taking the time to view this report.  For more information and the services we offer, please give us a call us at any time, at 604-932-8629.
                                                                                                – Ursula Morel