March 2024 Luxury Market Report

The Demand for Luxury Real Estate Examined

In this month’s report we examine why there is quiet optimism in the luxury real estate market despite the reports of plunging sales. 

We dissect fact from hype and analyze the trends that have started to appear as we move towards the spring market.

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In this month’s report we review:

  • The drivers of demand, reviewing the luxury market’s shift in the last four months and its impacts.
  • Why demand for very specific property types is also expected to dominate the decision process during 2024, with more focus on amenity and experience driven properties
  • Why the biggest demands in the luxury real estate market are often characterized by lifestyle, exclusivity and investment potential, it is also essential to note that demands are highly influenced by regional preferences and market dynamics.
  • AND MORE!

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

LUXURY REAL ESTATE REPORT HERE

WHISTLER DETACHED HOMES on Page 19 is a Buyers Market with a 3% Sales Ratio.

  • Homes sold for a median of 97.91% of list price in February 2024.
  • The most active price band is $2,500,000-$2,699,999, where the sales ratio is 100%.
  • The median luxury sales price for attached homes is $3,050,000.
  • The median days on market for January 2024 was 58 days, up from 3 in February 2023.

WHISTLER ATTACHED HOMES on Page 21 is a Balanced Market with a 13% Sales Ratio.

  • Homes sold for a median of 97.44% of list price in February 2024.
  • The most active price band is $3,500,000-$3,999,999, $5,500,000-$5,999,999 and $6,000,000+ where the sales ratio is 100%.
  • The median luxury sales price for attached homes is $2,325,000.
  • The median days on market for February 2024 was 39 days, up from 15 in February 2023.

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