November 2023 Luxury Market Report & The Keys to Market Growth

KEYS TO MARKET GROWTH

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.

For the first time in 2023, inventory levels and sales are increasing. Comparing this to the same period in 2022 may provide an inkling as to what to expect in the coming year.

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In this month’s report we review:

  • Investigate the slight shift in some of the market’s variables that could be the key to market growth in the future.

  • For the first time in 2023, monthly sales outnumbered the previous year’s sales in both single family and attached markets – Was this because of increased inventory?

  • We examine why for the last year the expectations and reactions of buyers and sellers have become entrenched in one of near stalemate.

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 23 is a Buyer’s Market with a 9% Sales Ratio.

• Homes sold for a median of 96.01% of list price in October 2023.
• The most active price band is $2,700,000-$2,999,999, where the sales ratio is 33%.
• The median luxury sales price for detached homes is $3,173,500.
• The median days on market for October 2023 was 33 days, down from 71 in October 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