JANUARY 2025 NORTH AMERICAN LUXURY MARKET REPORT

FEATURED LUXURY PROPERTY – WHISTLER

After a year of fluctuations, December’s results marked a strong finish for the luxury real estate market in 2024. The final quarter demonstrated significant improvements over 2023, including growth in sales, median sold prices, and inventory levels. These positive trends set the stage for the optimistic close to the year and a promising outlook for the market heading into 2025.

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In this month’s report we review:

This month’s report displays the market statistics for North America month over month as well as the 13-month trend.

In comparison to December 2023: 

Sales Growth: Detached homes saw a 30.9% increase, and condos/townhomes rose 27.55%.

Price Appreciation: Median sold prices climbed 1.3% for detached homes and 3.72% for condos/townhomes.

Inventory Expansion: New inventory increased by 19.6% for detached homes and 11.7% for condos/townhomes.

  • Despite typical year-end slowdowns in sales and inventory growth, the luxury market showed resilience, with less pronounced compared to 2023.
  • At the end of 2024, inventory levels remained below pre-pandemic norms, which 
    sustained competition, but the year-end uptick in sales activity signaled recovery.
  • Slower price increases compared to previous years indicated a stabilizing market that fostered a sustainable balanced growth for 2025.
  • The luxury sector outperformed mid-tier markets, with affluent buyers leveraging cash or innovative financing despite higher interest rates. Late 2024 showcased the market’s adaptability to economic pressures and seasonal trends.
  • Strong demand for high-quality homes fueled competition, while a robust labor market and rising wealth expanded the buyer pool. These high-net-worth buyers prioritized modern designs, amenities, and sustainability, reflecting luxury real estate’s appeal as a lifestyle investment.
  • Sellers, spurred by improved conditions in late 2024, prepared high-quality listings tailored to buyer preferences. December saw a slight softening in sold price-to-list price ratios as sellers adjusted to seasonal shifts.

Considerations for 2025: 

Inventory Challenges: Continued scarcity will sustain competitive pressure, driving prices upward.

Evolving Preferences: Buyers will prioritize modern design, sustainability, and lifestyle amenities.

Expanding Affluence: Wealth creation and generational transfers will fuel demand. 
 
Expectations for 2025:

  • The market’s resilience against economic pressures points to a balanced year ahead. Sustained buyer confidence, gradual inventory increases, and moderated price appreciation support a favorable outlook for 2025.

For homeowners looking to sell or buy their luxury home in today’s market we recommend working with a realtor who can provide you with critical knowledge about your local market, maintain a high level of security during the transaction and knows how to leverage technology to provide maximum exposure and assistance.

It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals. 

Check out the Whistler and North American Luxury Report below:

(Whistler Report on Pages 17-21)

WHISTLER DETACHED HOMES on Page 18-19 had no luxury detached homes sold in December 2024.

WHISTLER ATTACHED HOMES LUXURY MARKET

on Page 20 and 21 is a Buyer’s Market with a 11% Sales Ratio

  • Homes sold for a median of 95.27% of list price in December 2024
  • The most active price band is $6,000,000+ where the sales ratio is 33%
  • The median luxury sales price for attached homes is $2,620,000
  • The median days on market for December 2024 was 62 days, up from 39 in December 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 about this report, and the services we offer, please give us a call us at any time, at 604-932-8629.
                                                                                                – Ursula Morel

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