2019 QUARTER 1 REVIEW
Similarly, to quarter 4 of 2018, the first three months of 2019 have seen transaction values continue to rise in Pemberton as the number of buyers outweighs the amount of properties coming on the market. Overall sales activity remains low in comparison to the height of the market at the end of 2017 and beginning of 2018; however, more and more families and first-time buyers are turning to Pemberton to find a place to call home. As a result of this shift, single-family homes and condos are proving to attract the most buyer interest.
The average transaction value for a property in Pemberton is $518,800; not far from the average at the beginning of 2019, but a 6% increase year on year. Pemberton is a small marketplace, and although the number of properties coming onto the market is gradually increasing, the choice for buyers remains somewhat limited.
Breaking the numbers down a little more:
- Single-Family Homes: current average sale value $997,857
- Townhomes: current average sale value $586,500
- Condos: current average sale value $375,900
With stricter rules being implemented around mortgages and financing, buyers are facing additional challenges leaving many unable to purchase a home. Despite these challenges, interest in the Pemberton area remains high and is supporting values.
Consistent with previous quarters, average time on the market for a property in Pemberton is 60-90 days, which indicates it is experiencing a balanced market. It should be noted that well priced listings are selling more quickly, and often receive multiple offers.
WHAT WE EXPECT MOVING FORWARD
Over the coming months we can expect to see Pemberton undergo a vast transformation – starting in spring and continuing into summer, construction will begin to create many new homes in a number of subdivisions, and several new medium density developments. Key upgrades will also be applied to the infrastructure and general aesthetics of the Village area.
A unique place, Pemberton boasts a beautiful and relaxed rural community while continuing to be the most affordable area in the Sea-to-Sky corridor.
If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.
*All stats deemed to be accurate and taken from the Whistler Listing System, April 2o19