2018 QUARTER 3 REVIEW
Similar to the other communities in the Sea to Sky, the real estate market in Pemberton was noticeably slower through the third quarter of 2018 than was experienced in 2016 or 2017. Despite lower activity levels, strong levels of buyer interest continued to support price appreciation resulting in a 15% increase in overall average sales value for property in Pemberton since the start of the year.
The slowing of the Pemberton real estate market can be attributed to two primary factors. First, government policy has impacted interest rates and affordability. Second, several years of increasing valuations and limited supply of affordable options has slowed sales activity.
Breaking the numbers down a little more:
- Single-Family Homes: Average sale value has increased 13% since the start of the year and now sits at $925,000
- Towhomes: Average sale value has increased 21% since the start of the year and now sits at $584,540
- Condos: Average sale value has increased 14% since the start of the year and now sits at $383,287
WHAT WE EXPECT MOVING FORWARD
We are hopeful that several new housing projects will mitigate the lack of choice which is now a defining characteristic of the Pemberton marketplace.New offerings at Crestline, Sunstone and Orion will provide a significant amount of medium density housing, while new single-family homes will be available at Tiyata, Sunstone and The Ridge. However, it is important to note that most decisions in Pemberton are determined by affordability and as such do not have the ability to appreciate in a rising interest rate environment to the same extent that many other markets, such as Whistler, do.
As a result, we do expect that the current trends of low activity levels and increasing time on market will continue moving forward. We also expect that buyers will continue to proceed cautiously to ensure that they have considered all their options before making any purchase decisions.
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.