2019 QUARTER 3 REVIEW
During the third quarter of 2019, sales activity remained consistent with the results seen during the second quarter of 2019, and also reflected the activity seen throughout the third quarter of 2018. Pemberton has remained an area of high interest, despite challenges around changes in financing requirements and a more cautious attitude towards real estate in other areas. First-time homeowners and families are keen to get into the market, and second homeowners are now considering Pemberton as an alternative to Whistler.
The overall sales transaction value for a property in Pemberton has risen by 5% to $548,820 since January 2019. This is largely due to the strong interest in family-style accommodation which has supported values across all categories.
As Pemberton is a very small market, the analysis can sometimes be unreliable when we narrow down subsectors due to lack of data. However, looking at the numbers for the past quarter we can see the following:
- Condo values have remained stable with an average transaction value of $371,000
- Townhome values have remained stable with an average transaction value of $592,000
- Single-Family Home sales are up by 5% since the beginning of the year with an average transaction value of $955,000
The number of finished properties on the market is much less than historical norms, particularly those priced under $1,000,000. The majority of today’s interested buyers are searching within this price range so properties are spending less time on the market and we are seeing more support for valuations.
Buyers are still drawn to properties with large acreages and we are seeing an increase in sales in this market sector. That said, these properties are unique in their nature and need further analysis to accurately identify the trends in this area of the market. What can be said is that there are currently many interested buyers looking to purchase land that meets their specific requirements.
What We Expect Moving Forward
Over the next few months we expect the current trends to continue. Where buyers are drawn towards the lower price points, sellers will hold most of the cards in terms of the negotiation. We expect to see properties listed above $1.3 million to stay on the market a little longer as buyers will be less impulsive and more cautious when purchasing a property of this value.
As we know Pemberton is a small market, this means that changes can occur quite quickly as a result of small changes to supply and demand.
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, October 2019