Pemberton Real Estate Market Review: Third Quarter 2022

Pemberton Real Estate Market Review

As we review the Pemberton market stats, the number of units sold in Pemberton dropped 55% from Q2 to Q3, which likely came as a result of the cumulative interest rate hikes we have seen throughout the year and the uncertain economic climate.

Listing inventory continued to grow through the third quarter of 2022. The total number of units on the market increased by about 65% over Q2 and 54% over the same quarter last year.

Median prices also rose slightly from last quarter across single-family, townhome and condo properties.

Days on market increased significantly from Q2 back to more “normal” levels for properties in all categories but were actually down year-over-year for townhomes and vacant land.

A Closer Look

Looking Ahead For 2023

Looking forward, move-in ready inventory, while improved, will likely continue to be a challenge for buyers throughout the remainder of the year. There is a variety of lots available, but construction costs, interest rates and the unpredictable supply chain may deter some buyers. Further interest rate increases will continue to have a significant impact on the live-work Pemberton market, but we predict overall demand for properties will remain strong and the inventory constraints will continue to drive the market.

For more information about how the current Pemberton real estate market activity trends may impact your decisions to buy or sell, contact me at any time.