Although the level of activity dropped in the first half of 2020 when compared to the previous six-month period, this can be directly attributed to the concerns and restrictions related to the COVID-19 event, rather than to a drop in interest from buyers or a lack of choice in inventory. In fact, by the end of the second quarter, Pemberton had returned to its typical, historical pace of sales, and sales values in all categories have either remained largely unchanged or have increased in value.
As Pemberton is a very small, micro-market it can be difficult to undertake a reliable statistical analysis, but as full-time advisors in the community, we do sense a very high level of interest in the area. Especially as both Whistler and regional clientele become more aware of the special place that Pemberton is. All types of properties have seen strong demand, but the real strength of the market has been in primary family residences, and rural lifestyle properties throughout the Pemberton Valley and surrounding areas.
Pemberton has a variety of new neighbourhoods being established, with a number of more working through the approval process. The friendly, safe, small-town environment combined with easy access to a wide variety of year-round activities is one of the driving forces for this. However, as we see more families being motivated to come together at home, buyers are looking for a special set of criteria’s that makes them want to call Pemberton home. The ability to source high quality, locally produced food (or with the space to grow it themselves) combined with some privacy and elbow room has resonated and created a full spectrum of buyers looking for properties that provide a higher level of private, family-lifestyle then they may be currently residing in.
For the first six months of the year, the vast majority of the activity has been focused on single-family homes, larger townhomes, and properties with acreage. Single-family homes have fallen slightly (15%) to $864,500, while the average transaction of condominiums and townhouses has remained largely unchanged at $358,000 and $601,000, respectively. Vacant lots and building sites remain popular, although sales activity remains too small for meaningful statistical analysis.
As we move into the second half of the year we expect that with the relaxation of regional travel restrictions, increased awareness of the community due to new development marketing, plus all that associated with Pemberton being the site of this years PNE prize home, will attract increasing numbers of potential full-time residents and investors. This, when combined with the historically low number of available opportunities, will support values through the end of the year.
If you are curious about what your home is worth 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, July 2020