The Pemberton real estate market had an exceptionally strong level of activity in the third quarter of 2020. Increased media awareness, the most affordable property values in the Sea to Sky corridor, a national trend of buyers moving away from large urban centers combined with a better awareness of the flexibility of working remotely, and proximity to Whistler, all contributed to a record quarter of sales activity for the area overall.
Trends We’ve Seen
The “V” shaped recovery in the market has led to a declining number of properties being offered for sale and support for appreciating values. Days on the market continue to drop and multiple offers are common.
As buyers look to put some physical distance between themselves and others, we are seeing a strong interest in acreage properties, whether they’re agricultural and/or with or without homes.
Builders and developers are still active in planning and producing a variety of new housing projects that will assist in meeting this surge in market demand in the area going forward.
Market Report Snapshot
As a micro marketplace, market activity is largely driven by what is being offered for sale over any given time. For example, recently, there has been a surge in vacant lot sales, however, this is very focused on the new lot offerings at Sunstone, which has been received enthusiastically.
When we look to other sectors however, like townhomes, there are very few being offered. The lack of sales activity in other sectors is not due to a lack of interest, but due to a lack of supply. The strength of the Pemberton market continues to be the re-sale of family-oriented, principle residence housing at affordable values. New and young families find Pemberton an ideal place to begin the housing cycle; a trend we expect to continue.
The current average sales values for single family homes is $919,156 (median of $892,000), townhomes are $613,570 (median of $632,500) and condominiums are $411,192 (median of $427,450).
*median values are the point where 50% of the transactions are above and 50% below.
Final Quarter Expectation
The last quarter of 2020 appears to have a higher level of uncertainty due to potential events that may impact consumer demand. However, all things being equal we expect the Pemberton marketplace to outperform results from 2019 when we look at activity and real estate values due to its fundamental framework of supply and demand, and due to its growing popularity as a result of its unique beauty and special charm – it is quickly becoming the cool place to be!
Pemberton is a small, specialized marketplace with unique features and benefits. 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, October 2020