Pemberton Real Estate Market Overview: Q2
Over the second quarter, inventory levels continued to rise in Pemberton, driven by typical spring market activity and the capital gains changes that came into effect towards the end of the quarter. April was a busy month for sales in both the Whistler and Pemberton markets, followed by a slower May and June, as the highly anticipated interest rate decrease at the beginning of June did not significantly boost market activity.
Pemberton Real Estate Market Insights
There were 31* sales in Pemberton in Q2, almost doubling the sales volume from the typically slower first quarter of the year. However, year-to-date, there have been 17 fewer sales compared to the end of Q2 2023.
Median sales prices have declined across all categories, likely due to the market’s continued sensitivity to mortgage rates. Inventory increased by nearly 40% from April to June and currently stands at 94 units, the highest level Pemberton has seen since August 2020.
The luxury segment saw one sale over the $2 million price point in Q2, compared to two in Q1.
Buyer demographics in Pemberton showed 37% originating from Whistler, 33% from Pemberton, 16% from the Lower Mainland, and 8% from other areas of BC. Overall, the Pemberton market tilted in favor of buyers throughout Q2.
Looking Ahead
Summer for the Pemberton market is traditionally slower, with a pickup in late summer to early fall as buyers look for properties for the upcoming snow season. An inventory correction may occur as the deadline to sell and avoid the new capital gains increase has passed, leading some unsuccessful sellers to withdraw their properties from the market.
Economists expect the Bank of Canada to maintain current interest rates in the July announcement, with potential reductions later in the fall. This is expected to reinforce historical summer and fall market patterns. The initial 0.25% interest rate decrease in early June has not yet generated significant momentum. While the rates are consistent with past levels, they remain higher than what borrowers are accustomed to, contributing to ongoing economic uncertainty. Some of this uncertainty is exacerbated by the volatility in the US market due to the upcoming November election. As a result, many buyers and sellers are adopting a “wait and see” approach. However, for those motivated to act, opportunities exist from both buying and selling perspectives.
Conclusion
The Pemberton real estate market experienced significant changes in Q2, marked by increased inventory, shifting buyer demographics, and evolving market conditions. As we move into the latter half of the year, monitoring interest rate decisions and market trends will be crucial for making informed real estate decisions in Pemberton.
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.
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Find out about the Whistler real estate market here.
*Excluding parking stalls
**All stats deemed to be accurate and taken from the Whistler Listing System, July 2024.
