Pemberton Real Estate Market Update: Q3 Summary
Pemberton’s real estate market remained relatively steady throughout the third quarter of 2024, with both sales and inventory levels holding firm despite a slight slowdown in sales during September. There were a total of 27 sales during the quarter, representing a 16% decrease in sales volume from Q2. However, when compared to Q3 of last year, this marks a significant 50% increase, showing that the market has gained momentum over the past year. This surge in sales can be attributed to the three consecutive interest rate cuts since June, which have bolstered consumer confidence that rates will continue to decline through the end of the year and into 2025.
Luxury Market and Inventory Levels
In the luxury segment, Pemberton saw two property sales of over $2 million, both of which occurred in August. The luxury market, while smaller in Pemberton than in other regions, remains a notable part of the overall market landscape.
As for inventory, there are currently 88 units available, reflecting a 6% increase compared to the same period last year. However, if we exclude vacant lots, the inventory has actually decreased slightly since September of last year, indicating that the supply of available homes is tightening. This trend may offer some insights into where the market is headed as we approach the final months of the year.
Buyer Trends
Buyer demographics in Pemberton continue to be largely local, with 73% of purchasers coming from either Pemberton or Whistler. An additional 21% of buyers originated from the Lower Mainland and other parts of British Columbia. This local buyer base highlights Pemberton’s appeal for those seeking more space, outdoor lifestyle opportunities, and a close-knit community.
Market Conditions: A Buyer’s Market
Overall, Pemberton’s market conditions during Q3 favoured buyers. With inventory levels slightly higher than last year and sales activity steady, buyers have more choices and opportunities for negotiation, particularly as interest rates have decreased.
Looking Ahead: Expectations for Q4 2024
As we move into Q4, the Pemberton real estate market is expected to gain momentum. Traditionally, this time of year brings a rise in buyer interest as people seek homes ahead of the winter season. Additionally, the pent-up demand from those who have been waiting for interest rates to drop could further drive activity in the coming months.
The recent decision by the U.S. Federal Reserve to cut rates by half a percentage point in September has provided the Bank of Canada with room to continue its own rate cuts. With expectations that rates will decrease further, we anticipate more buyers returning to the market, which could shift the types of properties being sold, potentially boosting both the residential and luxury segments.
While there are positive signs for the Pemberton market, there are also external factors to consider. Financial markets could see some volatility this fall, particularly with the U.S. presidential election in November. Political uncertainty often leads to cautious behaviour from investors, which could have a ripple effect on real estate markets across the board.
Closer to home, British Columbia’s provincial election on October 19 may also impact market conditions. Historically, elections bring policy discussions around housing that can cause short-term market fluctuations. Any changes to housing regulations could influence buying and selling patterns, especially in regions like Pemberton, which would attract both local and regional buyers.
Preparing for Q4
As we approach the final quarter of the year, sellers may want to act now to take advantage of renewed buyer interest driven by falling interest rates and the upcoming winter season. Buyers, too, might find Q4 to be a favourable time to purchase, as inventory remains relatively strong and interest rates continue to trend downward.
If you’re considering buying or selling in Pemberton, staying informed about market conditions is crucial. 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, October 2024.