A Comprehensive Look at Pemberton Real Estate Market in 2023
As we delve into the intricate tapestry of Pemberton’s real estate landscape, the past year emerges as a testament to resilience and growth. In 2023, the market showcased notable dynamics, navigating challenges and seizing opportunities to set the stage for what promises to be an exciting year ahead.
A Closer Look at the Pemberton Real Estate Stats
In 2023, Pemberton experienced 98* property sales, a modest increase from 93* in 2022. However, this figure stands 32% below the 5-year average, underscoring the continued influence of high borrowing costs on market activity. Despite these challenges, prices remained robust, with the median transaction price reaching an unprecedented $852,000, marking the highest point Pemberton has seen.
A notable highlight was the surge in luxury sales, with seven transactions exceeding $2 million, a substantial increase from the three recorded in 2022. This uptick in high-end property transactions contributed to the overall strength of Pemberton’s real estate market in the past year.
The median days to sell for a property in Pemberton increased to 33, up from 23 in 2022. However, this timeframe remains well below the 5-year average of 37 days, indicative of the enduring appeal and efficiency of the local market.
Turning our attention to inventory, Pemberton witnessed 199* new listings in 2023, including 34 parcels of vacant land. The average number of units available throughout the year stood at 66*, reflecting a 14% increase from the 5-year inventory average. This growth in available units provides potential buyers with a more diverse array of choices, offering a positive shift in Pemberton’s real estate landscape.
As we look ahead to 2024, the Pemberton market anticipates increased sales volumes. The broader economic landscape is expected to play a pivotal role, with inflation approaching the target range and quantitative tightening measures working their way through the Canadian economy. Predictions suggest that the Bank of Canada will respond by initiating interest rate reductions in 2024, with observable downward trends in longer-term mortgage rates already underway.
This anticipated reduction in interest rates is poised to increase the buying power of consumers, providing a substantial boost to the housing market. The Canadian Real Estate Association forecasts a 9% increase in home sales and a 1.5% rise in home prices for the year. With limited supply and strong demand characterizing the Pemberton market, heightened competition is on the horizon.
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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*Excluding parking stalls
**All stats deemed to be accurate and taken from the Whistler Listing System, January 2024.