As we take a closer look, real estate activity in Pemberton remained consistent throughout the third quarter of 2019. Sales activity remained consistent with that reported in both the second quarter of the year and that which was experienced a year ago for the third quarter of 2018. Despite the increased challenges presented by changes in financing requirements and a more negative attitude towards real estate in other areas, Pemberton is still an area of high interest. Particularly for first-time homeowners, families working through the housing cycle and investors. We are even seeing high interest from second homeowners as they look for an alternative to Whistler.
The Real Estate Market in Numbers
Strong interest in family-style accommodation has supported values in all categories with the overall sales transaction value rising by 5% to $548, 820 since the beginning of the year.
Pemberton is a very small market and as such statistical analysis can be more unreliable when applied to market subsectors. That being said, single-family homes sales have averaged $955,000, up 5% since the start of the year. Condominium and townhouse values have remained mostly unchanged since the start of the year; currently valued at $371,000 and $592,000 respectively.
The number of finished properties offered for sale continues to well below historical norms, particularly for properties valued under $1,000,000. Given that many of today’s interested purchasers are looking for properties in this price range this has led to much shorter time on the market for sellers and stronger support for valuations.
Acreage parcels continue to attract strong interest and an increasing number of sales, but due to their unique natures do require a more complex analysis in terms of trends that can not be handled here. Suffice it to say that our local agents have a backlog with buyers looking to invest in acreage that fits their specific objectives.
What to Expect
Going forward we expect the current trends in activity and valuation to continue through the fourth quarter and into 2020. Interest at the lower price points will continue to be very high and sellers will hold the upper hand in negotiation. Properties above $1. 3 million will be on the market for longer, and buyers may be more cautious in their diligence and process.
Watch the Full Report
Pemberton is a small market place that can change quite quickly due to small changes in supply and demand. To ensure that you get the most up to date and timely market information about the Pemberton area, make sure to call one of our local, full time, expert advisors.