The Pemberton real estate market continued to be strong and active through in the first quarter of 2016 despite a significant drop in the number of available market opportunities.
Overall, average prices have risen as a result of limited selection and increased demand. To date the average transaction value has risen by 10.8% to $475,469 since the end of 2015. Average singe family home values have increased to $637,000 while condominiums and townhouses have remained relatively steady at $196,000 and $328,000 respectively.
Interest in acreage and rural properties outside of the Village boundaries was also very strong as buyers looked for more recreational/rural properties. As these properties are rarely similar, it is difficult to provide meaningful general statistical information that could be applied with any confidence. Suffice to say that our rural market paralleled the experience of that found in the Village of Pemberton.
The total number of properties being offered for sale in all segments of the Pemberton market are at their lowest level in several years and new properties placed in the market will likely sell quickly if properly priced.
Going forward we expect buyer interest to remain strong as the factors driving demand for real estate in Pemberton will likely remain unchanged; however, as a result of the recent activity and with no significant new development announced we expect sales activity to fall in 2016 as a result of a lack of opportunities in the marketplace.
The Pemberton market is highly nuanced and dynamic. We strongly advise using one of our local advisors when investigating opportunities in and around Pemberton.