The Pemberton real estate market enjoyed an active year in 2015 with increases in both the number of sales and the total value of those sales when compared to the end of 2014.
Prices increased across all market segments as a result of low interest rates and high levels of interest from buyers combined with a very limited inventory of available properties in every market segment.
Overall, the average transaction value increased to $434,000 in 2015. This is a 15% increase over 2014. As we break down the individual market segments, we see an average transaction value of $539,671 for single-family homes (an increase of 7%), a 19% increase to $225,500 for condominiums in the Village, and an increased average transaction value of $318,200 for townhomes.
Interest in acreage and rural properties outside of the Village of Pemberton boundaries was also very strong in 2015 as buyers looked for more recreational/rural properties. As these properties are rarely similar so it is difficult to provide meaningful general statistical information that could be applied with any confidence. What we can say with certainty is that our rural market paralleled the experience of that found within the Village of Pemberton.
The total number of properties being offered for sale, regardless of the market segment, is at the lowest level we have seen in several years. New properties coming to the market will likely sell quickly if they are properly priced.
Going forward we expect the real estate market 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 levels and with no significant new development announced, we expect sales activity to fall in 2016 as a result of the lack of opportunities in the marketplace.
The Pemberton market is highly nuanced and dynamic. When investigating opportunities in and around Pemberton, it is important to contact one of our local advisors to stay up-to-date.
*Based on Whistler Listing System statistics Jan-7-16