Much like the other real estate markets throughout the Sea to Sky corridor, Pemberton is dealing with a limited supply of properties available for sale while, at the same time, buyer interest in the area continues to grow. This has led to lower levels of sales activity, a drop in the amount of time it takes a typical property to sell, and a rise in average transaction values.
Although some new medium and low density buildings and developments are expected to come to the marketplace in the next 12-18 months, the market will continue to favour sellers and prices can be expected to continue to move up, tempered only by affordability concerns.
Although the number of transactions occurring in the Pemberton market continues to be relatively consistent, total activity has dropped compared to a year ago due to the reduced numbers of properties being offered for sale. Average values, however, have risen in all sub-markets in the area as buyers continue to pursue the more affordable options in both the village and surrounding area. Overall, the first half of 2017 saw approximately $40,000,000 worth of reported transactions and the average value of those transactions increased by 6% to $459,600.
Single family transaction values have risen 10.9% since the start of the year and now sit at $669,000. Condominiums have risen to $327,800 and the average townhouse transaction is now $467,500. Houses located on acreage parcels have fallen to $822, 800. This was largely driven by the types of sales occurring in the first six months of the year and should not be interpreted as a systemic drop in values.
What does this mean?
It is important to note that individual property values throughout Pemberton may deviate from these numbers significantly as the amount of sales data available at this time of the year is limited due to the ‘micro’ nature of the marketplace and the wide variety of styles and features offered by properties within the marketplace.
Inquiries for all types of properties in the area are strong and demand for larger, rural properties remains largely unsatisfied as those few properties that do come to market sell quickly if properly priced.
Pemberton is a small, dynamic and highly nuanced marketplace and requires the services of a full time local expert to dig out the best opportunities in a timely manner and to avoid frustration in finding a property. Call any of our local specialists for more information.