The Pemberton real estate market showed strong performance throughout 2020 in terms of both number of transactions reported and the total dollar value of transactions, despite the uncertainty and unpredictability that characterized 2020.
Increased awareness of the area as a result of increased media coverage, affordable values, a better awareness of the efficiencies of remote working, a national trend of movement from large urban centers to small towns, and, most importantly, historically low interest rates which increased purchasing power, led to strong demand for all types of real estate in this beautiful, rural small town. Total sales activity increased by 40% as compared to 2019 and the total sales value traded exceeded $136,000,000.
Trends We’ve Seen
This strong level of activity has led to a significant decline in the number of properties offered for sale and a strong support for appreciating values. Days on the market continue to drop and multiple offers are common. Interest in acreage parcels far exceeds supply, whether there is a home on the property or not.
Builders and developers remain active in planning and producing a variety of new housing that will be built to take advantage of this increased interest in the area in 2021 and throughout 2022.
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As a micro-marketplace, market activity is largely driven by what is being offered for sale at any given time. In Pemberton, the new single-family developments at Tiyata and Sunstone accounted for the significant increase in the number of sales of the properties sold in 2020 and accounted for almost 50% of total sales value. As a marketplace for primary residences, affordability and financing continue to be key determinants in value appreciation, which means average sales values have increased but not to the same extent as other markets in the Sea to Sky corridor.
The current average sales value overall for the Pemberton area is $707,894 an increase of 21% largely due to the focus on single-family sales. The average sale price of a single-family home currently stays at $926,667 (median $705,500), townhouses average $610,813 (median $613,500), condominiums $419,000 (median $435,750), and single-family building sites average $427,819 (median of $332,760)
Our Thoughts For 2021
Given that we expect less uncertainty and unpredictability in 2021, that interest rates will stay low, and that travel restrictions will relax we believe demand for real estate in the area will continue to be strong. The significant drop in available listings will be tempered by new developments being offered for sale in both the medium density and single-family segments so expect sales activity to remain brisk. Demand for “ready to move in” properties will be especially strong. We expect this year to be another busy year for real estate sales in Pemberton.
Pemberton is a small, specialized marketplace with unique features and benefits. To find a property that works best for you reach out to one of our full-time local Pemberton specialists.