Much has been made recently of the state of the real estate market in southwest British Columbia. Pemberton has certainly not been immune to the trends, as market activity in the first-half of the year was significantly slower than it was this time last year. However, even though activity has been slower, average sales prices have remained at the same or slightly higher levels during the first half of 2019.
The pressure in pricing to move downward is directly related to sales volume, but it will vary depending on the type and the number of properties available for sale. Combine this with different local factors that affect buyer and seller psychology and confidence within a marketplace, and we find that small marketplaces will vary. Sometimes they’ll vary significantly from reported regional or national trends. As the saying goes, real estate is a local phenomenon.
The Real Estate Market in Numbers
In Pemberton, despite an approximately 30% drop in sales in the first half of this year compared to a year ago, average transaction value overall has increased by 8% since a year ago to $538,000. This is largely due to an increase in the average sales price of single family homes which now stands at $1,026,000. Condominium and townhome values have consolidated by about 4% to $376,000 for condos and $576,000 for townhouses.
What to Expect
The slowdown in activity has meant that the total number of properties offered for sale has increased by approximately 20% when compared to the historical low of the recent past. Thus, giving more opportunity to buyers. Not only are we seeing less urgency from buyers, it also means that sellers are experiencing a longer time on the market than they were a year ago. However, the interest in Pemberton remains high with young families, recreational enthusiasts and small investors. The well-priced properties get immediate attention as the number of opportunities remains limited. Family style accommodation with 2-3 bedrooms is particularly in high demand at the moment.
It is important to remember that Pemberton is a “micro” marketplace and changes in demand, as supply will have a more noticeable impact than in larger marketplaces. The best way to insure you are going to have a successful buying or selling experience is to use one of our locally based realtors who can provide you with the local experience and up to date information that is specific to your needs and unique situation.
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