Although sales activity in Pemberton in the third quarter was well below that reported in the previous four quarters, this was a direct result of very few properties being made available for sale, rather than a lack of interest from potential purchasers. Pemberton continues to be a market of choice for those looking for a primary residence at a more affordable price when compared to other locations in the Sea to Sky Corridor. This has resulted in the average sales values continuing to move higher as we approach the end of 2021.
While new-builds and developments are in process, it is unlikely that the housing supply will increase sufficiently to satisfy the current demand and expected new buyer interest for the foreseeable future. Based on current trends, we expect total sales activity and the total dollar value sold for 2021 to exceed 2020 by the end of the year.
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Before we dive into the numbers, we’d like to remind you that Pemberton is considered a micro-market. Meaning, reported market activity is largely a result of what is being offered for sale, and given our historically low number of active listings in this area, it is something to keep in mind when assessing the data of Pemberton’s real estate market.
For much of the last 12 months there have been less than 10 properties of any one type offered for sale, in any given month. With the continued level of interest in the area, this leads to multiple buyers trying to buy the same property and, as a result, rising sales prices.
Overall average transaction value in Pemberton has risen 30% since the start of the year and currently sits at $925,055.
The single- family home market continues to be the busiest sector accounting for almost 50% of all reported activity. The average single-family (excluding acreages) is now $1,128,154. An increase of 22% since the start of the year.
Townhouses and condominium sales activity remains brisk but at reduced levels due to a lack of offered properties. The average transaction value of a townhouse is $756,264, an increase of 23% since January, while condominiums have risen 19% to $503,550. Although data is limited, sales values are sitting around $600/ per square foot for a medium-density development; an increase of almost 20% since the start of the year.
Building lots continue to attract strong interest in the marketplace from both builders and buyers looking to build their dream home. Average values continue to exceed $500,000 for reported sales.
Looking Ahead to 2022
We expect the current market characteristics of low supply and high demand to continue into 2022. Although values have risen, Pemberton continues to be priced below the other Sea to Sky communities and continues to be desirable place to live, work and play. We expect sales activity for properties offered for sale to be brisk right into the first half of 2022.
That being said; buyer frustration as a result of a lack of choice, or a reduction of purchasing power for buyers due to inflation or rising interest rates, could result in fewer buyers making decisions in the future.
Overall, we expect to see lower levels of sales activity through to the end of 2021 than we experienced with the first half of the year. However, values will continue to be supported and should move higher due to consistent and strong pent-up demand and buyer interest.
*Data used in this report is derived from the Whistler Listing System and is deemed to be reliable but is not exhaustive and is used to show trends only. This information should not be used to analyze specific properties. Please consult with your advisor about current market conditions for specific properties.