High demand and low supply continue to be the defining characteristics of the real estate marketplace in Pemberton and the surrounding area. Any well priced, affordable property attracts immediate attention and often results in multiple offers. As a result, values continue to rise despite a significant drop in sales activity. With no new developments or opportunities approved for the near future, we expect these conditions to continue into 2018.
Median real estate values in all the housing categories have risen since the end of 2016. The median sales value of a single family home is currently $760,000 which is a 16.9% increase since the start 2017. Townhouses have risen 17.1% to $479,000 and the median value for condos stands at $345,000, an increase of 32%.
It must be noted that due to the micro nature of the Pemberton real estate market, the total number of transactions is very small and individual situations will vary widely from statistical averages. This certainly tells us that valuation is more of an art than a science, and that local expertise and knowledge are therefore a must when investigating Pemberton real estate opportunities
Going forward we expect the real estate market in Pemberton to stay strong and for values to be supported and move upwards. Further, you can expect to see construction of a significant number of new homes beginning as a result of the successful sales programs at Tiyata, Sunstone, Pemberton Ridge, and the Benchlands. It is expected that a significant number of these properties will be offered for sale and that they will be occupied by full-time, local families.
In our opinion Pemberton is going to be a very busy place for the foreseeable future. To ensure that you are totally up-to-date, it is important to stay in contact with one of our full time, local advisors.
Whistler Listing System statistics, October 2017.