Market activity in Pemberton remained steady during 2019 even though the total amount of activity for the year was lower. These lower levels of activity, however, were not a result due to a lack of interest from buyers but were a direct result of a lack of properties available for sale that met the buyer’s needs.
This is clearly demonstrated by the increase in values that occurred in most categories of real estate throughout the Pemberton area. Overall, average sales values in the market increased by 6.7% from the end of 2018.
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There was a strong interest in single-family homes, particularly properties with suites. This propelled average sales values to finish the year at $1,030,000, which is an increase of 11% from the end of 2018.
The condominium market was the busiest sector due to affordability. However, the size of properties and the type of properties offered for sale meant that there was a (very) small drop in average transaction value to $369,000. Despite this, the price per square foot has remained unchanged at approximately $520.
The townhouse market was also active with both activity and sales values remaining virtually unchanged from 2018. The average townhouse sales value finished the year at $600,047. The price per square foot was up marginally for this sector, but essentially steady, in the $425-$450 a square foot range.
It is important to be aware that Pemberton is a micro-market, with less than 200 transactions occurring annually each year. Rarely are there more than 50 transactions in any sector of the market, thus statistical analysis can be less useful as a predictive tool.
Interest in the Pemberton Real Estate Market
Pemberton continues to attract attention from buyers due to its real estate values as compared to alternatives in the Sea to Sky corridor. People are drawn by its small-town feel and beautiful scenery. Media coverage and tourism have significantly increased awareness and interest from buyers outside the traditional sources. We are seeing an increased number of potential buyers from both outside the corridor, and internationally. This interest in Pemberton doesn’t just focus on the village, but on the surrounding areas as well and up towards Anderson Lake.
All this interest has also led to increased commercial and residential investment in both Pemberton village and the industrial park. We are seeing new businesses increasing both short-term and long-term employment. Additionally, a number of new buildings are underway in the industrial park and a variety of builders look to bring a variety of residential products to the market.
What to Expect in This Year’s Real Estate Market
Going into 2020 we can expect to see new residential offerings at the Tiyata and Sunstone developments. There are also a number of builders and developers that are working through the approval process to bring more opportunities to the market.
Pemberton continues to thrive and 2020 will continue with the trends seen in 2019. We can expect to see a market that favors sellers in the lower price ranges. While activity levels above $1.5 million will continue to be slower due to a lack of opportunity and property characteristics.
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