Pemberton Market Update: July 2018

Date Posted: July 17, 2018

2018 Quarter 2 Review

Plenty of buyer interest, low listing inventory, and rising prices continued to define the Pemberton real estate market through the first half of 2018.

Overall transaction values in Pemberton have risen by about 14% since the beginning of the year. Meanwhile, a lack of opportunities (rather than a lowering of buyer interest) has resulted in a reduction in the number of transactions so far this year.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value sits at $883,000
  • Towhomes: Average sale value sits at $593,000
  • Condos: Average sale value sits at $385,784

A bright point, and something we have not seen a lot of in recent years in Pemberton, is a bustling of construction. Significant investment in Pemberton, both commercially and residentially, has seen several new single-family home developments and townhome/condominium buildings coming to the market – including The Ridge, Sunstone, and Crestline. That has given buyers of Pemberton real estate a lot of new design and living choices. At the same time, a quick drive through the Pemberton Industrial Park will confirm that activity there is abuzz with new commercial and industrial investments, as well as the opening and expansion of several local businesses.

What We Expect Moving Forward

Pemberton is not being seen by many as a viable alternative to both Whistler and Squamish. Despite its current economic boom, we continue to see low supply levels for existing real estate in Pemberton. As a result, well-priced properties are generally selling very quickly and prices continue to feel upward pressure. We do not anticipate that this will be changing any time soon.

 

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2018


Whistler Market Update: July 2018

Date Posted: July 17, 2018

2018 Quarter 2 Review

Warm sunny, summer days have arrived in Whistler! Is there a more beautiful time of year in our resort?

As we move into the second half of 2018, it is time to take a moment to reflect on how the Whistler real estate market has been performing so far in 2018. The good news is that buyer interest is still strong and the market has therefore maintained a fairly steady pace.

With a 23% decrease in the overall number of transactions compared to the same period last year, it is true that the rapid pace of sales we were experiencing has moderated from the peaks we saw in 2016 and early 2017. However, our current levels are consistent with those of the second half of 2017 as well as our long-run historical levels. So, rather than being an outright slowing of the market, the decrease in transactions is more a return to normal.

Average sales prices are another story entirely. As we continue to face low inventory levels and high buyer interest in local real estate, sales prices have continued to feel upward pressure across all market segments, albeit at a slower rate than we were seeing a few months ago. As of the end of the second quarter, the overall average sale price in Whistler was $1,211,482 (up by about 5% since the beginning of the year).

Single-family homes have accounted for over 33% of the value exchanged so far this year, yet they only account for 13% of the total transactions. This is because they are the highest priced market segment, while townhomes and condominiums are the bread and butter of the local market, accounting for almost 70% of all the activity.

Breaking the numbers down a little more:

  • Single-Family Homes: Average sale value sits at $3,168,000 (a 16% increase since the beginning of the year)
  • Towhomes: Average sale value sits at $1,449,000 (a 26% increase since the beginning of the year)
  • Condos: Average sale value sits at $623,937 (a 4% increase since the beginning of the year)

What We Expect Moving Forward

The supply of real estate listings in Whistler remains low and this, combined with continuing high demand, is driving price appreciation. We do not expect this to change through the duration of 2018.

That said, many outside factors including government policy changes, interest rates, economic cycles, and exchange rates can have a significant impact on the decision making process for both buyers and sellers in Whistler. That said, the resort marketplace in Whistler is very unique and can often react to these changes differently than you would expect or see in typical urban marketplaces so it is important to stay up-to-date with an experienced, local realtor.

If you are curious about what your home is worth in today’s market, or if you are wondering how to be successful as a buyer in this market, or even if you are just looking to stay up-to-date on the current market trends, contact me and I will be happy to discuss the current market with you and how you can accomplish your real estate goals.

*All stats deemed to be accurate and taken from the Whistler Listing System, July 2018


FEATURED LISTING: 7604 Pemberton Meadows Road

Date Posted: July 16, 2018

A Custom Estate Home in Beautiful Pemberton

 $2,099,000

4.5 Bedroom   |   2.5 Bathroom   |   3,750 Sq.Ft.   |    Chalet

Experience everything that Pemberton has to offer from this custom estate home sitting on almost three quarters of an acre with a view of Mount Currie. Inside, cathedral ceilings and expansive windows open up the living spaces and embrace you with natural light. Distressed alder hardwood flooring underfoot provides the perfect touch of Pemberton charm. Framed on either side by windows showcasing unobstructed views, the stone floor-to-ceiling, wood-burning fireplace is the centrepiece of the open concept living area and Mt. Currie views are a dominating feature of the dining room. Meanwhile, the bright and airy kitchen is a delight with shaker-style cabinets, stainless steel appliances, and a large island with built-in antique maple butcher’s block.

The grand master bedroom has soaring ceilings, a walk-through closet and a luxurious ensuite. Two additional bedrooms, an office, a laundry room, and a half bath complete the ‘one level living’ on the main floor. A large basement provides plenty of additional space that includes another bedroom, a kids play room/golf room, a generous mud room, and an amazing amount of heated/cold storage.

Outside, a spacious patio with outdoor fireplace, BBQ area and hot tub, gives way to perennial/veggie gardens, manicured lawns, and a salt water swimming pool. Backing onto acres of farmland, you will enjoy ultimate privacy with all day sun while still having the amenities of Pemberton nearby. This home, complete with oversize 2-car garage is designed for executive living or a family.

See the photos & find out more here.

Listed: July 2018


SOLD! 852 The Westin Resort & Spa

Date Posted: July 4, 2018

An investment condo at the base of Whistler Mountain

This beautiful Westin Resort & Spa studio suite is situated at the foot of Whistler Mountain, just steps from the gondola! The 8th floor unit has great view of The Village, and both Whistler and Blackcomb Mountains. The Phase II property proves to be one of the best revenue generators in world famous Whistler Resort and the hotel is in good hands to make this investment as simple as a bank deposit with high returns. 

Listed for $279,000 and sold for $301,000

The real estate market in Whistler is changing and we do expect to see some moderation in the rate of price appreciation as we continue through the year. If you have been thinking of selling, this could be the right time.

If you are curious about your home’s value in today’s market, want more information about this sale or similar listings, or if you would like an update on market conditions, contact me today!

July 2018