Pemberton Market Update: July 2019

Date Posted: July 19, 2019

2019 QUARTER 2 REVIEW

As the summer starts to heat up, the overall slowdown in real estate activity across the region has become a hot topic of conversation. Pemberton has also seen a decline in market activity when compared to the first two quarters of 2018; however, prices have stayed strong and even slightly increased during the first six months of 2019.

Low sales volume is likely putting the pressure on sellers to reduce prices, but this does depend on the type and number of properties on the market.  We should also consider local factors that affect the opinions and confidence of buyers and sellers – Pemberton may appear to be following broader trends on the surface but, with a closer look, it shouldn’t come as a surprise to see this small marketplace varies significantly.

When compared to the first half of 2018, we can see that since January 2019 overall sales volume has declined by approximately 30%. That being said, overall average transaction values have increased by 8% to $538,000, mostly due to the average sales price of single-family homes increasing to $1,026,000. Condos and townhomes have consolidated around 4% to $376,000 for condos, and $576,000 for townhomes.

WHAT WE EXPECT MOVING FORWARD

The slowdown in overall activity has increased the number of properties on the market by approximately 20% when compared to lows experienced in the past. As a result there are more options for buyers, and sellers are having to exercise patience as they spend longer on the market than they would have a year ago.

That being said, Pemberton remains popular with young families, outdoor enthusiasts, and small investors, all keen to secure a home and become part of the community. We are seeing that family homes with 2-3 bedrooms are most sought after, and well-priced properties are receiving the most attention.

Give that Pemberton is a “micro” marketplace, it’s important to note that supply and demand may differ to what is happening throughout the rest of the region.

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 2o19


Whistler Market Update: July 2019

Date Posted: July 19, 2019

2019 QUARTER 2 REVIEW

Summer is here and not only does it bring sunshine (and a little rain), but also some insight as to how the real estate market is shaping up for 2019 so far.The media and industry press releases provide insight to market trends and predictions across the region by aggregating data from broad geographical areas. When it comes to fully understanding smaller markets, however, we need to look a little deeper at the details. There are unique variants that impact smaller areas, especially when it comes to a resort community like Whistler.

Overall, the real estate market across southwestern British Columbia has taken a dip in activity, particularly when it comes to property prices where statistics show that sales are down about 40% when compared to the peak of the market, and prices have fallen by 10% over the last 12 months, perhaps even more so in the high end and luxury markets.

In accordance with the slowdown in overall activity, it’s not surprising that sellers are feeling more pressure to reduce prices, but this is situational given the type and amount of inventory available, in addition to the specific needs of buyers and sellers as they look to the future.

When we look at the Whistler real estate market specifically, the numbers are similar to the results we saw in the first quarter of 2019: we can see that overall sales continue to fall, and when compared to the first six months of 2018 overall activity has declined by 37.5%, in line with the regional trends being reported.

The decline in the number of transactions has affected all property types, but townhomes and condos the most. Interestingly, the current market is on a par with what we experienced in 2009 (pre-olympics), yet today there are less than half the amount of properties on the market when compared to ten years ago.

If we look at the numbers more closely we can also see that the slowdown has meant properties are staying on the market for longer, increasing inventory for buyers. That being said, interest in Whistler properties continues as we see that average sales prices have not only remained consistent with the second quarter of 2018, but have also slightly increased since the beginning of 2019.

In response to overall market performance we can see noticeable shifts in behaviour within each segment of the market. Townhome values continue to drop and condos and single-family homes are the areas reporting price increases.

Breaking the numbers down a little more:

  • Townhomes have experienced a price drop of 11% since January 2019
  • Condos have increased sales prices by 11% (largely due to rental opportunities)
  • Single-Family Homes values have increased by 7.2%, although they are still 5% lower than quarter 2 of 2018

What We Expect Moving Forward

We can see that the performance of the market is dependant on the amount and type of properties being offered for sale, so here are some key considerations for buyers and sellers moving forward:

  1. Data and trends being reported for B.C as a whole may not accurately reflect the real estate market activity of smaller regions and towns, such as a resort community like Whistler.
  2. With the slow down in activity we’re seeing properties remain on the market for longer than previous years. We’re noticing however, that well-priced, well-located or unique offerings will attract steady interest, and could generate a multiple offer situation.
  3. Regardless of the short term increase in inventory, the overall number of properties available still remains lower than we’ve seen in previous years – if you find your dream home you may not want to hesitate for too long.

 

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 2o19

 


JUST LISTED! 31 Cottonwood Court

Date Posted: June 4, 2019

A townhouse with a view in central Pemberton

Deck with table, chairs and umbrella, with views of trees and Mount Currie

$599,000

Beds: 3   |   Baths: 2   |   Size: 1532 Sq.Ft.   |    Type: Townhouse

Soak up the views of Mount Currie from your private deck in the Summer, or curl up in front of the wood burning fire when Winter sets in. This bright 3-bedroom townhouse offers a functional and family friendly layout, with all three bedrooms upstairs and an office just off the living area on the main floor. Enjoy plenty of storage with a mudroom, one car garage, and laundry/storage room.

Centrally located, the school, community centre and downtown are just minutes away. A bonus for kids – there is also a great play area on the complex.

See the photos & find out more here.


JUST LISTED! 2 Gondola Village

Date Posted: May 22, 2019

An original townhouse in a popular Creekside location

Exterior photo of a 4-storey townhouse complex, with stairs leading up to the first level, and two vehicles parked outside

$529,000

Beds: 1   |   Baths: 1   |   Size: 410 Sq.Ft.   |    Type: Townhouse

This one-bedroom townhouse is on one of the most desirable streets in the Gondola Village neighbourhood; just a short walk to the Creekside Gondola, grocery stores and restaurants, you’ll love the convenient location of this property!

See the photos & find out more here.

 


JUST LISTED! 314 Aspens

Date Posted: May 8, 2019

A quiet suite in one of the best ski-in/ski-out locations in Whistler

 

Living room with a three seater sofa, armchair and ottoman in front of a gas fireplace, two large windows with trees outside

 $749,000

Beds: 1   |   Baths: 1   |   Size: 590 Sq.Ft.   |    Type: Condominium

This quiet 1 bedroom suite features an updated bathroom, and a gas fireplace perfect for cozy evenings after a day on the slopes. The Aspens is a popular complex and it’s easy to see why; situated right on the slopes of Blackcomb, there is access to ski rental, ski/bike storage, secure underground parking, and not to mention the free ski valet. There is also a choice of three hot tubs, a heated year-round swimming pool, and health club to meet your rest, relaxation, or workout needs. Being a Phase I property, you can live in the suite full time or take advantage of nightly rental revenues. Strata fees include hydro, cable, and internet.

See the photos & find out more here.

 

 


JUST LISTED! 10 Baseline

Date Posted: April 30, 2019

A beautifully updated Townhome in a convenient Creekside location

 

 $1,599,000

Beds: 3.5   |   Baths: 2.5   |   Size: 1,855 Sq.Ft.   |    Type: Townhouse

Just across the highway from the Creekside gondola, this 3.5 bed/2.5 bath townhome boasts vaulted ceilings, floor-to-ceiling windows, and a cozy wood-burning fire for cozy winter evenings. The updated kitchen, open layout and spacious bedrooms make this a great space for families and guests, and the double car garage and large mud room will meet all your storage needs. Nestled in a great location, shops, restaurants and Alpha Lake are all just a short distance away.

See the photos & find out more here.

 

 


JUST LISTED! 121 Greyhawk

Date Posted: April 19, 2019

A beautifully renovated condo in a prime Whistler location

 

 $1,049,000

Beds: 2   |   Baths: 2   |   Size: 1,185 Sq.Ft.   |    Type: Condo

Located in prestigious Blueberry Hill, this bright and airy, open plan condo offers a versatile space in a prime Whistler location. Positioned above the Whistler Golf Course its private and quiet location provides the perfect launching point for your Whistler lifestyle within walking distance of the Village and Alta Lake. You can live here full-time, enjoy it as a weekend getaway, or earn revenues through nightly rentals.

See the photos & find out more here.

Listed: April 2019


Pemberton Market Update: April 2019

Date Posted: April 19, 2019

2019 QUARTER 1 REVIEW

Similarly, to quarter 4 of 2018, the first three months of 2019 have seen transaction values continue to rise in Pemberton as the number of buyers outweighs the amount of properties coming on the market. Overall sales activity remains low in comparison to the height of the market at the end of 2017 and beginning of 2018; however, more and more families and first-time buyers are turning to Pemberton to find a place to call home. As a result of this shift, single-family homes and condos are proving to attract the most buyer interest.

The average transaction value for a property in Pemberton is $518,800; not far from the average at the beginning of 2019, but a 6% increase year on year. Pemberton is a small marketplace, and although the number of properties coming onto the market is gradually increasing, the choice for buyers remains somewhat limited.

Breaking the numbers down a little more:

  • Single-Family Homes: current average sale value $997,857
  • Townhomes: current average sale value $586,500
  • Condos: current average sale value $375,900

With stricter rules being implemented around mortgages and financing, buyers are facing additional challenges leaving many unable to purchase a home. Despite these challenges, interest in the Pemberton area remains high and is supporting values.

Consistent with previous quarters, average time on the market for a property in Pemberton is 60-90 days, which indicates it is experiencing a balanced market. It should be noted that well priced listings are selling more quickly, and often receive multiple offers.

WHAT WE EXPECT MOVING FORWARD

Over the coming months we can expect to see Pemberton undergo a vast transformation – starting in spring and continuing into summer, construction will begin to create many new homes in a number of subdivisions, and several new medium density developments. Key upgrades will also be applied to the infrastructure and general aesthetics of the Village area.

A unique place, Pemberton boasts a beautiful and relaxed rural community while continuing to be the most affordable area in the Sea-to-Sky corridor.

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, April 2o19


Whistler Market Update: April 2019

Date Posted: April 17, 2019

2019 QUARTER 1 REVIEW

With temperatures becoming milder and the first signs of spring just around the corner, it’s time to review how the Whistler real estate market has been performing throughout the first quarter of 2019.

During the first three months of 2019 the Whistler area has maintained a similar level of sales activity to that of the last quarter of 2018. However, these numbers are considerably lower than the levels experienced during the peak of the market towards the end of 2017 and beginning of 2018.

Consistent with most parts of British Columbia, overall sales have fallen by approximately 45% when compared year-on-year to quarter 1 of 2018. Surprisingly, in spite of the decline in sales, the overall value of sales was $165 million, an increase of approximately 10% from quarter 4 of 2018. Receiving a comparable percentage increase are average transaction values, which have risen to $1,312,000.

Breaking the numbers down a little more:

  • Single-Family Homes: experienced an increase in average sales values by 2%
  • Condos: experienced an increase in average sales values by 9%

In comparison to their performance over the last quarter of 2018, single-family homes and condominiums are on the rise, proving to be the strongest markets during the first quarter of 2019.

Limited inventory has resulted in a slowdown in the townhome market, and average sales values remain consistent with the last quarter of 2018, in addition to the same period one year ago.

What We Expect Moving Forward

Overall the number of properties available for sale is continuing to rise, but still remains low compared to previous years. A typical listing is on the market for approximately 60-70 days, which is consistent with previous quarters. This also indicates that buyers remain active in the local marketplace.

Unlike most urban markets, supply and demand within Whistler is largely driven by discretionary decisions, and as a result the Whistler market often follows different trends to that of surrounding regional marketplaces.

In summary, Whistler is currently experiencing a balanced market, but variances are to be expected – multiple offers on well-priced, well-located or unique properties should not come as a surprise.

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, April 2o19


MLS Medallion Club Awards

Date Posted: March 6, 2019

I would like to take a moment to thank all my 2018 clients. It is because of you that I am so honoured to once again be awarded with the MLS Medallion Club Award for 2018. This year’s award makes 2018 my 5th year qualifying!

The Medallion Club Awards are annual acknowledgements given by the Greater Vancouver Real Estate Board in recognition of the accomplishments of its top producers. In order to become a Medallion Club member, you must be in the top 10% of all board members in terms of your combined listings, sales, and dollar volume for that year.

Thank you so much to all of my clients, co-workers, family, friends and supporters –  I could not have accomplished this without you and I am truly grateful.


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