It has been a busy year for real estate in Pemberton so what does this mean for the local market and what can we expect moving forward through 2019?
Over the course of 2018, the real estate market in Pemberton continued to follow much the same course as was established through 2017. As the year progressed, activity levels returned from the peaks of 2016/17 to levels that are more typical of what we would expect based on historical data. As interest rates increased and new mortgage rules came into effect and impacted the costs of ownership, the second half of the year demonstrated a noticeably slower marketplace as compared to the first 6 months of 2018. It is important to note that these changes served to dampen real estate markets and buyer enthusiasm across the board – nationally and regionally as well as locally.
The real estate market in Pemberton continues to attract recreational enthusiasts, first-time buyers, investors, and those looking for family living at prices no longer attainable in Whistler. Due to the limited opportunities that were available through 2018, this demand resulted in an overall 7.1% increase in average transaction value for property in Pemberton throughout the course of the year.
Breaking the numbers down a little more:
Acreages and homes with acreages continued to remain of interest to high net worth individuals, a new generation of agricultural enthusiasts, and families taking advantage of the real estate markets in Vancouver and Whistler. The strongest buyer interest, however, continues to be in affordable properties (specifically condos and townhomes) that appeal to young families and first-time buyers.
Through the course of the year, Pemberton has been a hive of activity with several new developments getting underway and continuing to attract attention. Local builders and trades can expect a busy year ahead based on the sales activity on single-family building lots within the community. With several condo and townhome developments also on offer, buyers of real estate in Pemberton will have the option to consider newly-built properties of all types (and all the benefits that accompany them), unlike buyers of real estate in Whistler.
This activity extended into the commercial sector with a lot of growth and construction occurring in the Pemberton Industrial Park as new businesses decide to own their place of work rather than operate as a tenant.
With the number of properties available for sale slowly on the rise and strong buyer interest in the community, we expect sales activity in Pemberton to make a return to more balanced levels as we move forward through 2019. We also expect that as we reach that point of balance, further price appreciation will become more subdued.
With several considerations in the books and on the horizon, including:
we anticipate the buyers of real estate in Pemberton will proceed with caution and, as a result, sellers can expect their properties to spend longer on the market than was experienced in the recent past. Going forward, effective pricing will be the key to success for sellers and there will continue to be strong buyer interest in Pemberton real estate for properties that are well priced.
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, January 2o19