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.
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