2019 Pemberton Real Estate Market Review

Market activity in Pemberton remained steady during 2019 although the total amount of activity for the year was lower. These lower levels of activity, however, were not a result of lack of interest from buyers but more a result of lack of properties available for sale that met buyers needs and expectations.This is clearly demonstrated by the increase in values that occurred in all categories of real estate throughout the Pemberton area. Overall, average sales values in the market increased by 6.7% from the end of 2018.Strong interest in single-family homes, particularly properties with suites propelled average sales values to finish the year at $1,003,000, an increase of 11% from the end of 2018.Although the condominium market was the busiest sector due to affordability, 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 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.Pemberton continues to attract attention due to its real estate values as compared to alternatives in the Sea to Sky corridor, its small-town feel and beautiful scenery. Media coverage and tourism have significantly increased awareness and interest from buyers outside our traditional sources. We see increased numbers of potential buyers from both outside the corridor and internationally. This interest not only focuses on the village but on the outlying parts of the valley and up to Anderson Lake. All this interest has also led to increased commercial and residential investment in the village and the industrial park. New businesses are increasing both short-term and long-term employment and new buildings are underway in the industrial park well builders look to bring a variety of residential product to the marketGoing into 2020 we can expect to see new residential offerings at the Tiyata and Sunstone developments and a number of builders and developers are working through the approval process to bring more opportunities to the market.Pemberton continues to thrive and 2020 will continue the trends seen in 2019. We can expect a market that favors sellers in the lower price ranges and activity levels above 1.3 million will continue to be slower due to a lack of opportunity and property characteristics.As a small, specialized market it is important to get the right information for your specific interest. Feel free to reach pout if you have questions.   I am available and happy to help you.