You may not have noticed but things slowed down in December. Reported firm deals to the Whistler Listing Service totalled 40. Down from 91 in November and from 80 during December 2015. I guess our lack of supply is beginning to be impact velocity!
Pemberton also was a little slower with similar drops in activity.
Lots of realtors talking about a "Record Setting Year" and certainly it was in most categories (and in terms of price this was true). However, there are some exceptions - we sold more chalets in 2015 (by 4).
Without further ado, here are the highlights of 2016 as compared to end of year 2015!
2016 Overall Market Compared to Year End 2015
# Of transactions up by + 22% (now 1,038)
Average price of transaction up by + 12.6% (now $901,765)
|Sub Markets||Transactions||Average Transaction Value|
|Single Family ||n/c||+32.6%||($2,251,964)|
*Condos continue to be the source of 65% of the business
As for 2017 , I remain cautious at this point; low numbers of listings will keep prices up but I expect the number of transactions to drop. Additionally, expected changes in external circumstances (ie: interest rates, government regulations, expected retrenchment in Vancouver real estate, unpredictable provincial and world politics) may present either a challenge or an opportunity for us. Furthermore, I expect it will be a couple of months before we see any clear indications.
See below for the past 5 years listing inventory statistics for Whistler to get a sense for what's truly driving prices higher.
Whistler/Pemberton Real Estate Company Market Share
|Sothebys||3.9/3.1||Out of Town||4.8/4.8|
*Total Value of Residential Firm Sales reported to WLS (Whistler and Pemberton, $1,063,000,000)
Increased awareness, affordability/good value, and a relaxed rural life style attracted buyers to Pemberton in record numbers in 2016! Recreational enthusiasts, first time home buyers, investors and those looking for a return to a country lifestyle flocked to the area increasing overall activity levels by 60% as compared to 2015. This increase in activity resulted in an overall 5.1% increase in average transaction value and all segments of the market experiencing significant average price increases.
The strongest levels of interest continued to be the more affordable properties (condos and townhouses) that are rarely available any longer in Whistler and Squamish as they appeal to young families and first time home owners.
Average single family values rose by 18.6 % to 640,368 in 2016, while condo’s rose by 13.5% (to 252,337) and townhouses rose by 24.2 % (to 395,009). Acreages and homes with acreages continued to be of high interest to both high net worth individual and a new generation of agricultural enthusiasts.
2016 was also the first time in a number of years that several new subdivisions and projects for the area were unveiled for the Pemberton area.
New single family subdivisions at Tiyata and Pemberton Ridge were announced and enthusiastically embraced by the market. Further a purpose driven rental building of 40 units and a 35 unit condo project named Crestline are now under construction for completion in 2017/2018.
Like Whistler, the number of purchase opportunities available to consider is at historically low levels and with continued interest in the area we expect ongoing support for the market and upward pressure on prices. Interest rate changes and new mortgage financing rules may impact on future activity however, until such issues have become more defined, the future looks bright for the Pemberton real estate market.
Pemberton remains a small, dynamic and nuanced market that requires the insight of a local expert. Schedule a call with Dean today to get the most up to date data.
See below for the past 5 years listing inventory statistics for Pemberton.
# Of transactions improved by + 60.7%
Average Value + 5/1% (451,104)
|Transactions||Average Transaction Value|
|Single Family||n/c||+18.65 %||(640368)|
*Pemberton has very small data samples and covers a very large geographical area, direct comparisons to specific situations are difficult (use data with caution)