Pemberton Real Estate Market Update: For the first time since 2008, we are seeing a dramatic shift in the Pemberton Real Estate market. Pemberton is trending out of a Buyers market through neutral towards more of a Sellers market when it comes to townhome and acreage properties. Sellers are holding more power over price point as inventory in these sectors is decreasing. We are seeing this trend throughout the entire valley from Pemberton Meadows acreages, through the Fringe, the village of Pemberton and North into Birken.
This year the acreage sector has seen sales of over $1M with the highest sale on record in the area, being an estate sale, on Airport Rd, for $3.7M. The majority of acreage sales have been in the $600-700K range. Buyers up until now, have been diligent in their search for Pemberton real estate. In some cases, Buyers have been looking in the region for several years, following the market, and following price trends. Buyers no longer have the luxury of time on their side. We are now seeing Buyers writing offers immediately when they see properties they like for fear that if they wait, they will lose out. This immediacy is directly related to shrinking inventory and an increase of Buyers looking for the same types of properties.
Last week for the first time since the height of the market in 2008, we have been competing offers on properties and realtors, with Buyers, bringing cash- subject free offers to trump competing negotiation processes.
Today a 73 acre vacant parcel sold in the Pemberton Meadows for $760K, only $30K below list price. The last comparable sale to date was an adjacent vacant parcel that sold for $635K.
My advice to anyone looking to get into the real estate market in Pemberton, is that this is the time to buy!!! It is optimal to enter the market just as the curve begins to trend upward. This will ensure that you secure property before price point and demand increase.