Last month we reported an observation that the real estate market in Port Alberni had slowed. At the time we wondered if it was a momentary pause or the beginning of something more significant. Shortly after we released that market update, things started to pick back up. We’re happy to say it was a pause!
To back up this statement we’ve run all of the single family homes sales statistics for the greater Alberni Valley (excluding all waterfront properties) for the month of September. This is what we found:
|September 2017||September 2016|
|Average List Price||$265,292||$234,687|
|Average Sale Price||$256,844||$226,119|
|Median Sale Price||$245,000||$226,000|
|Days on Market||38||53|
As you can see, the number of new listings to come on the market was very similar when we compare September 2017 to September 2016. Likewise, the number of homes sold was very similar. This indicates that this sellers’ market is continuing to move right along. Perhaps, even more telling is the fact that the average days on the market continue to decline, while the median sale price is up by over $20,000. In short, there is nothing to indicate from the September stats that the market is softening.
It remains to be seen if the Bank of Canada will continue the recent trend of raising interest rates in next weeks scheduled announcement. It will be just as interesting to see how the tightening of lending laws set to roll out in January, which will make it more challenging for some Canadian to qualify for a mortgage, will affect the Port Alberni market. In the end only time will tell, but for now the market is continuing its strong performance.
Port Alberni Video Market Update
Thanks for reading - I'd love to answer any questions or receive any comments you may have.
Chris Fenton, BCom
The Fenton Team