Alberni Valley Real Estate Update - November 2018

Posted by Chris Fenton on Friday, November 23rd, 2018 at 3:48pm.

If I had to use one word to describe the 2018 Port Alberni real estate market, I would use the word 'balance'. If given a second word, I'd add on 'transition'. After 4+ years of a market moving, more-and-more, into a Seller Market, we appear to be in a time of transition to a more balanced market.

The number of home sales in the Alberni Valley has declined significantly this year, in comparison to last year. Meanwhile, inventory (the number of houses on the market) remains historically low. The result has been a move towards a more balanced market.

Without further adieu let's a take a look at the real estate stats for the greater Alberni Valley for single family home sales (excluding waterfront) for November 2018.

 

Port Alberni

 

October 2018

October 2017

Homes Listed

41

36

Homes Sold

25

47

Avg Sale Price

$368,720

$262,817

Median Sale Price

$305,000

$238,000

Avg Day on Market

31

48

 

As always, I want to preface any commentary on the stats by saying we have to be very careful drawing conclusions from one month's stats in a small market like Port Alberni. With that said, I find it interesting the number of listings this October is fairly consistent with the prior October. Sales are down significantly, but frankly that may be more a reflection just how frenetic the pace was in the market last fall. Prices are still up considerably this October, and my feeling working in the market every day is that they are remaining stable for the time beings.

It will be interesting to take a look at the year end stats this winter. Those numbers will give us a much clearer picture of where the Port Alberni market is at.

Thanks for reading - I'd love to answer any questions or receive any comments you may have.

Chris Fenton, BCom
The Fenton Team

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