Alberni Valley Real Estate Update - September 2017

Posted by Chris Fenton on Sunday, September 10th, 2017 at 12:26pm.

For the first time in a number of years there is a little uncertainty in the real estate market. In Port Alberni the market paused at the end of August. This pause is expected by real estate professionals, as everyone (Real Estate Agents included) are out enjoying the last throes of summer and getting ready for autumn. This year, however, the slowdown was coupled with news about housing markets slowing down across the country and another round of interest rate increases by the Bank of Canada.

Port Alberni Real Estate Market Update Sept 2017

With all this change in the national real estate market, it seemed like an ideal time to look at the actual numbers for the Port Alberni real estate market. To get a good feeling, we’ve decided to look back at all single family homes sales (excluding waterfront) which were listed/sold in the greater Alberni Valley for the three month period of June to August. Here is what we found:

 

Jun-Aug 2017

Jun-Aug 2016

Homes Listed

198

155

Homes Sold

143

133

Average List Price

$306,717

$258,807

Average Sale Price

$298,341

$250,170

List/Sell Price

97.3%

96.7%

Median Sale Price

$270,000

$220,000

Average Days on Market

44

57

Worth noting is that the number of homes sold is up in 2017 which is a very positive sign. Likewise the Average Sale Price and Median Sale Price are both up approximately $50,000 over last year. Also positive is that the days on the market are down this year.  These are all signs of a strong Sellers’s Market.  However, the number of homes listed for sale was up considerably this year. If this trend, of an increase in new listings, continues we’ll begin to experience downward pressure on prices at some point. I do want to stress that it is too early to draw that conclusion at this point. The changing market, and bizarre weather, resulted in fewer than expected listings coming on the market in the spring. This summer surge in new listings could simply be a natural result of the delayed spring market.

In closing the market is sending us some mixed messages right now, for the first time in a long time. It’s way too soon to get worried about a market shift, but certainly something worth keeping an eye on. 

 

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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