Snow, snow and more snow! That has been the story of January in Port Alberni real estate. It has to be one of the coldest January’s of my lifetime. Even with all that snow, the real estate market has continued chugging right along.

Comparing the stats for January 2017 to January 2016 (for homes in the greater Alberni Valley) is interesting, because it was last January that this Seller’s Market really started to take shape. With no further ado here are the numbers:

 

 February 2017

February 2016

Listings

33

29

Sales

15

15

Median Sale Price

$233,000

$188,180

Avg. Days on Market

54

126

As you can see the number of new listings and the number of sales are very consistent.  What have changed significantly are the median sale price and the average days on the market. I have to caution that a sample size of 15 sales is statistically too small to make any meaning full comparison when it comes to median sale price. However, I think the average days on the market are telling.  In every year until now, January has been a time when the market sold off the inventory that was left over from the previous year, which leads to very long days on the market. This year, there isn’t much left that hasn’t sold and so we’re not seeing that phenomenon for the first time in many year.

I fully expect the real estate market in Port Alberni to really get moving (I apologize for the pun) in February and March. It is my professional opinion that there is some pent up demand in the market that will show up once the snow melts for good. Until then – stay warm!