Port Alberni Market Wide Summary

The 2021 Alberni Valley real estate market continued, and in many cases amplified, the trends we saw in 2020. The number of homes sold in the Greater Alberni Valley continued to increase and the average home sale price increased massively, breaking the half million-dollar mark for the first time in history. Overall, the market was characterized by robust demand, and a significant lack of supply. At Sproat Lake, the number of homes sold decreased, and the average sale price increased when compared to the previous year. The number of bare land sales in the City of Port Alberni also increased, and the average price per sq.ft. for City of Port Alberni lots increased to $16.63/sq.ft. from $12.92/sq.ft the previous year. 

Download a PDF Version of The Fenton Report - January 2022

Port Alberni Real Estate Market Graph 2021 Historic Sale Price and Units Sold

Single Family Home Snapshot

Pricing by all metrics was up relative to 2020. The average sale price was up 26% while the median sale price was up 28%. The number of homes sold in 2021 was up 19% over the previous year. Meanwhile, the number of new listings on the market in 2021 was up only 1% from the previous year. This continues the pandemic era trend of a strong Seller’s Market. The average time it took for a home to sell was down 47% compared to 2020, likely due in large part to the 2020 skew caused by the early pandemic lockdown. The average home in the Greater Alberni Valley sold 1.1% above the asking price, marketing the first time in history the annual average finished above the asking price.

Single Family Homes

2021

2020

% Change

Homes Listed

459

454

1%

Homes Sold

425

356

19%

Average Sale Price

$506,424

$402,553

26%

Median Sale Price

$475,000

$372,500

28%

Average Days on Market

30

57

-47%

Difference from Last Ask to Sale

1.1%

-2.6%

N/A

Sproat Lake Waterfront Homes Snapshot

The Sproat Lake waterfront real estate market acts independently from the Port Alberni market. The number of homes sold on Sproat Lake, on the MLS market, in 2021 was 3, marking a 67% decrease in sales numbers over the previous year. The average sale price increased 52% and the median sale price increased 40%. The average waterfront home on Sproat Lake sold 1.4% above the asking price in 2021. It should be noted that the sample size for the Sproat Lake market is too small to draw concrete conclusions. 

Waterfront Homes

2021

2020

% Change

Homes Listed

9

12

-25%

Homes Sold

3

9

-67%

Average Sale Price

$1,875,000

$1,231,000

52%

Median Sale Price

$1,800,000

$1,285,000

40%

Average Days on Market

51

49

4%

Difference from Last Ask to Sale

1.4%

-2.5%

N/A

Port Alberni City Building Lots Snapshot

The average sale price was up 44% and median sale price was up 27% over the previous year. However, perhaps more accurately, the average price per square foot increased to $16.63 from the $12.92 posted in 2020. The average days on the market were down by 35%. Overall, 2021 was a strong Seller’s Market for building lots in the City of Port Alberni.  

City Building Lots

2021

2020

% Change

Units Listed

44

49

-10%

Units Sold

40

30

33%

Average Sale Price

$163,683

$113,282

44%

Median Sale Price

$152,500

$120,000

27%

Average Price Per Sq.Ft.

$16.63

$12.92

29%

Average Days on Market

48

74

-35%

Alberni Valley Homes Above/Below Ask Price

In 2021, 41.6% of single-family homes sold below their asking price in the greater Alberni Valley, while a 19.3% sold at their asking price, and 39.1% sold above their asking price. In comparison in 2020 84.2% of single-family homes sold below their asking price, while 5.1% sold at their asking price, and 10.7% sold above their asking price. To put this into perspective, the largest percentage of homes selling above the asking price in the Greater Alberni Valley prior to the pandemic was 6.2% posted in 2018.   

Port Alberni Homes Above and Below Asking Price Graph 2021


All stats come from MLS data.

‘Single Family Homes’ include Single Family Homes, in the greater Alberni Valley (Port Alberni, Sproat Lake, Cherry Creek, and Beaver Creek), excluding all waterfront sales.*   

 ‘Sproat Lake Waterfront Homes’ include Single Family Homes, in the Sproat Lake sub area, excluding all non-lakefront sales. 

Stats for ‘City Building Lots’ include Land, within the City of Port Alberni, excluding waterfront and lots with significant development potential, and under 0.99 acre.