Port Alberni Real Estate Market Stats: March 2024 Update

Are you considering buying or selling a single-family home in the greater Port Alberni area? If so, you've come to the right place for the latest real estate insights. In this blog post, we'll dive into the March 2024 statistics from the national MLS to provide you with a comprehensive overview of the market trends.

The real estate market in Port Alberni for March 2024 is showing signs of significant activity and positive growth, as reported by Chris Fenton of The Fenton Group. Despite a long winter, the market is picking up momentum, surpassing last year's performance. Join Chris as he provides insights based on statistics focused on single-family homes in the Greater Alberni Valley, for Beaver Creek, Cherry Creek an Sproat Lake, excluding waterfront properties to avoid skewing the data.

Key findings include a decrease in active listings from 105 to 90 compared to last year, coupled with an increase in sales from 17 to 21. Although the median sale price has decreased from $550,000 to $510,000, homes are selling closer to their asking prices, with an average of 96% achieved this year compared to 95.6% last year. Most notably, the average days on the market have significantly decreased from 77 to 32, indicating a faster pace of sales.

The market currently has a five-month inventory, meaning it would take approximately five months for all existing listings to sell at the current sales rate. However, with homes selling faster, it suggests a trend of buyers eagerly seizing well-priced listings upon entering the market.

For those interested in staying updated on future market trends, we encourage you to return for monthly updates or sign up for our email newsletter. Questions and inquiries are welcomed, as The Fenton Group is committed to providing valuable insights and assistance in navigating the real estate market landscape.

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