Spring is officially here! The sun is out, the temperatures are in the double digits, and the double flowering plumb trees so famous in Port Alberni are in full bloom. The obvious question then is, is the spring real estate market here in Port Alberni?
The answer is yes it is, sort of. New listings are coming on the market, but not in the same numbers we are used to. It is no surprise at this point that we are in the strongest Seller’s Market in the history of Port Alberni. This means that inventory is low, and demand remains very high for homes in the greater Alberni Valley.
Before we get into the Port Alberni real estate stats for March, we wanted to point you in the direction of a very interesting study and article put together by the Realtors of Royal LePage Port Alberni – Pacific Rim Realty. The article looks at where all these buyers are coming from and who they are. We think you’ll find it fascinating.
Now, let’s take a look at the stats for March 2021, as compared to March 2020. When you’re looking them over, please don’t forget that in March 2020 we were in a full blown lockdown as the pandemic just began to enter our collective consciousness.
|# New Listings||58||56|
|Days on Market||29||54|
|Avg. Sale $||$581,197||$340,045|
|Sale Price : List Price||101.0%||97.0%|
The data for these statistics are provided by the Vancouver Island Real Estate Board, and they cover all non-waterfront single family homes in the great Alberni Valley (Port Alberni, Alberni Valley, and Sproat Lake).
The two things that jump out at me are the average sale price of $581,197. This is unprecedentedly high, but I do want to point out that 35 sales in March 2021 is a small sample size, and I can say with certainty that the “average house” in the Alberni Valley is not selling for $580,000. Still prices are at an all time high.
The next noteworthy thing is that the average home is selling for 101.0% of the asking price. That too is unprecedented. Please remember that these are market averages, so it includes some homes that had sat on the market for longer than average and thereby sold below asking price, and other hot listings that sold well above the asking price. If you are competing in a multiple offer scenario to buy a new to the market listing which is accurately priced, 1% over asking probably isn’t going to get it done, so be sure to listen to the advice of a professional Buyer’s Agent that you trust.
That’s it for this month’s Alberni Valley real estate market update. If you have any questions or comments, please leave them below.