This year, in Port Alberni real estate, feels both familiar and different.  Different because the market has been quiet, which is the first time we've had a slow spell in the market in a few years. The same, because over the majority of my 16 years in real estate the market has started the year out slow. What this means to me, is that we're back in a more balanced market. In many ways a more sane market. 

Of course as I write this the last of the snow (hopefully) is melting outside and the sun is shining. It won't be long until the spring market hits and the we see a significant influx of new listings. The market is still strong, and is hungry for new inventory, so I'm confident that we'll see the market pick it's pace up as 2019 moves along. 

Let's take a look at the most recent stats for single family homes (non-waterfront) in the greater Alberni Valley:

 

January 2019

January 2018

Listed

33

41

Sold

13

32

Avg. List Price

$321,661

$360,484

Avg. Sale Price

$303,194

$352,639

Median Sale Price

$305,000

$325,000

Avg. Days on Market

59

51

As you can see, the number of new listings and sales is down in relation to January of 2018. The average sale price and median sale price are both down relative to the prior year, but I want to make clear that in my opinion the sample size (number of home sales reported) is too small to say this applies to the entire market. It could simply be that more inexpensive style homes sold this January when compared to last.

In my opinion, and this is based on experience and feel, more than statistics, the average home in Port Alberni is holding steady in terms of price. I don't think we're currently experience either an increase or decrease in home values. And that too, feels both familiar and different.

If you have any questions about the real estate market please leave me a comment and I'll do my best to give you a good answer. ~Chris Fenton