We're at the 2 1/2 month mark into the 2019 real estate market, and it's becoming clear that this year is going to be different in Port Alberni. I've been serving the real estate industry in the Alberni Valley for over 15 years now, and 2019 feels a lot like most of those 15 years. In a typical real estate year we see a slowing over the winter months, because some people don't want their home on the market during the rainy season, and some buyers don't want to be out looking around in the rain. It's a very human effect on the market. Last year was different because the market was, well, crazy! Prices were sky rocketing and people were looking to buy before the next house came on the market at an even higher price. This year, we're in a much healthier balanced market, and so were seeing the market act in a more rational way.

Let's compare the stats:

 

Year-to-Date* 2019

Year-to-Date* 2018

Listed

74

86

Sold

32

75

Avg. Sale Price

$331,072

$342,271

Median Sale Price

$305,000

$305,000

Avg. Days on Market

55

55

As you can see the average sale price, the median sale price, and the average days on the market are all very similar. The number of new listings coming on the market are down a little, but overall fairly similar. The stat that jumps off the page is the number of sales. Year to date the number of homes sold in the Greater Alberni Valley is down 57%. At first glance that seems like a huge number, and it is. But, I'm confident that the reason for it, is that we're seeing that sanity coming back because we're in a more balanced market. Now that the spring market has arrived, we're noticing a significant increase in sales activity. The market is moving along quite strongly.

For home buyers the craziness has faded a fair bit, but there is a healthy demand in the market. Yes, there is beginning to be more inventory on the market. But the great homes, the ones that are priced accurately, they're still selling very quickly. For home sellers, it's becoming more important than ever to make sure their home is ready for market, priced correctly, and marketed well.

2019 is shaping up to be a very healthy year in real estate! 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

*Year-to-Date is January 1 to March 14. The MLS stats are provided by the Vancouver Island Real Estate Board and include all single family homes sold on the MLS market in the greater Alberni Valley (excluding waterfront homes).