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Port Alberni Area Real Estate Market Update for February 2021

The monthly Port Alberni Area Real Estate Market Update for February 2021 shows compared to a year ago, an increase in sales for the entire local area. Overall residential sales from last February in the Port Alberni Area were up 30% and up while the average days to sell was down by 58.78% from last February. The sales over the last 12 months are down by 18%, the market is still strong.

Incredibly swift sales in Single Family Detached and townhomes. The housing market remains strong. We have seen significant gains but as we head into spring the numbers have tempered but not as much as expected.

In the Port Alberni Area, benchmark single-family home in Port Alberni reached $378,200, a 16 per cent year-over-year increase. Benchmark pricing tracks the value of “middle-of-the-range” or “typical” homes and excludes the extreme high-end and low-end properties in Port Alberni. It is normally a more stable price indicator than average prices. 

“The length of time it takes to get a development off the ground is a serious problem on Vancouver Island, which is becoming an increasingly popular destination for buyers of all ages,” says Mackay. “While our area has always attracted retirees, we’re seeing younger buyers more frequently than in the past.” Mackay advises that while obtaining the advice of a REALTOR® can help in any market, it is particularly crucial in a multiple-offer environment. “In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to ensure the best possible outcome while mitigating associated risks,” adds Mackay.”

Source: Vancouver Island Real Estate Board – MLS® Statistics ​​​

Single Family Homes
	The Average 12 Month to Date Sale Price increased by 14.24% from the previous 12 month period. The 12 Month to Date Average Sale Price was $426,184. There are 1.24 Months of Inventory of Single Family in Port Alberni. It is currently a Avg. Sellers Market. This month’s Inventory decreased to 41 Active Listings. There were 30 units listed and 33 units sold. PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage.
Lots
	The Average 12 Month to Date Sale Price increased by 21.78% from the previous 12 month period. The 12 Month to Date Average Sale Price was $278,012. There are 2.29 Months of Inventory of Lots in Port Alberni. It is currently a Avg. Sellers Market. This month’s Inventory increased to 32 Active Listings. There were 17 units listed and 14 units sold.
Apartment Condos
	The Average 12 Month to Date Sale Price decreased by 1.63% from the previous 12 month period. The 12 Month to Date Average Sale Price was $382,289. There are 5.67 Months of Inventory of Condos (Apt) in Port Alberni. It is currently a Balanced Market. This month’s Inventory remained the same to 17 Active Listings. There were 3 units listed and 3 units sold.
Townhouse & Patio Condos
	The Average 12 Month to Date Sale Price increased by 2.03% from the previous 12 month period. The 12 Month to Date Average Sale Price was $380,658. There are 1.5 Months of Inventory of Condos (Twnhse & Patio) in Port Alberni. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 3 Active Listings. There were 2 units listed and 2 units sold.

• Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
• Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
• Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.

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