By: PropertyGuys.com on Vancouver Island
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Port Alberni Area Real Estate Market Update for June 2021
The Average 12 Month to Date Sale Price increased by 24.18% from the previous 12 month period. The 12 Month to Date Average Sale Price was $465,917. There are 1.31 Months of Inventory of Single Family in Port Alberni. It is currently a Avg. Sellers Market. This month's Inventory increased to 64 Active Listings. There were 59 units listed and 49 units sold.
Incredibly swift sales in Single Family Detached and townhomes. The housing market remains strong. We have seen significant gains but as we head into summer the numbers have tempered but not as much as expected.
The cost of a benchmark single-family home in Port Alberni reached $468,100, a 41 per cent year-over-year increase
“More inventory is certainly good news for buyers, even if the increases are slight,” says 2021 VIREB president Ian Mackay. “We’re also relieved to see a few more conditional offers again, which means the frenzied fear-of-missing-out mentality is tempering a bit.”
- 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.