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Port Alberni Real Estate Market Stats: August 2023 Update

Posted by Chris Fenton on Friday, September 8, 2023 at 1:00 PM By Chris Fenton / September 8, 2023 Comment

Real estate is an ever-changing market, and in the Greater Port Alberni area, things are no different. Whether you're looking to buy, sell, or simply want to keep an eye on market trends, our latest monthly real estate market stats has the information you need. Let's dive into the August 2023 stats for single-family homes in the region (provide by national MLS data), and see how they stack up against the previous month and the previous year.

Key Statistics Overview for August 2023

  • Number of Active Listings: 131
  • Number of Sales: 23
  • Median Sale Price: $512,000
  • Average Days on Market: 39

Number of Active Listings

As of August 2023, there were 131 active listings for single-family homes in Port Alberni, down slightly from 137 listings in July 2023. When compared to the 169 listings available in August 2022, it's clear that the inventory has tightened over the past year. For buyers, this might mean fewer options to choose from, but for sellers, it's a sign that competition is less fierce.

Number of Sales

There were 23 single-family home sales in August 2023, down from 27 sales in July 2023. While this shows a slight dip month-over-month, it's worth noting that sales have increased when compared to August 2022, which had only 17 sales. The trend suggests that while the market may be cooling off slightly from July (which is normal in August in Port Alberni), it's still more active than it was a year ago.

Median Sale Price

The median sale price for single-family homes was $512,000 in August 2023, a significant decrease from $615,000 in July 2023. However, when we compare this to August 2022, when the median sale price was $490,000, we see a year-over-year increase. While the month-over-month decline could be indicative of market fluctuations or seasonal changes, the year-over-year data suggests that home values in the Greater Port Alberni area are generally on the rise. And it’s important to note that in a smaller market like Port Alberni, monthly stats can easily be skewed by one large (or small) sale. 

Average Days on Market

Homes in August 2023 took an average of 39 days to sell, up from 30 days in July 2023 but nearly identical to the 38 days in August 2022. This increase in days on market month-over-month could signify that buyers are taking a bit more time to make decisions, or that sellers are pricing their homes more ambitiously.

What Does This Mean For You?

For Buyers:

  • With fewer active listings than a year ago, you may need to act quickly and decisively when you find a property that meets your needs.
  • The decrease in median sale price from July to August suggests that you might find better deals this month compared to last month.

For Sellers:

  • The increased number of sales compared to last year and the lower number of active listings indicate that demand is still relatively high, which could work in your favor.
  • The increase in the average number of days on market might mean you need to be more patient or consider adjusting your listing price for a quicker sale.

Conclusion

Understanding the trends and statistics can give both buyers and sellers a significant advantage in the Greater Port Alberni real estate market. Whether you're looking to make an immediate move or just keeping an eye on the market, these monthly updates are a valuable resource.

Stay tuned for next month's update to see how the autumn season affects the single-family home market in the Greater Port Alberni area. Feel free to reach out to us for personalized advice tailored to your unique real estate needs.

Data Source: National MLS data, as of August 2023.

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