Port Alberni Real Estate Market Stats: April 2024 Update

Are you considering buying or selling a single-family home in the greater Port Alberni area? If so, you've come to the right place for the latest real estate insights. The latest real estate market update for the Greater Alberni Valley, delivered by Chris Fenton of The Fenton Group, brings insights into the first quarter of 2024, comparing it to the same period in 2023. Here's a concise summary of the key findings:

Stability in Listings and Sales

Active listings for single-family homes in the Greater Alberni Valley have remained relatively consistent, with an average of 107 active listings in the first quarter of 2024 compared to 109 in the first quarter of 2023. Similarly, sales have shown little change, with 62 sales this year compared to 65 last year.

Slight Increase in Median Sale Price

Despite the stable number of sales, there has been a slight uptick in the median sale price. In 2024, the median single-family home price stands at $565,000, compared to $540,000 in 2023.

Improved Sales Dynamics

One notable shift is in the dynamics of sales. Homes in 2024 are selling much closer to the asking price, with an average of 97% of the asking price compared to 94.9% in 2023. Additionally, homes are selling quicker, with an average of 58 days on the market compared to 77 days last year.

In summary, the Greater Alberni Valley real estate market is characterized by steady activity, moderate price appreciation, and improved efficiency in sales transactions. The current conditions present opportunities for those looking to buy or sell property, with a balanced landscape fostering a sense of confidence among market participants.

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