Port Alberni Real Estate Market Stats: November 2023 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. In this blog post, we'll dive into the November 2023 statistics from the national MLS to provide you with a comprehensive overview of the market trends.

Port Alberni Market Snapshot for November 2023:

Number of Active Listings:

  • November 2023: 121
  • October 2023: 137
  • November 2022: 146

Number of Sales:

  • November 2023: 19
  • October 2023: 18
  • November 2022: 22

Median Sale Price:

  • November 2023: $490,000
  • October 2023: $499,000
  • November 2022: $535,000

Average Days on Market:

  • November 2023: 49 days
  • October 2023: 40 days
  • November 2022: 56 days

Market Analysis:

Active Listings:

As of November 2023, there are 121 active single-family home listings in the greater Port Alberni area. This marks a decrease from 137 listings in October 2023 and a significant decline compared to November 2022 when there were 146 active listings. Despite the expected slowdown during the winter, there is still an ample selection of single-family homes, offering buyers a range of options to explore in the Port Alberni area.

Number of Sales:

In November 2023, a total of 19 single-family homes were sold in the greater Port Alberni area, slightly up from 18 sales in October 2023 but lower than the 22 sales recorded in November 2022. 

Median Sale Price:

The median sale price for single-family homes in November 2023 is $490,000. This represents a slight decrease from the previous month when the median sale price was $499,000. However, it's important to note that the November 2023 median sale price is notably lower than the $535,000 recorded in November 2022.

The decline in median sale price over the past year may be indicative of a more balanced market or the influence of interest rates. Sellers may need to adjust their pricing expectations accordingly.

Average Days on Market:

The average number of days on market for single-family homes in the greater Port Alberni area is 49 days in November 2023, up from 40 days in October 2023 but lower than the 56 days recorded in November 2022. These figures suggest that homes are taking slightly longer to sell than in the previous month, but the market remains more active compared to the same period last year.

What Does This Mean for You?

The Port Alberni single-family home market appears to be evolving. While the number of active listings has decreased, suggesting lower inventory levels, the median sale price has also seen a decline, which may make it a more attractive market for prospective buyers. Additionally, the relatively shorter average days on market can be seen as a positive sign for sellers, indicating a faster turnover of properties.

Final Thoughts

As we move further into the holiday season and approach the end of the year, the Port Alberni real estate market may continue to experience fluctuations. Whether you're looking to buy or sell, it's crucial to stay informed about these trends and work with a knowledgeable real estate agent who can guide you through the process.

If you have any questions about the Port Alberni single-family home market or if you're interested in buying or selling a property, please don't hesitate to reach out to us. We're here to help you make informed decisions in this ever-changing real estate landscape.

Stay tuned for next month's market update, where we'll continue to provide you with valuable insights into the Port Alberni housing market.

Data sourced from National MLS as of December 2023. All information is believed to be accurate but is not guaranteed and should be independently verified. 

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