The latest real Estate Market update for Port Alberni, provided by Chris Fenton of The Fenton Group, suggests that the market has been showing some interesting trends in March 2023. There has been an increase in buyer activity compared to the end of last year, with more people showing interest in the properties available in the area. While spring has just began, the significant increase in inventory characterized by a spring market hasn’t materialized yet, and this is something that is expected to change in the coming weeks. Taking a closer look at the year-to-date statistics from January 1 to March 15, for single family house in the greater Alberni Valley (Port Alberni, Beaver Creek, Cherry Creek, and Sproat Lake) there have been 131 new homes listed for sale, with 56 sales so far this year. The average list price has been $539,112, while the average sale price is $508,295. On average, homes have been selling 5.7% below the asking price, and it has been taking an average of 83 days or almost three months to sell. These statistics are in stark contrast to those of 2022 when the market was hotter, and there were multiple offers going on. At this point last year, there were 157 new homes on the market, with 85 sales. The average list price was $632,000, with the average sale price at $651,000. Homes were selling on average 3% above the asking price, taking only 17 days to sell. It's clear that the real estate market in Port Alberni has shifted considerably over the past year.   2023 2022 New Listings 131 157 Sales 56 85 Avg. List Price $539,112 $632,589 Avg. Price Sold $508,295 $651,778 Sale Price : List Price 94.3% 103.0% Avg. Days on Market 83 17 One thing that jumps out from these figures is the fact that there were actually more houses on the market by this point in 2022 than there is this year. Last year's low inventory contributed to the rise in prices, while this year's inventory remains tight. There is expected to be an influx of new listings in the next 30 days as the weather improves, and it will be interesting to see how this impacts the market. It's worth noting that the lack of new listings this year is not necessarily market-specific but may be weather-specific. Typically, new listings flood the market as flowers start to bloom, and trees start to bud out with leaves. However, with a late winter this year, the increase in inventory has been delayed. Nevertheless, once the expected inventory hits the market, it will be interesting to see how it affects the Port Alberni real estate market in the coming weeks.

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