The Alberni Valley’s home sales moved into a “more balanced market” in 2018, as the number of home sales decreased and average prices rose.
Single family home sales were down 27 percent in the Alberni Valley for 2018, and the average sale price was up 21 percent according to a report from Royal LePage’s The Fenton Team. This annual report takes statistics from the Vancouver Island Real Estate Board and separates the Alberni Valley—including Port Alberni, Sproat Lake, Cherry Creek and Beaver Creek.
While 2017 set an all-time Alberni Valley record for homes sold in a year, the number of homes sold in 2018 was down significantly for the first time since 2013, with only 339 single family units sold.
Meanwhile, the average sale price for single family homes in the Alberni Valley in 2018 was the highest in history, at an average of $335,754.
But the sales last year have moved the Alberni Valley into a “more balanced market,” said Chris Fenton, as supply and demand begin to match up.
“When we were having a high number of sales, prices were skyrocketing,” Fenton explained. Now, a fairly equal number of homes are on the market and selling.
2018 was also a “healthy” market for building lots in the City of Port Alberni, with 21 units sold at an average sale price of $89,665. The average sale price was up 53 percent from the previous year, and average days on the market were down significantly by 47 percent.
Fenton said it is hard predict the market in 2019 based only on past sales. “When the average number of sales drops, we’ve seen prices go down slightly in the following year,” said Fenton.
However, a decline can also be followed by a rebound.
“It’s just too hard to say,” he said. “It seems like we’re in a healthy market right now.”
You can find the Fenton Report online at www.justlistedalberni.ca.
Overall, the Vancouver Island Real Estate Board said that the 2018 housing market “behaved as expected,” moderating after a record-setting pace in 2016 and 2017. Decreased demand and additional inventory are helping Vancouver Island’s market transition to one that is balanced or near-balanced.