This graph shows an increase in the average sale price for single family homes and a decrease in the number of units sold. PHOTO COURTESY THE FENTON REPORT

Prices hit all-time high for Alberni Valley real estate

Fewer homes sold after record-breaking 2017

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.

elena.rardon@albernivalleynews.com

Just Posted

Drag races headed back towards Alberni airport for 2019

Drag racing association receives approval, pending agreement with ACRD

Port Alberni author Gwynne Hunt releases new book

Unlocking the Tin Box is a true tale of family dysfunction

VALLEY SENIORS: Ernie and Margaret Bigelow enjoy 60 years of marriage

The couple met in Port Alberni when Ernie bought a “shack” next door to Margaret

Alberni darts player heading to national championships

Jason Bagnell is fundraising for his trip to Nova Scotia

ARTS AROUND: Giant book sale approaches in Port Alberni

This is the last week to drop off all your donations

VIDEO: Driver in bizarre hit-and-run at B.C. car dealership turns herself in

Police believe alcohol was a factor in incident causing estimated $15,000 in damages

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

B.C. woman, 76, challenges alcohol-screening laws after failing to give breath sample

Norma McLeod was unable to provide a sample because of her medical conditions

New report on 2017 wildfires calls for better coordination with B.C. First Nations

Tsilhqot’in National Government documents 2017 disaster and lists 33 calls to action

B.C. youth coach banned amid sexual harassment, bullying scandal: Water Polo Canada

Justin Mitchell can’t take part in Water Polo Canada events or clubs

Wilson-Raybould: Feds want to just ‘manage the problem’ of Indigenous Peoples

Former federal justice minister speaks at First Nations Justice Council meeting in B.C.

Woman who was chased and tackled after break-in sentenced on Vancouver Island

Natasha Geraldine Harris, 28, was sentenced to time served and will be released from jail

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

Can you put your phone down for Mother’s Day?

#DiningMode campaign encourages people to leave the phone alone while eating

Most Read