Valley realty sets a new record with 2016 prices

2016 saw the Alberni Valley set the highest average real estate price in Valley history.

2016 saw the Alberni Valley set the highest average real estate price in Valley history, according to a report released by local realtor Chris Fenton of the Fenton Team.

Overall, sales in the Alberni Valley, which includes Port Alberni, Sproat Lake, Cherry Creek and Beaver Creek, were up significantly for 2016 when compared to the previous year.

In fact, the number of single family homes sold in the Alberni Valley was the most since 2007, he said.

Fenton created this report by compiling information from all real estate companies, both in and out of town.

He was able to determine that the average sale price for single homes was the highest in Port Alberni history, at $241,966.

In addition, 84 homes sold over the $350,000 price range in 2016, compared to only 43 in 2015, which means more high end homes are selling in the Valley.

Fenton conducted a survey in the fall of 2016 to see where homebuyers in the Alberni Valley were coming from. His survey determined that the majority of homebuyers are coming from out of town.

This influx of out-of-town buyers, according to Fenton, contributed to rising sale prices.

“I have no doubt that it did,” said Fenton. “I think that’s a huge part.”

As more people start to buy homes, inventory starts to dwindle, and the law of supply and demand means that prices start to rise.

Bare land sales, on the other hand, showed a relatively flat market in 2016. The average price per square foot for City of Port Alberni lots declined from 2015 to 2016.

Fenton remains optimistic about the prospects of sales in the new year.

“Well, we don’t have a crystal ball,” Fenton joked, “but my best educated guess is that we’re going to see much of the same.

“Prices are going to continue to increase, and houses are going to continue to sell.”