{"id":12106,"date":"2024-08-03T00:35:43","date_gmt":"2024-08-03T04:35:43","guid":{"rendered":"https:\/\/blog.dkg.ca\/?p=12106"},"modified":"2024-08-03T00:35:43","modified_gmt":"2024-08-03T04:35:43","slug":"july-2024-port-alberni-real-estate-market-statistics","status":"publish","type":"post","link":"https:\/\/www.dkg.ca\/blog\/july-2024-port-alberni-real-estate-market-statistics\/","title":{"rendered":"July 2024 Port Alberni Real Estate Market Statistics"},"content":{"rendered":"\n

Quiet Housing Market Closes Out July<\/h3>\n\n\n\n

The Vancouver Island Real Estate Board (VIREB) recorded 737 unit sales board-wide and 4,559 active listings (all property types) on the MLS\u00ae System in July 2024. In the single-family category (excluding acreage and waterfront), 363 homes sold in July, down 11 percent from one year ago and up one percent from June. Sales of condo apartments last month came in at 87, decreasing by nine percent year over year and up six percent from June. In the row\/townhouse category, 99 units changed hands in July, up 16 percent from one year ago and nine percent from June.<\/p>\n\n\n\n

Active listings of single-family homes were 1,596 in July, up from the 1,092 posted one year ago. VIREB\u2019s
inventory of condo apartments was 455 last month, up from 312 in July 2023. There were 342 row\/townhouses for sale last month compared to 262 the previous year. With an absorption rate of 16 percent and approximately six months of inventory, the VIREB housing market is in balanced territory and
edging slightly towards a buyers\u2019 market.<\/p>\n\n\n\n

As VIREB CEO Jason Yochim noted in recent media releases, the market has behaved differently this
year. VIREB\u2019s typical spring and summer market never truly launched. Buyers and sellers are both
holding back, despite interest rate reductions and higher inventory.<\/p>\n\n\n\n

\n

\u201cInventory has risen considerably, and it\u2019s been five years since active listings in the VIREB area were
at this level, so buyers have more choice and more time to wait,\u201d Yochim stated last month. \u201cThe same
holds true for sellers, so there seems to be a waiting game going on.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Even a strong local economy isn\u2019t boosting the housing market on Vancouver Island. In its latest
Nowcast, the British Columbia Real Estate Association (BCREA) states that strong economic growth
continues on the Lower Mainland, on Vancouver Island, and in Northern BC, while the interior economies
of the Okanagan and Kootenay lag behind.<\/p>\n\n\n\n

Benchmark Prices<\/h4>\n\n\n\n

Moving on to prices, the board-wide benchmark price (MLS\u00ae Home Price Index) of a single-family home
was $784,200 in July 2024, up two percent from one year ago and down slightly from June. In the
apartment category, the benchmark price was $414,300 last month, up one percent from the previous
July and one percent from June. The benchmark price of a townhouse in July was $540,800, down two
percent from one year ago and a slight decrease from June.<\/p>\n\n\n\n