{"id":12111,"date":"2024-09-06T13:33:18","date_gmt":"2024-09-06T17:33:18","guid":{"rendered":"https:\/\/blog.dkg.ca\/?p=12111"},"modified":"2024-09-06T13:33:18","modified_gmt":"2024-09-06T17:33:18","slug":"august-2024-port-alberni-real-estate-market-statistics","status":"publish","type":"post","link":"https:\/\/www.dkg.ca\/blog\/august-2024-port-alberni-real-estate-market-statistics\/","title":{"rendered":"August 2024 Port Alberni Real Estate Market Statistics"},"content":{"rendered":"\n

Favourable Conditions Trending Towards Buyers’ Market<\/h3>\n\n\n\n

The Vancouver Island Real Estate Board (VIREB) recorded 662 unit sales board-wide and 4,520 active listings (all property types) on the MLS\u00ae System in August 2024. In the single-family category (excluding acreage and waterfront), 333 homes sold in August, up three percent from one year ago and down eight percent from July. Sales of condo apartments last month came in at 70, decreasing by 18 percent year over year and 20 percent from July. In the row\/townhouse category, 69 units changed hands in August, down eight percent from one year ago and 30 percent from July.<\/p>\n\n\n\n

Active listings of single-family homes were 1,564 in August, up from the 1,072 posted one year ago.
VIREB\u2019s inventory of condo apartments was 437 last month, up from 308 in August 2023. There were
364 row\/townhouses for sale last month compared to 254 the previous year.<\/p>\n\n\n\n

VIREB CEO Jason Yochim notes that VIREB\u2019s housing market was flat during spring and summer, but
REALTORS\u00ae are optimistic about the fall market.<\/p>\n\n\n\n

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\u201cActive listings are at their highest level in nearly five years,\u201d says Yochim. \u201cCombined with recent rate
cuts, an anticipated rate cut, and pricing that\u2019s responsive to the current market, it\u2019s an excellent time for
buyers to make a move.\u201d<\/p>\n\n\n\n

\u201cWe all want to buy at the bottom of the market,\u201d adds Yochim. \u201cHowever, by the time we realize it\u2019s
here, it\u2019s frequently too late.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Adding to the favourable picture is a Vancouver Island economy performing remarkably well, with solid
job growth, particularly in Victoria, according to the British Columbia Real Estate Association.<\/p>\n\n\n\n

\n

\u201cAround 30,000 jobs came on line in the Victoria area this year, many of them in IT and the public sector,\u201d says Yochim. \u201cWe anticipate that the lower home prices in our area compared to the South Island might appeal to some of those potential home buyers, especially for telecommuters.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Moving on to prices, the board-wide benchmark price (MLS\u00ae Home Price Index) of a single-family home was $785,400 in August 2024, up two percent from one year ago and a slight uptick from July. In the apartment category, the benchmark price was $403,400 last month, down one percent from the previous August and three percent from July. The benchmark price of a townhouse in August was $544,100, down one percent from one year ago and up one percent from July.<\/p>\n\n\n\n