{"id":12116,"date":"2024-10-02T14:42:58","date_gmt":"2024-10-02T18:42:58","guid":{"rendered":"https:\/\/blog.dkg.ca\/?p=12116"},"modified":"2024-10-02T14:42:58","modified_gmt":"2024-10-02T18:42:58","slug":"september-2024-port-alberni-real-estate-market-statistics","status":"publish","type":"post","link":"https:\/\/www.dkg.ca\/blog\/september-2024-port-alberni-real-estate-market-statistics\/","title":{"rendered":"September 2024 Port Alberni Real Estate Market Statistics"},"content":{"rendered":"\n

SPRING MARKET ARRIVES IN THE FALL<\/h3>\n\n\n\n

The Vancouver Island Real Estate Board (VIREB) recorded 637 unit sales and 4,465 active listings (all property types) board-wide on the MLS\u00ae System in September 2024, up 16 percent and 24 percent, respectively. In the single-family category (excluding acreage and waterfront), 320 homes sold in September, up 22 percent from one year ago and down four percent from August. Sales of condo apartments last month came in at 69, decreasing by 19 percent year over year and one percent from August. In the row\/townhouse category, 93 units changed hands in September, up 31 percent from one year ago and 35 percent from August.<\/p>\n\n\n\n

Active listings of single-family homes were 1,586 in September, up from the 1,173 posted one year ago. VIREB\u2019s inventory of condo apartments was 410 last month, up from 305 in September 2023. There were 335 row\/townhouses for sale last month compared to 239 the previous year.<\/p>\n\n\n\n

With active listings at their highest level in five years, slowing inflation, and recent rate cuts, it\u2019s an excellent time to buy. This advice holds particularly true for condo apartments and row\/townhouses; the single-family market has been somewhat stagnant lately.<\/p>\n\n\n\n

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\u201cThe market we typically see in the spring never transpired, but the increased sales activity in September has the feel of spring,\u201d says VIREB CEO Jason Yochim. \u201cHowever, there are price reductions occurring throughout our area. Sellers are compromising to attract buyers, and overpriced properties are lingering for several months.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The British Columbia Real Estate Association reports that inflation is slowing faster than expected, so another interest-rate reduction is likely on the horizon. Further, as reported last month, the Vancouver Island economy is performing remarkably well, with solid job growth, particularly in Victoria.<\/p>\n\n\n\n

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\u201cWe feel optimistic about the next few months, but buyers and sellers need to be on the same page,\u201d adds Yochim. \u201cEveryone wants to buy at the bottom of the market, but by the time we realize it\u2019s here, it\u2019s frequently too late.\u201d<\/p>\n<\/blockquote>\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 $777,600 in September 2024, slightly higher than one year ago and down one per cent from August. In the apartment category, the benchmark price was $403,600 last month, down two per cent from the previous September and a small uptick from August. The benchmark price of a townhouse in September was $545,400, down one per cent from one year ago and slightly higher than in August.<\/p>\n\n\n\n