Statistics are in for the month of February and things are not looking good for the local real estate market. The average price for the City of Port Alberni using a three month rolling average has declined to $185,000. The lowest its been since August of 2006 and almost a $13,000 drop from the previous month.
The demand side of the equation continues to be a factor as the number of transactions in the market has declined considerably. During the month of February there were 11 sales reported for the area on the Vancouver Island Real Estate Board's Multiple Listing Service, excluding rural areas, eight of these were within the City of Port Alberni.
There has been 19 cumulative sales since the beginning of January compared to 39 the previous year, a little over 51% decline in volume year over year.
On the supply side, there were 201 active listings compared to 139 the same time last year, an increase in available inventory of almost 45%.
Economic uncertainty, tighter lending criteria and Buyers taking a wait and see attitude continues to fuel the dynamics of this market. With the Spring home buying season about to begin in earnest we are looking for a seasonal up-tick in market activity. How that will affect short term price trends remains to be seen. Stay tuned...
Whether buying, selling or lending, now more than ever, it's critical to know current market value. An independent and professionally prepared real estate appraisal is the best way to gain that insight.