It was a roller-coaster year for real estate in the Alberni Valley.
While the first half of 2022 saw the contunuation of the seller’s market and record-high prices, it ended with a buyer’s market and rapidly dropping prices.
According to the Fenton Group’s annual year-end report, this past year saw the highest number of new listings and the lowest number of homes sold since 2014.
Dan Savard, buyer’s agent at the Fenton Group said last year’s conditions were unprecedented.
“We’ve gone from selling a house in an average of 6 to 16 days to a market where we might be selling a home in 30 to 60 days,” he said. “It’s had a huge impact on how we’ve approached everything.”
Also in the first half of the year, many homes were selling over the asking price, while many more sold for less than asking to close out the year.
308 homes sold in Port Alberni last year, down 38% from the 425 that sold in 2021
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