Local real estate supply has hit a level not seen since September of 2020, and that has resulted in a very slight cooling of the red hot market.
The latest numbers from the Chilliwack and District Real Estate Board (CADREB) show 846 listings available at the end of March, up from the 543 posted at the end of February. With more to choose from, buyers didn’t have to leap at the first home they saw, and the result was a modest 4.70 per cent drop in the price of single-family homes.
While the average value of 179 units sold still tops $1-million, it did fall from $1,118,254 to $1,065,740.
Year to year, it’s still a 26.29 per cent jump from March of 2021 when 390 units sold for an average of $841,894.
“The big story last month was the resurgence of new listings hitting the market, which was a very welcome sight,” said CADREB president Daryl Moniz in a news release. “It might be the case that the busy spring market has started even earlier than usual this year. Overall supply levels are up for now, but it will be worth watching to see what happens to this influx of supply over the next few months.”
There were 396 residential property sales in March, including single-family homes, townhouses, condominiums, mobile homes, houses with acreage and multi-family plexes.
At this time last year, a new all-time high was set with 681 sales, obliterating the previous mark of 544 set in June of 2016.
“Home sales in March of 2022 dropped from last year’s March record but were still trending well above typical levels for this time of year,” Moniz noted.
Twelve homes sold last month for more than $2-million, and 122 went for over $1-million.
There were 110 townhouse sales for an average value of $752,129, a 1.46 per cent drop from February but still second highest all time.
Condominiums hit a new all-time high, with 73 going for an average value of $456,149. The previous high-water mark of $444,839 was set in August of 2021.
The overall value of all residential properties hit $894,679 which is up 1.98 per cent from last month and is the second highest on record behind $907,385 from January of this year.
The total dollar value of all residential properties sold in the CADREB region was $354,292,720.
CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.