All year long we heard about how record-low inventory was helping to fuel the local real estate market.
Less supply combined with high demand equals skyrocketing prices, which were reflected in the BC Assessment numbers released this week.
But how low has inventory been compared to past years?
The Chilliwack and District Real Estate Board (CADREB) put out its numbers for December, 2021, showing just 236 end-of-month (EOM) listings on the market at month’s end. In CADREB stats dating back to 2007, that is by far a new low, eclipsing the record of 352 that was set one month before.
“Continued demand outweighs supply by a long shot,” said the Chilliwack and District Real Estate Board (CADREB) President Andrew Verschuur.
December is often a low-inventory month, with people worrying more about Christmas and less about selling and buying homes.
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But 236 still stands out.
In December of 2020 there were 446 EOM listings. In December of 2019 there were 696 and in December of 2018 there were 987. December of 2017 was the lowest prior to this year with 607.
“Low supply is an annual event in Hope this time of year,” said Rob Pellegrino with Hope’s RE/MAX Nyda Realty. “People usually contact realtors after assessments are out to get their opinions of market value, and this is usually in conjunction with evaluating your current home needs over the holidays with your family. The bad weather and ongoing pandemic being further factors of consideration.”
“In my 17 years I’ve never seen inventory this low, or even close to this low,” added Kyle Hislop with Chilliwack’s Wheeler-Cheam Royal LePage. “Easily explains why prices continue to go up.”
If past years are a guide, inventory will only creep up slightly in January and continue building to a peak around May/June/July.
But the 2021 peak of 707 EOM listings in May would been among the lowest in just about any other year, so there’s work to be done before talk of record-low inventory ceases.
Curiously though, CADREB stats show ‘new listings’ above the five and 10 year averages, which sounds zany with how few listings there are. But basically, what goes on the market isn’t sticking around long enough to become an old listing. Of the 236 EOM listings for December, a very high portion are new.