Chilliwack Real Estate In March – Sales Down, Prices Up

Chilliwack – The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 303 units in March 2018. This was a decrease of 16.5% from March 2017, but stood close to the five-year average and still well above the 10-year average for the month of March.

On a year-to-date basis, home sales totalled 747 units over the first three months of the year. This was down just 2% (15 sales) from the same period in 2017.

“Following on the heels of strong month of February, home sales fell back to more average levels in March,” said Lori Maier, President of the Chilliwack & District Real Estate Board. “Even so, with the market still historically tight, the average price once again climbed by more than 20% on a year-over-year basis and set yet another new record.”

The average price of homes sold in March 2018 was a record $527,126, rising 21.8% from March 2017.

The more comprehensive year-to-date average price was $508,357, climbing 18.4% from the first three months of 2017.

There were 501 new residential listings in March 2018. This was up 5.3% on a year-over-year basis.

Active residential listings numbered 827 units at the end of March. This was down just 1.5% (13 listings) from the end of March 2017. This was the lowest level of inventory at this time of the year since 2004.

Months of inventory numbered 2.7 at the end of March 2018, up a bit from the 2.3 months recorded at the end of March 2017 but still well below the long-run average of 6.1 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The combined dollar value of all home sales in March 2018 was $159.7 million, edging up 1.6% from the same month in 2017.

Sales of all property types numbered 336 units in March 2018, a decrease of 14.5% from March 2017. The total value of all properties sold was $194.9 million, rising 10.4% from March 2017.

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