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Chilliwack and District Real Estate Board MLS® Home Sales Remain Well Above Average in June

Chilliwack (CADREB) – The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 404 units in June 2021. This was up by 17.8% from June 2020.

Home sales were 13.7% above the five-year average and 20% above the 10-year average for the month of June.

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On a year-to-date basis, home sales totaled a record 2,918 units over the first six months of the year. This was more than double the levels from a year earlier, jumping 126.7% from the same period in 2020.

“Sales activity posted the third best June on record. This was also only the third time that sales in any June have ever surpassed 400,” said Andrew Verschuur, President of the Chilliwack and District Real Estate Board. “As is the case with many other markets in the province we are still facing a supply crunch, with overall inventories trending at record lows. If demand were to cool off from scorching levels, this might bring some semblance of balance back to the housing market. However, without any accompanying sustainable level of new listings this isn’t likely to happen, and it’s the lack of new supply coming onto the market to keep pace with demand that’s prolonging the supply shortage and fueling strong double-digit price growth.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $701,100 in June 2021, a substantial increase of 30.4% compared to June 2020.

The benchmark price for single-family homes was $810,900, a jump of 33.3% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $575,600, a substantial gain of 31.1% compared to a year earlier, while the benchmark apartment price was $352,100, a gain of 20.7% from year-ago levels.

The average price of homes sold in June 2021 was $698,499, a sizable gain of 24.7% from June 2020.

The more comprehensive year-to-date average price was $701,002, increasing by 27.8% from the first six months of 2020.

The dollar value of all home sales in June 2021 was $282.2 million, an advance of 46.9% from the same month in 2020. This was also a new record for the month of June.

The number of new listings was down sharply by 20.6% from June 2020. There were 424 new residential listings in June 2021. This was the lowest number of new listings added in the month of June in more than five years.

New listings were 16.8% below the five-year average and 8.8% below the 10-year average for the month of June.

Active residential listings numbered 611 units on the market at the end of June, a substantial decline of 40.2% from the end of June 2020. Active listings haven’t been this low in the month of June in more than three decades.

Active listings were 38.6% below the five-year average and 48.1% below the 10-year average for the month of June.

Months of inventory numbered 1.5 at the end of June 2021, down from the 3 months recorded at the end of June 2020 and below the long-run average of 4.2 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 Chilliwack and District Real Estate Board is an association of 370 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.

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