Chilliwack and District Real Estate Board MLS® home sales posts highest month on record as market accelerates into spring 2021
The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 681 units in March 2021. This was more than double the levels from a year earlier, surging 158% from March 2020. This was also a new sales record for the month of March and was the highest level for any month in history.
On a year-to-date basis, home sales totaled a record 1,545 units over the first three months of the year. This was also more than double levels from a year earlier, increasing 150.8% from the same period in 2020.
"Our housing market is in unchartered territory with monthly sales and new listings posting their highest level on record for any month going back three decades," said Andrew Verschuur, President of the Chilliwack and District Real Estate Board. "While new inventory came in at their highest monthly level on record, overall inventory is still depressed and this continues to send prices higher."
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 $606,600 in March 2021, a gain of 16.1% compared to March 2020.
The benchmark price for single-family homes was $704,600, up by 19.5% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $497,200, an increase of 16.5% compared to a year earlier, while the benchmark apartment price was $303,700, a moderate gain of 5.5% from year-ago levels.
The average price of homes sold in March 2021 was a record $714,904, an increase of 29.2% from March 2020 and the first time where the value topped $700K.
The more comprehensive year-to-date average price was $684,364, a sizable gain of 24.9% from the first three months of 2020.
The dollar value of all home sales in March 2021 was $486.8 million, more than double the levels from a year earlier, rocketing up 233.2% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history.
The number of new listings more than doubled the levels from a year earlier, surging 101.3% from March 2020. There were 902 new residential listings in March 2021. This was the largest number of new listings added for the month of March and was also the highest number added for any month in history.
Active residential listings numbered 668 units on the market at the end of March, down sharply by 29.8% from the end of March 2020.
Months of inventory numbered 1 at the end of March 2021, down from the 3.6 months recorded at the end of March 2020 and below the long-run average of 4.5 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.
BOARD & ASSOCIATION INFORMATION
The Chilliwack and District Real Estate Board is an association of 319 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.
Chilliwack & District Real Estate Board