Chilliwack and District Real Estate Board MLS® home sales rocket up to new April record
The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 562 units in April 2021. This was more than double the levels from a year earlier, rocketing up 255.7% from April 2020. This was also a new sales record for the month of April.
Home sales were 62.6% above the five-year average and 78.5% above the 10-year average for the month of April.
On a year-to-date basis, home sales totaled a record 2,106 units over the first four months of the year. This was more than double the levels from a year earlier, surging 172.1% from the same period in 2020.
"Sales activity may have taken a step back from the astronomical levels in the previous month but remained at a breakneck pace, coming in at the second highest level of any month in history behind only March 2021," said Andrew Verschuur, President of the Chilliwack and District Real Estate Board. "While part of the more than 250% year-over-year increase can be attributed to the extreme lows of last April, it really is just as much, if not more of, a story about how demand continues to defy expectations. Add in some of the tightest market conditions in history and there is little surprise that year-over-year benchmark price gains are now in the neighbourhood of 30%."
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 $685,300 in April 2021, a jump of 30% compared to April 2020.
The benchmark price for single-family homes was $812,200, a substantial gain of 37.5% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $546,100, a gain of 24.8% compared to a year earlier, while the benchmark apartment price was $332,600, up by 14.3% from year-ago levels.
The average price of homes sold in April 2021 was a record $749,158, up sharply by 43.4% from April 2020.
The more comprehensive year-to-date average price was $701,588, an increase of 29.3% from the first four months of 2020.
The dollar value of all home sales in April 2021 was $421 million, more than double the levels from a year earlier, leaping 409.9% from the same month in 2020. This was also a new record for the month of April.
The number of new listings more than doubled the levels from a year earlier, rocketing up 185.7% from the lows in April 2020. There were 680 new residential listings in April 2021. This was also the largest number of new listings added in the month of April in history.
New listings were 27% above the five-year average and 32% above the 10-year average for the month of April.
Active residential listings numbered 697 units on the market at the end of April, a sharp decrease of 24.1% from the end of April 2020. Active listings haven't been this low in the month of April in more than three decades.
Active listings were 22.6% below the five-year average and 38.5% below the 10-year average for the month of April.
Months of inventory numbered 1.2 at the end of April 2021, down from the 5.8 months recorded at the end of April 2020 and below the long-run average of 4.6 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