Chilliwack has just seen one of the best Augusts of all time for local real estate, according to the latest numbers from the Chilliwack and District Real Estate Board (CADREB).
A total of 346 units sold last month, down 54 from the 400 that sold a year ago. Normally, a 13.5 per cent drop might seem like a lot, but when you’re coming from record-setting levels, not so much.
“Home sales might have been down from last year’s exceptional record but still came in just two sales shy of tying for the third best August ever,” said CADREB president Andrew Verschuur.
Home sales were still 13 per cent above the five-year average and 26.7 per cent above the 10-year average for the month of August and Verschuur said low inventory continues to fuel high prices.
While the total number of homes sold was down, prices were up big-time year over year.
The average value of a single family home last month checked in at $857,999 compared to $676,099 in August, 2020.
The average value of a townhouse was $582,257 compared to $456,956 in August, 2020.
The average value of an apartment was $444,839 compared to $298,020 in August, 2020.
Fifty homes sold for more than $1-million including four that went for over $1.5-million and one that went for over $2-million.
The dollar value of all home sales in August 2021 was $245.7 million, a new record for the month.
“New listings declined by substantially more than sales, which means that overall supply levels are still heading downward to new record lows,” Verschuur observed. “With fewer properties on the market to choose from than ever before, it’s no surprise that market tightness is keeping price gains for single family homes north of 30 per cent year-over-year and above 25 per cent for townhomes and apartments.”
Low inventory will continue to be the story in September.
The 535 units on the market at the end of August represent a sharp decrease of 48.5 per cent from the end of August 2020. Active listings haven’t been this low in the month of August in more than three decades.