The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 304 units in November 2021. This was a decline of 18.5% from November 2020.
Home sales were 8.2% above the five-year average and 28.9% above the 10-year average for the month of November.
On a year-to-date basis, home sales totaled a record 4,566 units over the first 11 months of the year. This was a substantial gain of 41.8% from the same period in 2020.
"Sales activity may have declined from last year’s unparalleled November record but still managed to post the second best showing for the month in history. With only one month left to go we’re well on pace for a new annual record in 2021," said Andrew Verschuur, President of the Chilliwack and District Real Estate Board. "The extreme flooding that started mid-month is having a devastating impact on our communities and in turn is causing incredibly tight market condition in our region. Supply levels are falling rapidly, dropping below 400 active listings at the end of November for the first time since 1989. We expect sales will soften as supply chain issues are impacting new construction and as a consequence are directly affecting the resale market. We expect upwards pressure on prices will continue as the number of available properties will be dependent on the pace of flood recovery initiatives. With so little supply to meet demand it’s no surprise that MLS® Benchmark Price growth remains north of 30% on a year-over-year basis."
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 $774,200 in November 2021, a jump of 36.5% compared to November 2020.
The benchmark price for single-family homes was $907,100, a substantial gain of 39.9% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $613,000, an advance of 32.3% compared to a year earlier, while the benchmark apartment price was $390,400, up sharply by 31% from year-ago levels.
The average price of homes sold in November 2021 was $794,605, an advance of 32.1% from November 2020.
The more comprehensive year-to-date average price was $722,356, up by 25.5% from the first 11 months of 2020.
The dollar value of all home sales in November 2021 was $241.6 million, an increase of 7.6% from the same month in 2020. This was also a new record for the month of November.
The number of new listings saw a big reduction of 17.2% from November 2020. There were 265 new residential listings in November 2021. This was the lowest number of new listings added in the month of November in five years.
New listings were 8.9% below the five-year average and 2.1% below the 10-year average for the month of November.
Active residential listings numbered 352 units on the market at the end of November, a substantial reduction of 47.5% from the end of November 2020. Active listings haven't been this low in the month of November in more than three decades.
Active listings were 52.2% below the five-year average and 61.3% below the 10-year average for the month of November.
Months of inventory numbered 1.2 at the end of November 2021, down from the 1.8 months recorded at the end of November 2020 and below the long-run average of 4.7 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.