Sales drop to 2014 levels
STEVE LERIGNY, CADREB—VOICE FILE PHOTO
On a year-to-date basis, home sales totalled 461 units over the first three months of the year, falling 38.3% from the same period in 2018.
“Sales activity is still running well below where is was over the last few years, closer to levels seen in the 2008-2014 period,” said Kyle Nason, President of CADREB. “The rapid return to a more balanced market over the last year has put and end to big price gains. That said, with inventories having only just risen back to normal levels, prices have been able to hold near record levels.”
The average price of homes sold in March 2019 was $525,401, this was little changed (-0.3%) from March 2018.
The more comprehensive year-to-date average price
was $524,263, up 3.1% from the first three months of 2018.
There were 509 new residential listings in March 2019. This was a 1.6% (eight listings) increase on a year-over-year basis.
Active residential listings numbered 1,374 units at the end of March. This was a 66.1% jump from the end of March 2018 and marked the highest level for this month in four years.
Months of inventory numbered 6.6 at the end of March 2019, up from the 2.7 months recorded at the end of March 2018 but close to the long-run average of 6.2 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 combined dollar value of all home sales in March 2019 was $109.8 million, falling 31.2% from this month in 2018.
Sales of all property types numbered 227 units in
March 2019 a decline of 32.4% from March 2018. The total value of all properties
sold was $120.2 million, down 38.3% from March 2018.
CADERB is an association of 291 REALTORS® that provides services to and sets standards for members serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.