March saw inventory rise and sales slow in Chilliwack real estate market – Chilliwack Progress

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Local real estate supply has hit a level not seen since September of 2020, and that has resulted in a very slight cooling of the red hot market.

The latest numbers from the Chilliwack and District Real Estate Board (CADREB) show 846 listings available at the end of March, up from the 543 posted at the end of February. With more to choose from, buyers didn’t have to leap at the first home they saw, and the result was a modest 4.70 per cent drop in the price of single-family homes.

While the average value of 179 units sold still tops $1-million, it did fall from $1,118,254 to $1,065,740.

Year to year, it’s still a 26.29 per cent jump from March of 2021 when 390 units sold for an average of $841,894.

“The big story last month was the resurgence of new listings hitting the market, which was a very welcome sight,” said CADREB president Daryl Moniz in a news release. “It might be the case that the busy spring market has started even…

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