Courtesy of Ron Laser

Chilliwack and District Real Estate Board MLS ® home sales continue to surge in July

$426,800 apartment UP 4.2% year-to-year

$905,600 detached DOWN 1.5% year-to-year

$628,900 townhouse UP 2.3% year-to-year

495 NEW LISTINGS 235 SOLD LISTINGS

BENCHMARK PRICES

5.5 MONTHS OF INVENTORY

47.5% SALES TO NEW LISTING RATIO

1,282 ACTIVE LISTINGS (residential inventory)

Chilliwack, August 2024 - The number of homes sold through the MLS ® System of the Chilliwack and District Real Estate Board totaled 235 units in July 2024. “Sales activity reached a three-year high for the month of July as demand continues to return to our market,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “Sellers are still out in force and new listings remain at elevated levels. Although sales activity has strengthened there’s also quite a bit of inventory to work through that has accumulated over the past few years, which is why we’re not yet seeing any material gains in the MLS® Home Price Index. The good news is that our market is now firmly in balanced territory and that all trends for the time being are moving in a constructive direction.”

The overall MLS ® HPI composite benchmark price was $746,600 in July 2024, nearly unchanged, down only 0.9% compared to July 2023. The benchmark price for single-family homes was $905,600, a minor decrease of 1.5% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $628,900, a small gain of 2.3% compared to a year earlier, while the benchmark apartment price was $426,800, increasing by 4.2% from year-ago levels. There were 497 new residential listings in July 2024. Active residential listings numbered 1,282 units on the market at the end of July. Months of inventory numbered 5.5 at the end of July 2024. Statistics reflect market activity in July 2024 | Source: Chilliwack and District Real Estate Board | Market values stated are of the benchmark of Chilliwack and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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C. 604-798-7915 | smartmove@ronlaser.com | www.RonLaser.com

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