Courtesy of Shane Setter

Home sales continue slow and steady recovery in February

$423,900 apartment UP 12.9% year-to-year

$874,700 detached UP 4.0% year-to-year

$606,600 townhouse UP 5.7% year-to-year

464 NEW LISTINGS 219 SOLD LISTINGS

BENCHMARK PRICES

4.2 MONTHS OF INVENTORY

47.2% SALES TO NEW LISTING RATIO

916 ACTIVE LISTINGS (residential inventory)

Chilliwack, March 2024 - The number of homes sold through the MLS ® System of the Chilliwack and District Real Estate Board totaled 219 units in February 2024. “Our local market continues to improve, notching yet another month of rising sales activity but still with some way to go before we get back to more normal levels,” said Brad Latham, President of the Chilliwack and District Real Estate Board. “Our inventories are on the high side relative to history while our demand remains below-average, so supply levels are still plentiful for those looking to get in before the busy spring action picks up in the next month or two. In the meantime, our market is finally comfortably back in balanced territory and prices are posting modest gains in the single digits.”

The overall MLS ® HPI composite benchmark price was $724,700 in February 2024, increasing by 4.3% compared to February 2023. The benchmark price for single-family homes was $874,700, a gain of 4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $606,600, up by 5.7% compared to a year earlier, while the benchmark apartment price was $423,900, an increase of 12.9% from year-ago levels. There were 464 new residential listings in February 2024. Active residential listings numbered 916 units on the market at the end of February. Months of inventory numbered 4.2 at the end of February 2024. Statistics reflect market activity in February 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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604.819.7601 | info@shanesetter.ca | www.shanesetter.ca

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