Home Trends from Nick Baer

NICK BAER

Home sales still on the rise in September

BENCHMARK PRICE Detached $881,800

BENCHMARK PRICE Townhouse $612,400

ACTIVE LISTINGS 1,214

SOLD LISTINGS 216

Chilliwack, October 2024 - The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 216 units in September 2024. “Home sales and new listings were both still on the rise as summer came to an end,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “It appears that buyers are continuing to come off the sidelines as rates wind down and sellers are still out offering their properties in strong numbers. There is still some adjustment going on with prices as sellers continue to align their pricing expectations with what buyers are willing to offer at this point, something that will continue to evolve as we move through the rate easing cycle.” The overall MLS® HPI composite benchmark price was $728,400 in September 2024, down modestly by 1.6% compared to September 2023. The benchmark price for single-family homes was $881,800, a minor decrease of 2% on a year over-year basis in September. By comparison, the benchmark price for townhouse/row units was $612,400, a slight reduction of 0.5% compared to a year earlier, while the benchmark apartment price was $433,600, increasing by 7.1% from year-ago levels. There were 487 new residential listings in September 2024. Active residential listings numbered 1,214 units on the market at the end of September. Months of inventory numbered 5.6 at the end of September 2024. Source: Chilliwack and District Real Estate Board (CADREB). 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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