Home Trends from Nick Baer

NICK BAER

Home sales rise slightly in June as monthly trend continues to strengthen

BENCHMARK PRICE Detached $909,700

BENCHMARK PRICE Townhouse $642,600

ACTIVE LISTINGS 1,240

SOLD LISTINGS 251

Chilliwack, July 2024 - The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 251 units in June 2024. “Sales activity in our region continues to grow stronger since gaining momentum at the beginning of the year. We’re still off what would be considered normal for this time of year, but the trend is definitely moving in the right direction,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “New listings surged in June as sellers are still out in force. However, despite the increase in new supply, inventory levels relative to demand continued to fall on a monthly basis as the strength in home buying activity continues to build in the beginning to the summer.” The overall MLS® HPI composite benchmark price was $750,800 in June 2024, a small gain of 1.2% compared to June 2023. The benchmark price for single-family homes was $909,700, increasing by 1.1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $642,600, a gain of 5.5% compared to a year earlier, while the benchmark apartment price was $418,500, up modestly by 2.4% from year-ago levels. There were 547 new residential listings in June 2024. Active residential listings numbered 1,240 units on the market at the end of June. Months of inventory numbered 4.9 at the end of June 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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