Home Trends from Nick Baer

NICK BAER

Home sales drop from strong showing last year but continue to build momentum month-to-month

BENCHMARK PRICE Detached $908,400

BENCHMARK PRICE Townhouse $647,500

ACTIVE LISTINGS 1,182

SOLD LISTINGS 291

Chilliwack, June 2024 - The number of homes sold through the MLS® System of the Chilliwack and District Real Estate Board totaled 291 units in May 2024. “Home sales were down year-over-year from one of the highest May levels on record but continued to show steady improvement on a monthly basis,” said Steven Kelly, President of the Chilliwack and District Real Estate Board. “New listings have begun trending downward as sellers are taking the hint that buyers have not returned to the market in force. Combined with improved demand, overall inventories have plateaued and are moving sideways for the fourth consecutive month. Modest price gains and slowly improving sales are expected to continue for the time being until the Bank of Canada drops its first interest rate cut and provides forward guidance on further movements.” The overall MLS® HPI composite benchmark price was $749,700 in May 2024, increasing by 3.9% compared to May 2023. The benchmark price for single-family homes was $908,400, a gain of 4.6% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $647,500, up by 7.6% compared to a year earlier, while the benchmark apartment price was $416,100, a minor increase of 2.3% from year-ago levels. There were 540 new residential listings in May 2024. Active residential listings numbered 1,182 units on the market at the end of May. Months of inventory numbered 4.1 at the end of May 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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