All real estate is local. The MLS® Home Price Index (HPI) allows you to see more accurate price trends for a specific type of house in a given region, municipality or neighbourhood than using average or median price measures. Each month, the CREA Café will highlight one community to offer a snapshot of the Canadian housing market.
While sales in Chilliwack, British Columbia dropped in June, the average price of homes sold was on the rise.
The number of homes sold via the MLS® System of the Chilliwack and District Real Estate Board totaled 265 units in June 2019. This marks a 8.3% drop from June 2018.
On a year-to-date basis, home sales totalled 1,279 units over the first six months of the year, standing 25.7% below the same period in 2018.
“Sales activity was still running a little below average in June, which has been the story for over a full year now,” said Kyle Nason, President of the Chilliwack and District Real Estate Board. “While supply has been building over that time, the number of months of inventory is only just now back in line with its long-term average so the market is still well balanced. As a result, while prices have not really risen over the last year, they have not fallen either.”
The average price of homes sold in June 2019 was $538,147, edging up 1.7% from June 2018.
The more comprehensive year-to-date average price was $531,577, also up 1.7% from the first six months of 2018.
There were 511 new residential listings in June 2019, down 2.9% (15 listings) on a year-over-year basis.
Active residential listings numbered 1,656 units at the end of June. This was an increase of 22.9% from the end of June 2018 and a five-year high for this time of the year.
Months of inventory numbered 6.2 at the end of June 2019, up from the 4.7 months recorded at the end of June 2018 but close to the long-run average of 5.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The combined dollar value of all home sales in June 2019 was $142.6 million, down 6.7% from this month in 2018.
Sales of all property types numbered 276 units in June 2019, a decrease of 10.7% from June 2018. The total value of all properties sold was $147.4 million, a 12.3% decline from June 2018.
The Chilliwack and District Real Estate Board is an association of 291 REALTORS® that provides services to and sets standards for members. The Chilliwack and District Real Estate Board serves Chilliwack, Agassiz, Hope, Boston Bar and Harrison.