Home sales and prices continue to drop in the Chilliwack and District Real Estate Board (CADREB) area, with the number of homes on the market on the rise.
But prices are not falling as quickly as sales.
There were just 147 total residential home sales in CADREB August 2022, down from 346 for August 2021 when real estate sales were peaking.
Of those sales, half (73) were single family homes, which sold for an average price of $918,779, a number that sounds high compared to the rest of the last decade but that is down from $970,390 in July.
And while sales are slumping and sale prices dropping, the prices aren’t dropping as quickly as some might like. The average sale price of a single family home in August 2021 was $857,999, more than $60,000 less than last month.
The CADREB area includes Chilliwack, Cultus Lake, Agassiz, Harrison Hot Springs, Hope, the Fraser Canyon and all rural areas in between.
Just five years ago, million-dollar home sales were a rarity in Chilliwack, but last month 26 homes, or 18 per cent of all sold, went for more than $1 million, including three for more than $2 million.
So while sales were down year-over-year, average price of all homes sold last month was $748,227 up from $710,238 a year ago.
The average townhouse last month sold for $571,873.
The average apartment sold for $403,745.
According to the MLS home price index, the benchmark price of all homes in the CADREB area was $753,800, which is up 55.8 per cent from five years ago but is down 16.9 per cent from six months ago.
Chilliwack and Sardis apartments have seen the biggest jump with more than 100 per cent increases in benchmark price since 2017.
Hope has seen a 77.3 per cent increase in benchmark prices since 2017.
There were 1,220 listings at the end of August, more than double the 531 in 2021.
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