Chilliwack home sales aren’t exactly booming but numbers are moving in the right direction, according to local Realtors.
With 267 homes sold in July, that’s an increase of 12.7 per cent over July 2018 and is about a dozen transactions above the 10-year average for July.
The booming years of 2016 and 2017 throw the statistics off, years that saw 387 and 355 sales in July respectively in the Chilliwack and District Real Estate Board (CADREB), which includes Chilliwack, Agassiz, Hope, Cultus Lake, Harrison, Boston Bar and all parts in between.
“While sales activity is now showing some pretty clear signs of moving higher again, it still has a long way to go to get back to where it was a few years ago,” CADREB president Kyle Nason said in a press release. “That said, it is moving in the right direction. Supply also appears to be stabilizing and market conditions are well balanced. While the big picture on prices remains stability, the average price for the year-to-date is also starting to pull a little ahead of last year. Taken together, it is all evidence that the worst may be in the rear-view mirror at this point.”
As to prices, the average home sold last month was $509,521, up 3.8 per cent from 2018, 7.4 per cent from 2017, 27.4 per cent from 2016, and 59.6 per cent from five years ago.
That price, however, is the lowest of the year so far. The average price year-to-date in CADREB is $527,768.
Active residential listings numbered 1,632 units at the end of July. While this was an increase of 17.4 per cent from the end of July 2018, it was still the smallest increase since the spring of 2018.
The combined dollar value of all home sales in July 2019 was $136 million, rising 17 per cent from the same month in 2018.
Sales of all property types numbered 282 units in July 2019, an increase of 11.9 per cent from July 2018.