Chilliwack’s real estate market picked up the pace in February, with 74 more sales than there were in January. A total of 194 residential units moved last month, the highest since May of last year. But compared to Februarys from the recent past, the market is still sluggish. February 2022 had 215 sales and February 2021 had 310.
“Sales activity was still running well below average levels for this time of year and will likely continue to do so for the next month or two,” said Brad Latham, president of the Chilliwack and District Real Estate Board (CADREB). “However, looking through the seasonality it appears that home sales have been on an upward trending since bottoming out in August last year.”
Average home values crept up overall, though single-family homes saw a dip. Nearly twice as many sold in February as January (96 vs 51), but the average value (AV) fell 6.24 per cent from $903,533 to $847,195. That’s down 24 per cent from this time last year when the AV was $1,118,254. Single family homes spent an average of 44.6 days on the market in February, moving a little bit quicker than January (50.7).
Townhouses and condominiums both saw an uptick in AV.
Forty eight townhouses sold for an AV of $592,135. That’s up 3.41 per cent from January’s $572,609 but down 22.42 per cent from February 2022 when the AV was $763,252. Townhouses moved relatively quickly, staying on the market for just 28 days.
Thirty seven condos sold for an AV of $368,311. That’s up 3.76 per cent from January’s $354,955 but down 15.21 per cent from February 2022 when the AV was $434,358. Condos spent an average of 34.7 days on the market.
Four residential properties sold for over $2 million and 26 for more than $1 million.
“Obviously we’re not expecting demand to return to pre-pandemic levels right away but it is encouraging to see that trends are moving in a favourable direction,” Latham noted. “We’re still not seeing as many sellers return to the market as we’d hoped, and new listings are actually currently still in decline. It goes without saying that you can’t buy what isn’t available, and we’d like to see a rebound in inventories over the upcoming spring season.”
There were 812 listings on the market at the end of February, eight fewer than there were at the end of January. There were 322 new residential listings in February, the lowest number of new listings added in the month of February in more than five years.
New listings were 32 per cent below the five-year average and 22.6 per cent below the 10-year average for the month of February.
CADREB is an association of 365 realtors serving Chilliwack, Agassiz, Hope, Boston Bar and Harrison.
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