Real Estate President sees positive signs in Chilliwack real estate market

CHILLIWACK — Despite some negative numbers, the President of the Chilliwack and District Real Estate Board sees some positive signs in the June monthly figures released this week.

The benchmark price for single-family homes was $901,900, representing a decrease of 6.9 per cent on a year-over-year basis in June. By comparison, the benchmark price for townhouse or row units was $607,700, a decrease of 9.3 per cent when compared to a year earlier. The benchmark apartment price was $415,400, a drop of 9.1 per cent from a year ago.

“Sales activity came in well below what we would consider typical levels for this time of year in June. However, looking past the seasonality on a monthly basis we are seeing a definitive upward movement that’s been going strong since the end of last year,” said Brad Latham, President of the Chilliwack and District Real Estate Board.

Latham points to a surge in new listings recently as a sign of a strengthening market. According to the latest figures, it would take 4 months to exhaust the current real estate inventory as of June. A year earlier it would take 6.9 months to sell inventory. The long-term average for this time of the year is 3.7 months, a little below the current June figure.